Money For College Financial Aid Financial aid is money given to assistance with the cost of attending college tuition fees room and board books personal expenses, etc. The four categories of financial aid • Grants • Scholarships • Work Study • Education Loans Types of aid Gift aid – Grants (and scholarships (need-based or merit-based) Self-help aid – Loans and employment (need based or non-need-based) Defining the four (4) categories of financial aid: 1. Grant – money that is given to a student, usually based on financial need. 2. Scholarship – money awarded for outstanding academic achievement, talent, or skill. 3. Work Study/Employment Opportunities – money a student earns by working on the college campus. 4. Education Loan –money borrowed but will have to be paid back (need-based or non-need-based) The financial aid package include: The financial aid packages will include: Grants Scholarships College based employment Loans Who can apply for financial aid? ANYONE WITH A NEED CAN APPLY FOR FINANCIAL AID Scholarships that I have applied for: • Alpha Phi Alpha Fraternity, Inc. • University of Alabama Fine Arts Department • New Horizons Credit Union Scholarship • Seals Helping Hand Scholarship • Gaines-Hamil Memorial Scholarship Financial aid web sites www.fastweb.com www.ed.gov/finaid.html www.collegeboard.com Questions/Comments Bibliography • O’Brian, Linda. An Instruction Booklet for the Parents of College Bound Students. Dayton, Ohio: Woodburn Press, 1996.
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