Safety, target, and reach. These are terms every high school senior quickly associates with their college lists. Often, students rank their college options based on the likelihood of acceptance. However, many overlook the importance of creating a college list aligned with their financial needs.
Creating a list of safety, target, and reach schools based on financial circumstances is just as crucial as preparing for other aspects of college life!
When accepted into a college, students are typically offered several types of financial aid. In this blog, we will cover the four most common types:
1. Scholarships: This is money you do not need to repay! Scholarships are usually awarded based on merit, such as a high GPA or excellent test scores. There are also need-based scholarships, which are entirely dependent on your financial situation. For these, your guardians’ financial information will be considered. Additionally, some scholarships are awarded based on specific criteria like significant community service or athletic achievements.
2. Grants: Grants are another form of financial aid that does not need to be repaid. Unlike scholarships, grants are awarded based on financial need rather than merit. The FAFSA (Free Application for Federal Student Aid) is the most common way to apply for grants.
3. Work-Study: This program provides students with part-time jobs to help cover expenses. Work-study jobs can range from leading campus tours to working in the library, offering both work experience and financial assistance.
4. Loans: Unlike the other types of aid, loans must be repaid with interest. They can come from federal sources or private lenders. (Stay tuned for future blogs where we’ll dive deeper into different types of loans!)
Stay tuned for our next blog to learn more about the less common types of financial aid!
Comments