Guide to Financial Aid

Financial Aid helps students pay for college or a career school. It comes in the form of Grants, Scholarships, Loans and Work-Study programs.

FREE MONEY

Grants• Awarded based on a student’s financial

need, such as low income

Scholarships• Awarded based on a student’s financial

need or merit, such as exceptional academic achievement or a special talent

Free MoneyFinancial Aid that does not have to be repaid

• There are 4 Federal Grants designed to support students attending four-year universities, community colleges and career schools.

Grants

FEDERAL PELL GRANT

• Designed for anyone who qualifies

• Designed for students with exceptional financial need

FEDERAL SUPPLEMENTAL

EDUCATION OPPORTUNITY

GRANT

FEDERAL TEACH GRANT

• Designed for students wishing to teach in a high need field for a low income area

• Designed for students who lost a parent overseas and were enrolled or under the age 24 at the time of their parent’s death

FEDERAL IRAQ & AFGHANISTAN

SERVICE GRANT

Federal Grants

• There are thousands of Scholarships, which can come from Schools, Employers, Individuals, Private Companies, Nonprofit Organizations, Communities and Religious Groups.

Scholarships

EARNED & BORROWED MONEY

Loans• Allows students to pay for college with

borrowed money

Work-Study• Allows students to pay for college with

earned money

Earned & Borrowed Money

Private Loans• Distributed by private lenders, such as

banks, credit unions, state agencies and schools

Federal Loans• Distributed by the Federal Government

through either the Perkins Loan or William D. Ford Direct Loan Program

LoansFinancial Aid that must be paid back with interest

Federal Perkins Loan• Offers financial assistance to

students with exceptional need

William D. Ford Direct Loan Program• Offers 4 Direct Loan options

Federal Loan Programs

William D. Ford Direct Loan ProgramDirect Subsidized Loans• Available to undergraduate students

demonstrating financial need

Direct Unsubsidized Loans• Available to undergraduate, graduate and

professional students regardless of financial need

Direct PLUS Loans• Available to graduate, professional and parents of

dependent undergraduate students

Direct Consolidation Loans• Available to federal loan recipients and allows any

existing loans to be consolidated into a single loan

• Work-study programs offer part-time work to undergraduate, graduate and professional students with financial need.

Work-StudyFinancial Aid that is earned working on or off campus

•For more information VISIT approvedcolleges.com