What Types of Financial Aid Are Available to Help with Paying for College?
If you will need financial assistance to offset the cost of college attendance, there are some basic facts that will help you navigate the financial aid application process. You will need to understand the various types of financial aid and how the process works, as well as learn about financial aid applications and resources, when to apply, and how to gather and complete all of the documents you will need along the way. This article focuses on the types and sources of financial aid. What are the main categories and sources of financial aid? The two basic categories of financial aid are: 1. Grants or scholarships (gifts that do not require repayment that are based on merit or need) 2. Self-help (loans and student employment that are usually need-based) Financial aid comes from four primary sources: 1. Institutional — from the college or university (grant or self-help) 2. Private — from corporations; community, religious, cultural and fraternal organizations; foundations, etc. (grant
