Financial Aid for Students Overview

0012aFinancial aid is the money you receive from a variety of sources to cover the cost of your education. The good news is that, regardless of income, most people are eligible for some form of financial aid.

Types of financial aid: Find out about the types of financial aid that are available. Some you need to pay back but there is aid that does not require repayment.

Am I “dependent” or “independent”?: One of the more important questions about financial aid is whether you’re considered a dependent or independent student. Here are the criteria the federal government uses in making this decision.

Is a credit card right for me?: One of the first things you’ll see when you get to campus will be booths where credit card companies want you to apply for a credit card. Now, credit cards can be useful things, but you need to use them intelligently. Think about these things before using a credit card a lot.

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FAQ about Financial Aid for Students

q1112aQ.How is financial aid awarded?
A.┬áIt’s awarded by financial need (need-based aid) or on academic achievement, athletics, or other talents (merit-based aid). Most financial aid is need-based but is often awarded in combination with merit-based awards.

Q.Who gives financial aid?
A.Schools, state and federal governments, and private businesses and organizations provide financial aid. But you and your family must pay as much as you can towards your school expenses.

Q.Who develops the financial aid process?
A.Generally, your school’s financial aid office develops your financial aid package based on guidelines and law. The package is typically a combination of grants, scholarships, work-study, and/or loans and depends on what funds are available.

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