What are the Types of Financial Aid?
"Financial aid" is a term that covers a wide variety of programs that help students and families pay for college or graduate school. The two main criteria used to award financial assistance are financial need and academic merit. Some awards must be re-paid (loans) while others do not (grants, scholarships).
The three major sources of financial aid are the federal government, state government and educational institutions, although many businesses, labor organizations, foundations, religious organizations, and community organizations also offer financial assistance. The federal government has recognized the need for teachers, particularly in the fields of special education, mathematics, and science, and has created grants for individuals pursuing careers in those subject areas
Scholarships
A gift, often based on achievement rather than need, that is offered by community and professional groups, businesses, foundations, unions, churches and other organizations. Be wary about using for-profit scholarship search services, which charge you a fee for information that is available free. The Federal Government has created a database of scholarships
for which you may be eligible.
Grants
Financial aid that does not need to be repaid. Grants are often based on need.- Federal Pell Grants
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Academic Competitiveness Grant (ACG)
- National Science and Mathematics Access to Retain Talent Grants (National SMART Grant)
- California
Student Aid Commission
- Troops
to Teachers
Loans
Money that must be repaid with interest (unless forgiven in return for a commitment to teach in high-need subjects or areas, such as in California's APLE program). For some loans, the government pays the interest while you attend school.- Stafford Loans
- Federal Family Education Loan (FFEL) and Direct Loan Programs
- Assumption Program of Loans for Education (APLE)
- Loan Forgiveness for Public Service Employees
Campus-Based Programs
Work-study , scholarships, internships, tuition payment plans, fee waivers, and other subsidies offered by a specific campus.
Ask your financial aid office, contact the California
Student Aid Commission , search the Federal Student Aid Web site , or search financial aid web sites for information
about specific aid programs.
View a chart of federal and state-funded financial aid programs.
