What You Need to Know About Financial Aid When Applying to College

 


Many families are shocked by a college's sticker price. While the price of tution can be overwhelming, college financial aid can make higher education affordable.


In fact, income and savings represent only a few of the resources families use to pay students' college expenses, according to the 2020 Sallie Mae/Ipsos survey how America pays for college . The survey found that for a typical family, scholarships and grants covered 25% of college costs in 2019-2020. Scholarships and grants are two types of college financial aid that don't need to be repaid.

With the complexity of paying for college, navigating the financial aid process can seem challenging. Here are a few answers to common financial aid questions.

What Is Financial Aid?

College financial aid helps students and their families by covering higher education expenses, such as tuition and fees, room and board, books and supplies, and transportation.

There are several types of financial aid:

  • Grants.
  • Scholarships.
  • Federal or private loans.
  • Work-study and other programs.

How Does Financial Aid Work?

Different types of aid are provided through various sources, such as federal and state agencies, colleges, high schools, foundations and corporations, to name a few. The amount of aid a student receives depends on federal, state and institutional guidelines.


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