College Financial Aid

Need-based financial aid for higher education typically encompasses three primary forms: grants, loans, and work-study opportunities. Nowadays, most colleges combine these aids into a single package, facilitating distribution to a wider array of families. Grants constitute non-repayable assistance, offering financial support without the obligation of repayment. Conversely, loans entail borrowed funds that necessitate repayment along with accrued interest. Educational loans originate from diverse sources, including the federal government, individual state governments, as well as banks and other financial institutions. Work-study programs afford students the chance to work while pursuing their studies. Colleges often assist students in securing on-campus employment, thereby enabling them to earn income while pursuing their education.

Parents and students should utilize the net price calculators on each college’s financial aid pages. This tool is the best way to estimate the amount of aid that you will receive from a particular college. MyinTuition is another quick college cost estimator that shows the projected cost of college once financial aid is factored in.

Students applying for financial aid should be aware of the required forms and necessary deadlines associated with the process. All colleges and universities will require the Free Application for Federal Student Aid (FAFSA). In addition, many private colleges also use the College Scholarship Service (CSS) Profile. Some colleges may also require applicants to fill out their own institutional forms in addition to the standard forms required by the federal government. While the FAFSA helps schools distribute federal aid, the CSS Profile and other institutional forms are designed to assist schools in distributing their own private institutional funds.