What is financial aid?
Financial aid is any type of outside assistance that helps you pay for school. The most common types of aid are loans, grants, and scholarships. Student loans such as subsidized, unsubsidized, and parent plus loan help pay for school now and must be repaid in the future. Grants such as PELL and FSEOG are “gift aid” from the government and do not have to be paid back. There are also many outside organizations that offer scholarships, which are also considered “gift aid.”
What is a Federal Pell Grant?
A Federal Pell Grant does not have to be repaid. Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or professional degree. The amount you get, though, will depend on your financial need, your cost of attendance, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.
How do I apply for Financial Aid?
You can ask your financial planner for assistance. You can also get the FAFSA from the financial aid office at a local college, your local public library, or by calling 1-800-4-FED-AID. The online version of the form is available at http://www.fafsa.ed.gov.
Do I have to have good credit to qualify for financial aid?
No! Financial aid for students is not credit based. Most students, with very few exceptions, qualify for some type of aid.