Financial Aid Options
Borrowers who apply for financial aid should understand the differences in the type of aid awarded to students. Some financial aid does not need to be repaid, while other types of financial aid must be repaid. In order to be prepared for life after graduation, it is important to first research the different types of aid, and make an effort to limit the total amount of your education debt.
Aid that Doesn’t Need to be Repaid
You are not responsible for repaying scholarships, grants or fellowships.
Grants are typically need-based
One source of grant funding is the federal Pell grant. The amount a borrower may qualify for will depend on college costs, financial need, and the student’s status as full-time or part-time.
Scholarships & Fellowships
Scholarships and fellowships are often merit-based
Students can search for scholarships on Fastweb
Students can apply for national, regional, or local scholarships
Students should ask their high school guidance counselor about scholarship or fellowship opportunities
Federal work study allows students to earn money for school while working part-time during college
Undergraduate, graduate and professional students in need may qualify for work-study
Students can check with their school’s financial aid office to see if their school participates in work-study
Jobs may be on-campus or off-campus
Aid that Must be Repaid
Some types of financial aid must be repaid, including student loans. It is recommended to apply first for aid that does not need to be repaid, to limit your total debt burden.
A borrower is responsible for repaying student loans even if he or she does not graduate
Students and their parents may both qualify for student loans
Various types of loans are available to students, but it is typically recommended to exhaust all federal student loans before applying for private student loans