What is financial aid?
Financial aid is federal or state financial assistance that comes in the form of (1) grants, which do not have to be paid back (2) work-study, like a part-time job on campus (3) student loans, which are required to be repaid starting six months after you leave school. Students must be enrolled and attending a Financial Aid eligible program.
Financial aid is money to help students pay for college expenses. Financial aid helps bridge the gap between the student’s/parents’ own resources and the amount needed to pay for the cost to attend Macomb Community College. Grants, scholarships, college work-study, Federal Direct Stafford loans and alternative loans are the types of financial aid offered by Macomb.
Financial aid is money available to assist students with the costs of attending college. Financial aid comes from the federal government, state government, the College, and from private sources in the form of scholarships. Grants and scholarships are assistance you don’t have to pay back. Federal Work-Study allows you to work and earn money to help pay for school. Loans are borrowed money that you must repay with interest. The Federal Student Guide provides greater detail on Federal Student Aid.
There are several types of financial aid available to students, such as grants, scholarships, work study, and student loans. Student loans type considered financial aid although many people confuse the term with free money and please be aware that because of the limited funding of institutional scholarships, the majority of your aid package will consist of student loans.
Financial aid comes from many sources, but basically has only three forms: grants/scholarships, work, and long-term educational loans. Grants and scholarships are free and do not need to be repaid. Grants are awarded based on need and scholarships are based on merit. Both student and parent loans will need to be repaid. Work is offered to students as part time employment in college offices and department. This aid enables students to attend the institution of their choice and to gain access to higher education. An assumption underlying the goal of equal access to higher education is that the student and his/her family shall finance the cost of education to the extent to which they are able. While it remains the student’s and family’s responsibility, it is recognized that the degree to which a student and family can pay for educational expenses varies from family to family. Thus, financial aid is awarded to supplement funds from the student and family.
