subject: Glossary Of Financial Aid Terms [print this page] With the current increasing college expenses, traditional financing from family and personal savings will not be enough. Lots of students will need to rely on various outside sources to assist to fund their post-secondary studies.
There are a lot of sources of assistance obtainable to students as well as their families grants, scholarships, student loans, federal work-study, internships, federal work-study, and other approaches. The primary step is becoming acquainted with different financial aid opportunities and choose which are good for your individual situation.
1. Eligibility: a degree to that you qualifies for college financial aid, typically presented in a dollar figure; also eligibility is grounded on an amount of criteria.
2. Federal work-study: the form of government fiscal aid in that the students salary is subsidized 80% by the government plus 20% by the employer.
3. Financial help package: the whole aid given to you, including private and public funds; includes all grants, scholarships, work-study programs and loans for you; the financial help package is shown in full in an award letter.
4. Financial need: utilized to describe your familys financial case relative to expected college expenses; usually, low-income families will get a high degree of fiscal need and so qualify for any amount of need-based help programs.
5. Free money: fiscal aid accruing no interest plus does not have to be paid off.
6. Grant: a monetary gift which does not have to be paid off; many government grant awards are grounded on the fiscal need of a student.
7. Loan: the money borrowed from the federal government, a credit union, bank, or other lender, which must be paid off; typically accompanied by the interest charges.
8. Scholarship: a fiscal gift that doesn't need to be repaid; also scholarships are given based on a diversity of criteria, comprising academic excellence, race, demonstrated talent, religion, state of residence, group affiliations, etc.
