There are several sources of financial aid for college, such as the federal government, state governments, colleges and universities, private organizations, banks and lending companies. For a student to qualify for financial aid, he must apply for the specific aid he is interested in and meet the qualifications set. Financial aid for college students include loans, scholarships, grants and work-study programs.
Scholarships are given out by governments, colleges and private businesses. They are often awarded based on academic or athletic achievement, as well as specific interests or volunteer work. Certain scholarships may be given based on background.
Grants are often given out based on financial need. Both state and federal governments, as well as colleges, offer a form of grant.
A loan is when a student borrows money from a bank, government or lending company. Upon graduation from a program, it is the student's responsibility to pay back the loan and any interest it may have built up. The federal government often provides low-interest loans to students with financial need.
The Federal Work Study Program provides paid part-time jobs for students. It is often based on academic achievement or financial need.
To receive any financial aid from federal and state governments, a student must complete a Free Application for Federal Student Aid..