Financial Aid & Scholarships

Financial Aid & Scholarships

Financial aid is a scholarship program that some public and private institutions offer; its purpose is to help students pay for their education. The following are examples of scholarships: graduate fellowships and undergraduate scholarships. If you are thinking that a financial aid is a student loan, you are wrong, because you don't have to repay for it. Nowadays, many sponsors offer a lot of scholarships, bursaries and fellowships each year.

Now, if you want to get financial aid (fellowship, bursaries or scholarship), you have to need some special qualifications, for example academic, artistic or athletic talents. Besides, if you are a member of underrepresented groups, live in specifics places of the country, are interested in specific fields of study or can demonstrate financial need, you can get awards from these institutions.

If you want to improve your future career opportunities, perhaps you are thinking about going to colleges or trade schools, but there are many people who cannot afford this, so they need a scholarship. You can start to search financial assistance through state governments, Federal governments, inter alia.

There are two types of financial aid, the first one is merit-based, and this scholarship is given to students who have academic achievements, personal characteristics or extraordinary talent, it means that if you want to get this type of scholarship, you need good grades, leadership skills or either, musical or athletic abilities. Some colleges consider only students who apply for merit scholarships, but they don't analyze their financial possibilities.

The second type of financial aid is need-based. In this case, institutions give money to help students who have proved that they don't have enough financial possibilities to study.

The government offers need-based financial aid through many programs such as scholarships, grants and loan programs. Some financial aid programs are:
  • Federal Perkins loans.
  • Federal Stafford loans.
  • Federal Pell grants.
  • Smart grants.
  • Federal SEOG grants.
If you want a scholarship, you need to qualify for federal aid and have to file a FAFSA (Free Application for Federal Student Aid).

Types of Financial Aid
 Types of Financial Aid
Information about the most important types of financial aid such as scholarships, government loans, private loans, and grants.
The Free Application for Federal Student Aid (FAFSA) is a form that you have to fill out, if you want to get financial aid.