Grants may be given for financial need, talents, abilities, achievements or special interests. Scholarships come from high schools, local and national companies, community organizations, private resources and colleges or universities. Scholarships are awarded based on a number of factors, including your background, special interests or abilities. Through these programs, you can borrow funds often at favorable interest rates and repay over an extended period of time. These awards are considered financial aid because of the terms that make it easier for both parents and students to finance an education.
Loans are available for both students and parents.
You'll be paid directly for the hours that you work and can use the money for living expenses, books or to help cover college costs. If you cannot afford to finance the entire cost of college, you may be eligible for financial aid. Families with similar financial circumstances should be able to afford the same amount for college. The next section explains how colleges typically determine a family's ability to pay. The process begins by completing financial aid applications.