It has come to my attention that before I spout out any more FAT (Financial Aid Tips)(too gross?) I should probably define Financial Aid. I guess not everyone read the FAFSA for entertainment as children? (Despite what people say about blogging making you feel more connected to the world, this one just continues to make me realize how very, very alone I am.)
Education: Go Get It!'s dictionary defines Financial Aid as follows:
1 - aid of the financial variety (we're working on editing this definition)
2 - any of multiple forms of monetary support to help students pay for college, usually comprised of one or more of the following components:
a. Grants: monies based on need (determined by family income) that do not need to be paid back
b. Scholarships: monies based on merit (grades, performance, sports, etc.) that do not need to be paid back
c. Loans: monies based on need that DO need to be paid back (eventually, over time, with varying amounts of interest (which means you end up paying back more than you originally borrowed))
d. Work Study: jobs given to students based on need that provide spending money
Still confused? Let's 'chew the FAT'--leave a comment, email us with a question, or check out the websites listed in the column on the right!
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