Jan

Federal Student Aid: the three types

The Department of Education put out a really great Guide to Federal Student Aid. It has so much information that I almost had a brain aneurysm while reading it! You’ll see that in the future I will be referring to this manual a lot because it’s such a great resource. In the meantime, here are a few things that might help you:

There are three basic types of financial aid which are described in the guide.

Grants: No need to repay these puppies unless of course you leave the school and owe a refund

Work Study: These allow you to work and earn money for your education

Loans: This is when you borrow money and have to pay it back, with interest

So are you eligible for financial aid? Well I’m not sure, but I can tell you a few basic requirements you’ll need to meet to be eligible:

You must demonstrate financial need

Be a U.S. citizen or eligible non-citizen

Have a diploma or GED certificate

Meet state standards

Remain in good academic standing once you are in college

There are other requirements and you’ll find them in the Department of Education Federal Student Aid guide. The Department also provides another great resource where you can get an early start as a high school junior in determining your aid eligibility. It’s called the FAFSA4Caster. If you use this tool, it will be very helpful when you go to fill out your actual FASFA (Free Application for Federal Student Aid) forms to receive aid.

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