Types of Student Aid
There are billions of dollars in student aid available each year to help students
pay for their college education. It is important to understand that there are many
different types of student aid available to help you ease the financial burden of
paying for college.
College Cost & Planning Report®
can provide you with a side-by-side comparison of your student aid eligibility at
the colleges you're interested in years before you apply. You can plan ahead and
choose colleges to apply to that fit your academic and career goals, as well as
your bank account. This personalized report is one of a kind and only available
Grants and Scholarships
The name of the game is free money –
grants and scholarships.
You don't repay them, so the more you receive, the less debt you owe after college.
Grants and scholarships are awarded to students each year based on financial need
and, in some cases, academic merit. Some awards target students who meet specific
criteria, such as academic or athletic excellence or a specific ethnic, religious,
or economic background.
give students the option to work part-time while enrolled in college. It's a great
way for you to gain experience in your field of study, meet new people, and help
out in the community – all while you are helping to pay for your education!
It is unlikely that grants and scholarships will pay for all of your college expenses.
Fortunately, there are several
that can help you pay the remaining balance. Unlike grants, loans must be repaid.
Selecting the best loan can be a challenge. Of the federal, state, and private student
loans, which type is best for you? Check out the
loan comparison worksheet
from StudentAid.com. You can use this tool to help you learn about the different
types of loans and how to select the best one for you.
Families receive more than $14.8 billion of student aid in the form of
education tax benefits
on an annual basis. Surprisingly, 27% of eligible students don't take advantage
of tax-deferred benefits. Education tax benefits come in the form of credits, which
lower your tax bill, and deductions, which lower your taxable income. In order to
claim a credit or deduction, you must have qualified education expenses.