Financial assistance in the form of scholarships, grants, work-study, and loans for education. The difference between the cost of attendance at a college and the Expected Family Contribution. On a fixed interest loan, the interest rate remains the same for the life of the loan. Financial aid, such as grants and scholarships, which does not need to be repaid. Financial aid awards that do not have to be repaid.
Grants are available through the government, state agencies and colleges.
The institution that owns a loan. An amount calculated as a percent of the principal loan amount, that is charged for borrowed money. A part-time job during the academic year or the summer months, in which a student receives supervised practical training in their field of study. Education loan programs have varying interest rates and repayment provisions. An education loan must be repaid.