Financial Aid Terms to Know
Here are some common phrases that are essential for understanding the financial aid process.
FAFSA: Free Application for Federal Student Aid. Colleges use it to determine your federal financial aid eligibility.
Grants: Money awarded to pay for tuition and fees that you do not have to pay back
Work-study: Paychecks paid through financial aid that you earn from working a part-time job through your college that can be put towards your tuition and fees
Loans: Money you are borrowing that you will need to pay back with interest
Unsubsidized Loans: For undergraduates or graduate students, these loans accrue interest right away
Subsidized Loans: For undergraduate students only. These do not accrue interest while in school.
PLUS Loans: “Extra” loans you can apply for to make up any differences. For example, you need money to help cover your living expenses.
Scholarships: Programs you can apply for to help pay for your tuition and fees. This money is awarded to you. You don’t have to pay it back, but conditions may apply.
Financial Aid and Scholarships
The financial aid office can help you through the process of financing your education. They’ll help you understand your options, take advantage of opportunities and know what to expect, so you can get the funding you need.