What types of Financial Aid Exist?

What types of Financial Aid Exist?

Financial aid comes in a few different flavors.  Ill discuss them in depth in later posts, but here are the basics:

• Scholarships
  • Scholarships are usually granted based on merit – academic, athletic, or otherwise.  They are given by the school or another organization.
• Student Loans
  • Student loans are given by the government directly to the student – they are appealing because they have low interest rates, and do not require credit checks.
• Parent Loans
  • Parent loans are given to parents of students to help cover the costs of college.  They can be given by the government, as well as private lenders.
• Private Student Loans
  • Private student loans are granted from banks and other institutions to students.  These loans generally have higher interest rates than federally backed student loans, and are granted based on criteria like credit score and history.

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