How Can I Pay for College? Financial Aid
FAQs
If you are planning to attend college, you should do a little research first. Find out how much it will cost to go to college, what part of that cost you and your family will be expected to pay, and what types of financial aid are available. The following information is intended to get you started. WHAT IS FINANCIAL AID? Financial aid is money awarded to a student to help pay educational costs. Most financial aid is awarded according to individual need and educational costs. The federal government, the state government, postsecondary institutions, and private organizations provide financial aid to eligible students in the form of grants, scholarships, loans, and employment. Grants and scholarships are awarded based on either financial need or merit and do not have to be paid back. Employment can be a job provided by the college and can be on or off campus. A loan is money provided by a bank, the college, or the government, which must be paid back with interest. Private sources of financial aid come from social and civic organizations, religious organizations, and businesses. HOW MUCH DOES IT COST TO ATTEND COLLEGE? Educational costs can differ significantly from one school to another, depending on the type of school and your program of study. In general, costs are lowest at a public vocational-technical school, higher at a public community or technical college, still higher at a public four-year college, and highest at a private college.
The total cost of attending school today may range from $2,000 per year to more than $30,000 per year. Financial aid programs have been created to help you pay these costs. Schools with higher costs often have more financial aid; therefore, when comparing costs, it’s very important to determine the financial aid available. This way you can determine what your outof-pocket expenses will be. But remember, cost is only one factor in selecting a school. Consider your goals, what programs and opportunities each school offers, and how well that school will help you meet your goals. WHAT DO EDUCATIONAL COSTS INCLUDE? The total educational costs are called the Cost of Attendance (COA) and include: (1) tuition and fees, (2) books and supplies, (3) room and board, (4) transportation, and (5) miscellaneous personal expenses, such as clothing, laundry, and recreation. Because the COA includes items that are living costs
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