There’s so much information available about financial aid for college or career school that it can be hard to tell the facts from fiction. We’ve got you covered! Here are some common myths—and the real scoop—about financial aid and the Free Application for Federal Student Aid (FAFSA®) form.
Congratulations! You’ve been accepted to multiple schools. Now you need to determine which schools are most affordable so you can factor school cost into your decision. If you listed a school on your Free Application for Federal Student Aid (FAFSA®) form and have been offered admission by that school, the school’s financial aid office will send you a financial aid offer. The amounts and types of aid you’re offered will likely vary from school to school, so it’s important to compare your financial aid offers. Here are a few tips and resources to make understanding and comparing your financial aid offers easier.
1. Know the different types of aid
The financial aid offer includes the types and amounts of aid you may receive from federal, state, private, and school sources. Types of aid include free money that does not have to be paid back (grants and scholarships), money you borrow and must pay back with interest (loans), and money you can earn working a part-time job to help pay for education expenses (work-study). You may see any combination of these types of aid in your financial aid offer. Learn more about the different types of aid. If you’re curious, you can also learn how schools calculate the amounts of aid they offer you.