Student Financial Aid

Class Location: The Internet

Description: It can be confusing to understand the various types of financial aid available to today's college students. Typically students are confused about the difference between grants and scholarships. This web site will teach you the various nuances existing between the various types of student financial aid available.

Objectives: To help you identify and understand the various types of financial aid available so you can get the optimal mix of funds to attain your goals for educational funding.

Grants and Scholarships

Grants and scholarships are similar in that they are both essentially free money that does not need to be repaid.

What is the difference between grants and scholarships?

Grants are given on the basis of a student's financial need, or typically in support of a specific project, which is generally research. Scholarships are not necessarily based on a student's financial need, but rather are awarded based on merit or how recipients fit into specific criteria. While grants are typically federally funded, scholarships are usually awarded through private organizations or individuals.

What about different funding besides grants and scholarships?

Work Study Programs

Colleges and universities administer work study programs which provide recipients with a certain number of hours of paid work over the academic year. Work study programs are a great opportunity because they not only provide much needed funds, but they also are great work experience. Co-ops (work-study agreements that involve off-campus employment) are helpful with this as they can form contacts with potential employers and lead to a job when you graduate. They also give you a chance to experience your potential career before graduation. This can help ensure that you will be happy with the career your college major is preparing you for, before graduation.

Student Loans

Student loans are a very common and frequently demonized source of financial aid. (Student loans are presumably demonized because they must be paid back and often with interest.) You can click here to read our section on student loans.

Alternative Programs

Many alternative programs exist for financial aid support. Military enlistment, employer support, and various tax credits are all worth further investigation if they apply to your situation, needs, or interests.