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| Since financial aid related information could fill up pages and pages, we highly recommend you do the following to best prepare for paying for college: First, begin to explore some of the web sites at the bottom of the page. All are excellent, but like anything else in life, some will meet your own needs better than others. Second, attend the Financial Aid Night in January, which features financial aid experts explaining the process. Third, talk to people who have been through the process and/or have knowledge about it. This could mean a friend, a colleague, or your child's counselor. Last, but not least, begin now. Don't wait or put it off any longer. Yes, this process can be a bit overwhelming, but will become more manageable as you begin learning more. Good luck! To get you started, here is some basic financial aid information. Again, you will find out more details by researching other sites and talking to more people. |
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There are four types of financial aid assistance:
1. Scholarships - These are popular because they are monetary awards that don't have to be paid back. These are, however, usually based on grades, ethnicity, and/or athletics. There are also other types of scholarships, such as those for children of a parent who works at a particular place of business.
2. Grants - These awards are also non-repayable and are based on need.
3. Loans - These are funds loaned to a student through a lending institution with reasonable interest rates. Once the student graduates, s/he begins to make reasonable monthly payments towards the full loan amount.
4. Work Study Programs - This involves the student getting a guaranteed job while enrolled in school, with the money going towards his/her education. |
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