What is financial aid and how does it work?
Financial aid helps students and their families pay for college. This financial assistance covers educational expenses including tuition and fees, room and board, books and supplies, and transportation. There are several types of financial aid, including grants and scholarships, work study and loans.
Do you pay financial aid back?
Students have to pay back financial aid if it is in the form of a loan, but they do not have to pay back grants, scholarships or money awarded through a work-study program. Students eligible for grants or scholarships should exhaust those options before taking out any loans, experts say.
Is financial aid free?
The Free Application for Federal Student Aid, or FAFSA as it is commonly known, is an application form that is used to apply for financial aid to pay for college. There are three main types of financial aid. Gift Aid. Gift aid is free money.
Can you use leftover fafsa money?
If you have leftover financial aid money, you can use this money toward other education-related expenses. Be aware that the IRS will tax this money as income.
What can I spend financial aid money on?
Budgeting your federal or state financial aid Your school applies that money to your tuition, fees, and room and board costs. If there is money left over, your school will send you those additional funds, and it is up to you to use that money to cover other educational-related expenses.
How can I pay my bills while in college?
How to Pay Your Bills While Going to College
- Assess your personal financial situation.
- Attend a state university in your home state.
- Get a job if you don’t already have one.
- Apply for grants and scholarships.
- Apply for federal and private student loans.
- Apply for a student-specific credit card.
Who should apply for financial aid?
Our general eligibility requirements include that you have financial need, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at your college or career school. There are more eligibility requirements you must meet to qualify for federal student aid.