Types of Financial Aid

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Types of Financial Aid

Information from Peterson

GRANTS
Grants are given for athletics (Division I only), academics, demographics, special talent potential, and /or need. Repayment is not required.

SCHOLARSHIPS
Scholarships, also called "merit aid," are awarded for academic excellence.Repayment is not required.

LOANS
Student loans, which have lower interest rates, may be college-sponsored or federally sponsored or may be available through commercial financial institutions. Loans must be repaid, generally after you have graduated or left school.

COLLEGE WORK-STUDY
College work-study is a federally sponsored program that enables colleges to hire students for employment. If eligible, students work a limited number of hours throughout the school year. Many private colleges offer forms of "self-help employment" aid as their own supplement to the diminishing supply of federally funded work-study.

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APPLYING FOR FINANCIAL AID

Applying for financial aid is a process that can be made easier by taking it step-by-step. Complete the Free Application for Student Aid (FAFSA). All students are required to complete the FAFSA to be considered for a federal financial aid. Pick up the FAFSA from your high school guidance counselor or college financial aid office.
The FAFSA is due any time after January 1 of the year you will be attending school. Submit the form as soon as possible but never before the first of the year. If you need to estimate income tax information, it is easily amended later in the year.
Apply for any state grants.
Many four-year private colleges, as well as some public universities, require the PROFILE in addition to the FAFSA. The PROFILE is a need analysis report, not an aid application. Some institutions have developed their own need analysis report. Check with your college or university to see what is required when you apply. The PROFILE registration is a one-page form available from your guidance counselor or through the College Board.
Most colleges will have their own financial aid application form that must be completed in order to be eligible for any type of financial aid. There are deadlines for a college's application for financial aid and for the FAFSA/PROFILE applications. These deadlines may or may not be the same, but are usually before March 15. Check these deadlines with your college or university.

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This material reproduced from
Peterson's -- Get a JumP!
Your Guide to College Planning and Career Exploration
Texas 2000 Edition, Copyright 1999
Peterson's, Princeton, N.J.
web address: http://www.petersons.com
Peterson's Finance Section on the Web

This page was created by Tina L.
Last updated 12-11-01.