Paying For College

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What is a loan?

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A loan is money borrowed that must be paid back with interest. It is often used to cover college costs when other financial aid is insufficient.

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What is a scholarship?

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A scholarship is a financial award given to a student to help pay for their education, often based on academic or athletic merit, and does not need to be repaid.

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What is a grant?

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A grant is a sum of money given by an organization, often the government, to help pay for education, which does not need to be repaid.

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What is work study?

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Work study is a program that allows students to work part-time while attending college to help pay for their education.

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What is the difference between a loan and a grant?

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A loan must be repaid with interest, while a grant is free money that does not need to be repaid.

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What is federal student aid?

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Federal student aid is financial assistance from the U.S. government to help students pay for college, which can include loans, grants, and work-study.

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What is the purpose of financial aid?

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The purpose of financial aid is to help students cover the costs of their education, including tuition, fees, and living expenses.

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What is the FAFSA?

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The FAFSA (Free Application for Federal Student Aid) is a form that students fill out to apply for financial aid from the federal government.

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What are the eligibility requirements for scholarships?

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Eligibility for scholarships can vary but often includes factors like academic performance, extracurricular activities, and financial need.

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What is the role of a private lender in student loans?

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A private lender provides loans to students, which must be repaid with interest, and may have different terms than federal loans.