Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 344 Financial aid is money that is given, earned, or lent to help students pay for their education. Financial aid makes it possible for millions of students to go to college. The four types of financial aid Financial aid comes in four forms: grants, scholarships, work-study, and loans. Grants and scholarships are considered “gift help” be- cause they represent money that is given to students. Work-study and loans are considered “self help” because theyprovidemoneythatmusteitherbeearnedorrepaid. u Grant – money given, usually because of financial need u Scholarship – money awarded for exceptional academic achievement, an outstanding talent, and/or financial need u Work-Study – money earned by working at a part-time job u Loan – borrowed money that must be repaid Need-based and merit-based financial aid Most of the financial aid that’s awarded is “need-based.” Need-based financial aid – Thistypeoffinancialaidisawardedtostudents whose families do not have sufficient financial resources to pay for college. In other words, need-based financial aid goes to students who need help paying for college. Whendeterminingeligibilityforneed-basedaid,thefamily’sfinancialsituation is the only thing that’s considered;thestudent’sacademicrecordisnotafactor. Grants, loans, and work-study are all examples of need-based financial aid. Part II Financial Aid Overview