PAYING FOR YOUR EDUCATION SHOULDN’T BE COMPLICATED
There are many types of financial aid available to help students pay for college. As students prepare for a new school year, it is vital to comprehend all of the financial aid options available. As mentioned on the FAFSA page there are currently three types of financial aid:
- Grant or a Scholarship (free money)
- Work-Study opportunities provided by the college
- Government Loan.
Before accepting any financial aid, it is essential to know how it will affect you down the road.
GRANTS
WHERE
Grants come from the federal government, state government, your institution, or a private organization.
WHO
Many federal and state grants are need-based awards. Meaning more grants are awarded to lower income students. Grants offered by colleges or another private organization have special eligibility requirements.
HOW
Complete a Free Application for Federal Student Aid (FAFSA). Contact your financial aid office or call us for more information on private organizations funding.
AFTER GRADUATION
Nothing. As long as your pass your courses! Grants do not have to be paid back. Literally FREE money.
SCHOLARSHIPS
WHERE
Your school or a private resource.
WHO
Scholarships can be need-based or merit-based. This means the criteria for applying is based on academic achievement, athletic performance, or the students overall background. Eligibility varies based on the type of scholarship.
HOW
The best way is to contact your college adviser and learn more about scholarships that may be available or contact us. There are also tons of websites that allow you to search for private scholarships that any student can apply to.
AFTER GRADUATION
Nothing at all as long as your pass your courses! Similar to grants, scholarships do not need to be repaid.
WORK STUDY
WHERE
From the federal government and the college since they are the employer.
WHO
To determine if you’re eligible for work study, first fill out a FAFSA.
HOW
Once you are offered work study, you can contact your advisers on campus to help find a job that accepts work study.
AFTER GRADUATION
Nothing. This is money the student works for.
FEDERAL LOANS
WHERE
The federal government.
WHO
Almost every student is eligible for federal student loans. The amount and type of loan is determined by filling out the FAFSA. The funding depends on the students or parent’s annual income and the cost of the college.
AFTER GRADUATION
You will need to repay the amount you borrowed from the government plus interest!
SCHOLARSHIPS
WHERE
Banks, credit unions, and various types of private lenders.
WHO
Eligibility requirements vary by each provider.
HOW
You can attain a private loan by filling out an application with the lender or contacting your local bank. There are tons of private loans available for college but each loans varies in qualifications.
AFTER GRADUATION
You will need to repay the amount you borrowed plus interest!
CONTACT US
Finance your future without the stress of the unknown. Talk to a Green Financial expert on the options you have for your education.
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