Q: Getting ready to look in into college, and just curious as to what types of financial aid are there?
A: There are three types of federal student financial aid:
Grants: Grants provide money for college that will not have to be repaid. Grants can be based on financial need, merit or both. By filing a FAFSA, you will be able to determine what type of federal grants you qualify for.
Work-Study: A Work-Study will allow you to earn money for your education by working part-time while attending college.
Federal Student Loans: Federal student loans will allow you to borrow money for your college education. Federal student loans will have to be repaid with interest. To apply for federal student loans you will need to file a FAFSA.
In addition to federal financial aid for college, there are also scholarships and private student loans.
Scholarships will provide you with money for college, which unlike student loans will not have to be repaid. To learn more about scholarships for college, visit our Scholarships for College section.
Private student loans should be considered only after you have exhausted all of you other financial aid for college options (including scholarships). Private student loans are based on credit, and often times cannot compete with the rates, terms and repayment options offered by federal student loans. To learn more about private student loans for college, visit our Private Student Loans section.
TheStudentLoanShark:
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