Now that you know about the different forms of financial aid, we can talk about what aid types are more helpful than others. These awards are given to entice students to accept an offer of admission financial need isn't necessarily considered in these cases. Athletic scholarships and academic merit scholarships are sometimes awarded by schools to extremely competitive applicants. They can be awarded based on merit only or based on a combination of merit and financial need. They can come from private sources (such as corporations) or from your school. #3: Like grants, scholarships are sums of money you don't have to pay back. Loans can come from the federal government (such as Direct loans) or from a private lender, such as a bank. In the end, you pay back more than you borrow. You pay back these sums after graduation, in addition to paying back interest charges. #2: Loans are sums of money you borrow to fund your education. Grants can come from the federal government or from your school. They're usually awarded based on financial need. #1: Grants are sums of money you don't have to pay back. So what counts as financial aid? There are three main types of aid you should be aware of: You can get more detailed information on all these costs in our guide to college expenses. Your total cost of attendance will vary depending on where you're planning on going to school. Ultimately, all this money is meant to cover your college expenses, which include tuition and fees, room and board, transportation, and personal expenses.

Here, I'll briefly talk about the types of financial aid available (the 'good' kinds and the 'bad' kinds) before introducing the colleges with the best financial aid programs in the country.įinancial Aid Basics: The Good, the Bad, and the Uglyįinancial aid comes from a variety of sources and in a variety of forms. Unfortunately, not all financial aid is created equal-and not all schools can afford to give out 'good' student aid. Financial aid is good in all its forms, right? If it helps college students afford their education, what could be the problem?

According to the National Center for Education Statistics, 87% of first-year students at four-year colleges were receiving financial aid in 2019-2020. College in the US is expensive-too expensive, in fact, for the average student to be able to afford on their own.

Colleges with best history programs