Grants, Schorlarships, work study - all of these are components of Financial Aid. When your child is applying to college, he/she will also need to apply for financial aid to help fund his/her education.
Most people think of scholarships when they think of financial aid, but in fact the college looks at a number of sources for help paying for college. Aside from federal and state grants, private and college scholarships, and college work study, schools will often expect you and your child to contribute to paying for tuition. In addition, many schools will assume that your child will take a federally guaranteed loan. Read the small print and remember that it is your choice. If you still need additional monies, there are private loans that your child can take to pay for college. Use the information gained by submitting the FAFSA or an estimate by completing the FAFSA4Caster to find out what your expected Family Contribution (EFC) is. Advanced research will make sure that there are no surprises when you get the tuition bill.
