Like everything else, the cost of college keeps going up. Fortunately, there are various forms of financial aid that can help you meet these costs. These fall into three basic categories.
1. Grants or Scholarships
Grants and scholarships are great because the money they provide does not have to be paid back. Some grants and scholarship are need-based. This means that they are awarded on the basis of financial need. Other grants and scholarships are merit-based. This means that they are awarded on the basis of special skills, abilities, or achievement.
In effect, grants and scholarships are "money for the asking." But you have to know how to find them first. Here are three things you should do:
2. Student Loans
The federal government provides education loans through banks and other financial institutions. To be considered for these loans, you must complete the Free Application for Federal Student Aid (FAFSA). The government uses this application to determine your eligibility based on financial need. Here are the three types of loans provided by the government.
Work-study consists of federally subsidized employment opportunities. he work is typically on campus or with nonprofit organizations off campus. Work-study opportunities are usually awarded on the basis of financial need.
College is expensive. But there is help. IMPORTANT: Meet all application deadlines - there are no exceptions.