Financial Literacy Guide:
​Grants: "Free Money" under certain conditions such as filing the FAFSA. 

• Often need-based
• Awarded by federal, state, and institutions
  • Pell Grant: Awarded by the Federal Government due to filing the FAFSA and meeting the need-based requirements. 

​Scholarships - "Free Money" ​​

• Criteria-based eligibility 
  • ​Local = offered to students who attend EKHS, reside in the Kentwood area, Kent County, West Michigan, etc. 
  • State = offered to students who reside in Michigan
  • National = offered to students who reside in the USA
  • Institutional= offered to some students who may attend the institution
    • Students complete the college's application and may receive a scholarship. also known as an automatic scholarship. 
      • ​​​Most automatic scholarships have a deadline.
    • Students complete a separate scholarship application, in addition to completing the college's application.
      • ​May not guarantee you have been awarded the scholarship

​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.

• Subsidized
• Unsubsidized
• Parent-PLUS

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​Important note: do not pay to receive financial aid & to apply does not mean to be awarded the money.