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Financial aid is much simpler than folks think. Essentially, it's a question of understanding a few basic terms, including the often misunderstood meaning of "financial aid". College financial aid includes scholarships, grants, loans, and work study funds from various sources. Many people think the terms scholarships and financial aid are synonymous. Actually, scholarships...also called grants...are one form of financial aid. Scholarships, requiring no repayment, are frequently awarded to high achievers, students whose abilities may be valued, or students whose families belong to a sponsoring organization (church, civic organization, corporation, etc.). Student financial need is determined by the FAFSA form, which needs to be completed (online or on paper) every year. The information on your FAFSA will be plugged into a formula (called the Congressional methodology) to determine your degree of financial need, if any. But, even if you have no need, you will not be ruled out for some forms of aid. Some colleges may ask you to supplement the information on the FAFSA by completing their form as well. Normally, these institutional forms are very simple and straightforward. Work study, another form of financial aid, offers students work opportunities in on-campus offices and, in some cases, at non-for-profit organizations. Students with financial need, as established by the FAFSA, may qualify for government subsidized, low interest loans. Those without need can also borrow, but at higher interest rates. Understanding financial aid pretty much boils down to understanding the above definitions. Navigating the financial aid maze involves just two things; meeting deadlines and communicating effectively with your college or university financial aid office. Good luck.
Article Source: http://www.financemanual.com
University Dean Daniel Z. Kane invites you to visit his websites, which offer information on scholarships, financial aid, colleges, universities, campus life, adult education, online colleges, and online degrees.
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