A major source of financial aid is in the form of loans which must be paid back with interest! It is important to carefully review all loan offers to understand the repayment terms. The Student Loans section of this website provides information on things to consider when evaluating a loan offer.
It is important to know that you do not have to take the full amount of loan that is offered. Some students take the full amount offered - more than is actually needed for college expenses - and use the money for vacations, cars, clothes, etc., These students don't think about the debt load they are accumulating and will be paying off for many years after college.
To apply for federal education loans, visit www.fafsa.ed.gov to fill out an on-line application.
For privately funded education loans, contact your local bank or credit union.
Federal Work Study provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses. Not all students are eligible for Federal Work Study. Each eligible student is given an allocation and must then apply for student assistant/work study positions at their college.
If your Financial Aid award letter lists Work Study as an option and you feel you can handle a part-time on-campus job, you should check what student work study jobs are open and apply for the ones that interest you as quickly as possible as these jobs tend to be limited and fill quickly.
Working a little while you are going to school will help you minimize your debt load in the future, plus an on-campus job has the benefit of having employers that are willing to work around your class schedule.
Scholarships, Grants and Fellowships are a means to help pay for your education without assuming a lot of debt as they don't have to be paid back.
These types of aid are often based on the student meeting certain criteria (like a certain major or sports participation) or by affiliation with certain groups (ethnic or religious groups, parent's place of employment, etc.)
To learn more about these types of financial aid go to http://www.bankrate.com/brm/news/advice/19980421c.asp and read the article:
"You can get extra cash for school!"
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