If you have already been admitted to a college, you may have already been awarded an institutional scholarship based on merit or talent (like your grades in high school and/or your ACT or SAT scores). However, that is only part of the total financial aid that you can receive. You may also be eligible for additional aid in the form of grants, loans, and work-study that can be awarded to you for merit or need.
What are the most common types of financial aid?
Information provided by The LaGrange College Admission & Financial Aid Team
What are the most common types of financial aid?
- Scholarships involve dollars that do not have to be paid back. They are considered gifts. Most scholarships are restricted to paying all or part of tuition expenses, but can also cover room and board. They may also be restricted to students in specific courses of study or with academic, athletic or artistic talent.
- Grants are based on financial need and do not have to be repaid. Students may qualify for Institutional Grants (awarded by the college or university), Federal Grants (awarded by the Federal Government – like the Federal Pell Grant or SEOG Grant), State Grants and grants awarded by private organizations.
- Loans must be repaid, with interest. Federal student loans are preferable over consumer loans because they offer lower interest rates and do not require a credit check or collateral. There are several loans for education (including the Stafford and the Perkins) that provide of deferment options and extended repayment terms.
- Work-Study programs provide undergraduate and graduate students with part-time employment during the school year. Both institutional work-study funds (awarded by the school) and federal work-study funds are administered through the Office of Financial Aid at a college or university and both typically require you to complete the FAFSA (Free Application for Federal Student Aid). Work-study amounts vary by institution based on availability and demonstrated need of the applicant.
- Begin by completing the FAFSA (Free Application for Federal Student Aid) online at www.fafsa.ed.gov.
- Keep in mind that each form of financial aid has a different set of eligibility requirements. Awards may vary from student to student.
Information provided by The LaGrange College Admission & Financial Aid Team