The U. Work-study is a type of employment, usually on campus, that allows students to work part time to earn money for school. Loans are money that students borrow from the federal government or private sources. Students have to repay loans with interest, so borrowing too much is never a good idea. Applying for financial aid is an easy process if you have the right materials. Gather up your FSA ID and income information, such as tax returns from the previous year or a record of investments.
You will need this information from your parents as well as your own information. Apply online at fafsa. Ask for help at your school or local library if you need it. Many student loans have a grace period of six months after graduation before requiring the student to begin payments. Because the student must pay the loan institution more money than what he or she received as financial aid, it's best to restrict the size of the loan request to the bare minimum.
Larger loans will be harder to repay. For that reason, it's not a good idea to spend loan money on non-necessary expenses. If you receive more money than what you need to cover your school costs, it's a good idea to put the extra money toward repaying the loan. Students should create a spending plan and stick to it. The plan should take into account when the student will receive money through financial aid and other sources, and it should also include necessary expenses plotted out through the course of the year.
This will help the student stay ahead of financial obligations and avoid falling into the trap of spending money on frivolous things.
Financial aid can be difficult to secure. Once you do receive financial aid, be careful to spend it wisely on what matters most. One of the benefits of living in campus housing is that all your room and board expenses get looped into one bill and sometimes include a campus food plan. If you plan to live off campus, you'll need to budget money for your rent and utilities as well as food. Sign up for our Newsletter! Mobile Newsletter banner close. Mobile Newsletter chat close. Mobile Newsletter chat dots.
Mobile Newsletter chat avatar. Mobile Newsletter chat subscribe. Personal Finance. Planning for College. Financial Aid. Financial Aid Tips. Gift aid includes grants and scholarships. Grants, which colleges usually award based on financial need, reduce your college bill dollar for dollar.
Scholarships and merit aid, which colleges award based on a wide range of criteria, also reduce your college bill dollar for dollar. Self-help aid includes work-study and loans. Work-study is a part-time job funded by the federal or state government to help students cover college costs.
Loans also reduce your college bill, but you must pay the loans back. Colleges award the lion's share of aid to students with financial need. To be eligible, a student must prove that he or she doesn't have enough financial resources to pay for college. You may qualify for aid based on merit. To qualify for merit aid, you must show academic achievement, high test scores, extraordinary or unique talents or accomplishments.
Financial need may be an additional factor. You may qualify for aid based on financial need and merit. How to Get Merit-Based Aid Colleges that offer merit aid generally offer it to students whose GPAs and test scores put them in the top third of the current freshman class. Related Articles.
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