Financial Literacy Guide:
Grants: "Free Money" under certain conditions such as filing the FAFSA.
Scholarships - "Free Money"
Work-Study: Money earned from working which means that you will work throughout the school year and receive a paycheck. This money does not have to be repaid. keep in mind, work study money isn't simply given to you - the amount you see on your award letter is the amount you are eligible to receive throughout the year. If you don't work, you don't get the money! You may also make less money than the award letter says you qualify for. This money isn't available at the start of the semester, so you won't be able to use it towards tuition unless you set up a payment plan. Loans - "borrowed money" - this money will have to be paid back, with interest. Their are private loans and federal loans. You should always choose federal loans before private, because they have lower, fixed interest rates and offer more flexible repayment plans.
Important note: do not pay to receive financial aid & to apply does not mean to be awarded the money. |