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Nearly every student will need to apply for financial aid at some point in their life. Whether it is because they have a parent who is not able to cover the cost of tuition, or because they are seeking out scholarships and grants to help pay for school, these types of educational funding are important.
However, there are many different types of financial aid and scholarship opportunities that can be confusing. Luckily, we offer numerous financial aid workshop opportunities throughout the year that will provide you and your student with a solid understanding of how financing education works.
Types Of Financial Aid
There are many different types of funding that you can use to help pay for your education. Financial aid is a general category that includes scholarships and grants, loans, and work-study programs.
Scholarships and grants are both forms of financial aid that do not need to be paid back. Work-study programs are also considered financial aid because they often provide a stipend as well as tuition assistance.
Loans are the most common form of educational funding because they typically have lower interest rates than other forms of financing. However, they must be repaid with interest after graduation.
What Will I Learn In Your Financial Aid Workshop?
Our financial aid workshops cover the basics of financial aid and scholarship opportunities. You will learn about everything from Pell Grants and scholarships to student loans, like the Perkins Loan and Stafford Loan.
The financial aid workshop will also cover the importance of understanding Free Application for Federal Student Aid (FAFSA) and how it can help your educational funding situation, as well as the various application processes and tips that you should keep in mind when completing one.
After attending one of our free financial aid workshops, you’ll have a better understanding of how financing your child’s education works. You’ll know where to start when it comes to applying for financial aid and what resources are available. You’ll also be able to talk with your student about paying for college and help them understand the different options available.
Who Should Attend A Financial Aid Workshop?
Our financial aid workshop series is designed for both parents and students who are either in high school or college and are trying to understand how financial aid works. If you have any questions about the process, our financial aid workshops will most likely answer them, but you can always contact us for more information by signing up for a free consultation to learn more.
Register Online For A Free Financial Aid Workshop Today
At My College Planning Team, we understand that many students and their parents are unaware of the various types of financial aid and scholarships they should be applying for. That is why we offer a free financial aid workshop series that will teach you the basics of financing your education.
Whether you are just beginning to explore the process, or you have already applied to your schools and need to learn more about financial aid, our free workshop will provide you with information on topics like:
- How to apply for financial aid
- The different types of grants and scholarships
- How to find out how much money you can expect to receive from your school
You can discover all of our upcoming financial aid workshops here.
Financial Aid FAQs
Why Should I Apply For Financial Aid?
The goal of this free financial aid workshop series is to give you a rundown of the various types of financial aid that are available for students. In order to make the best decision about your education, it is important to know everything that is out there.
The first thing we need to cover is why you should apply for financial aid in the first place. When you apply for financial aid, you’re not only applying for funding from your school or state; you’re also applying for scholarships and grants from other companies and organizations as well.
This means that there are many different resources at your fingertips when you apply for financial aid. You will be able to take advantage of all the scholarships and grants that are available to you with just one application process. And even if your school doesn’t have any money available, it doesn’t mean that other options aren’t available.
This gives students more opportunities than they would have otherwise had without financial aid.
What Types Of Financial Aid Are Available?
There are numerous types of financial aid for students. Scholarships, grants, loans, and work-study are all examples of the financial aid opportunities you may come across when looking to finance your education.
Scholarships: A scholarship is a sum of money given by an individual or organization to a student to help pay for educational expenses. In order to qualify for scholarships, you must meet certain criteria set by the donor. Scholarships can be merit-based or need-based. For example, if you receive a scholarship because you have received honors in school, this would be considered a merit-based scholarship whereas scholarships that are need-based require the recipient to be eligible based on their family’s income level and their total cost of attendance.
Grants: Grants are another type of financial aid that does not need to be repaid. They are provided as gifts through governmental agencies and not-for-profit organizations that want to help students fund their education. Grant programs tend to be need-based rather than merit-based like scholarships but they do not have strict requirements like being ranked at the top of your class or being above a certain GPA level.
Loans: Loans are traditionally used as a last resort type of financing because they involve borrowing money from an institution in order to fund your education at various rates and terms (some loans will charge interest after completion). The reason why loans should be avoided if possible is that it can take years before graduates repay them (on average 10 years).
When Should I Apply For Financial Aid?
Students should apply for financial aid in their junior year of high school. You should know what type of college you are planning on attending, or if you are going to attend a trade school. You should also have your grades and class rank set and be sure to fill out your FAFSA by February 15th of your junior year. Your grades and rank will help determine the type of financial aid that is available to you.
The FAFSA is a form used by the federal government to determine how much money in grants, loans, and work-study options will be available to you when the time comes for college. The form can be completed online at any point during the year and is free to file. However, if you wait too long, chances are other students will beat you to it and there may not be as many opportunities left for you.
The best time for students to get an estimate on how much financial aid they can expect is about two weeks after submitting their FAFSA online. You can do this by logging back into your account and checking out the results. When looking at these results, remember that this amount changes every year depending on how many scholarships and grants become available, so make sure that this number matches up with what other schools are telling you as well before finalizing your decision on where to go!