Types of Financial Aid

There is some confusion about the different types of financial aid available to today's college students. One of the most frequently asked questions is the difference between grants and scholarships.

Grants and Scholarships

Grants and scholarships should be your preferred financial aid type since they are essentially free money that does not need to be repaid.

Grants

Grants are disbursed on the basis of financial need or to support a specific project, which is generally research. Most grants are federally sponsored and applying for them begins with the FAFSA.

Scholarships

Scholarships are an entire area unto themselves. Click here to go to the college scholarships section of our website.

Work Study Programs

In addition to providing much need funds, work study programs can also provide you with great work experience. Co-ops in particular can help you land a job when you graduate and they can ensure you are happy with the major you select before graduation. This is a fact that can be vouched for by the many who quickly change careers after graduating from college.

Alternative Programs

While we do not wish to write volumes on the subject, our discussion of financial aid types would not be complete without mention of alternative financial aid programs. Military enlistment, employer support, and various tax credits may all be worth further investigation depending on your needs and interests.

Loans

Loans must be repaid with interest. Click here for a more in-depth discussion of student loans.