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Contributor: Shannon Malkovsky. Lesson ID: 10246
Getting a post-high school education is expensive, but not as costly as not getting one! There are many financial options available, and you will learn about them in this lesson! Don't pass them by!
Imagine that you have received the acceptance letter from your first-choice college. You are very excited, but the school is costly.
Your parents have been saving for college, but college is expensive.
This lesson will give you the knowledge and tools to help you get more money to help you pay for college! This is a no-brainer!
Once you finish high school, all further education becomes your financial responsibility!
You must pay for any college or technical school you attend after graduation
Various financial aid is available to help pay tuition and other costs of further education, but you must apply for this financial assistance. In this lesson's Got It? section, you will learn how to apply for financial assistance.
But first, review these 7 Things You Need to Know About Financial Aid.
What Is Federal Student Aid?
Watch the video below for an overview of the financial aid process.
Federal student aid comes from the federal government — specifically the U.S. Department of Education.
It’s money that helps a student pay for higher education expenses, i.e., college, career school, and graduate school. Federal student aid covers such expenses as tuition and fees, room and board, books and supplies, and transportation.
Federal student aid has three main categories: grants, work-study, and loans.
Before delving into their distinctions, watch this video about all three types of aid.
Grant
A gift of money from either some level of government or a school to pay part of a student’s expenses. A grant does not have to be repaid.
Loans
Need-Based Loans
Federal- and state-government-subsidized interest payments require you to show financial need to qualify. Payments on these loans are delayed until you no longer attend a qualified school.
Loans that are not need-based
You pay the full interest with no subsidies available to you or your family.
Work-Study
Money earned while attending school. This could be through jobs on or off campus. This does not have to be paid back.
Most students pay for college with different funding sources. A student might get a scholarship, a job, and a loan, plus use some money from savings. Colleges propose a financial aid package for each student they admit.
Complete the Financial Aid Vocabulary worksheet found in Downloadable Resources in the right-hand sidebar. You may find this Financial Aid Glossary helpful.
After you complete the form, move on to the Got It? section to learn how to apply for assistance.
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