Following up on our previous blog post about college financial aid, here are four more types to consider:
1. Tuition Payment Plans: This option allows families to spread tuition payments over the course of the academic year. Similar to services like Afterpay, where customers make purchases now and pay in installments, colleges offer the option to pay tuition in manageable increments over time.
2. Federal Student Aid: Federal financial aid includes Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), and aid accessed through the Free Application for Federal Student Aid (FAFSA). These programs, offered by the U.S. Department of Education, help students cover college costs, including tuition.
3. State Aid: Each state administers its own aid programs, which can vary in form. State aid may include need-based or merit-based scholarships, loans, or tuition waivers. The most common type is need-based grants. (Check out part one of our financial aid series to learn more about grants!)
4. Institutional Aid: This type of aid comes directly from the college or university. Institutions often provide both merit-based and need-based aid, which is typically managed through their own financial aid offices.
Stay tuned for more insights on college financial aid and tips on managing your finances effectively!
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