Financial Aid Resources
Financial aid is money to help pay for college, graduate school, and professional school and is available from a variety of sources. Aid can come from the U.S. federal government, the state where you live, the college you attend, or a nonprofit or private organization.
Glossary of Financial Aid Terms
Federal Student Aid
Financial aid from the federal government to help pay for education expenses at an eligible college. Grants, loans and work-study are types of federal student aid. You must complete the FAFSA to apply for this aid.
Scholarships
Money awarded based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.
Grants
Financial aid, often based on financial need, that does not need to be repaid (unless, for example, you withdraw from school and owe a refund).
Work-Study
A federal student financial aid program that provides part-time employment while enrolled in school to help pay education expenses.
Federal Student Loans
A loan funded by the federal government to help pay for education. A federal student loan is borrowed money that must repaid with interest.
Private Loans
Non-federal loan made by a lender such as a bank, credit union, state agency, or school that must be repaid with interest (which is usually at a higher interest rate than the federal loans).
Interest
A loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan.
Room and Board
An allowance for the cost of housing and food while attending college.
Financial Aid Office
The office at a college that is responsible for preparing and communicating information on financial aid. This office helps students apply for and receive student loans, grants, scholarships and other types of financial aid.
For additional terms and a very comprehensive glossary, see The Federal Student Aid Glossary.
Links for Financial Aid Resources
Here are some helpful resources on preparing for college, applying for aid, consumer protection, and more.
Expected Family Contribution Methodology Calculators
Grants, Scholarships and Loans
Glossary of Financial Aid Terms
Federal Student Aid
Financial aid from the federal government to help pay for education expenses at an eligible college. Grants, loans and work-study are types of federal student aid. You must complete the FAFSA to apply for this aid.
Scholarships
Money awarded based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.
Grants
Financial aid, often based on financial need, that does not need to be repaid (unless, for example, you withdraw from school and owe a refund).
Work-Study
A federal student financial aid program that provides part-time employment while enrolled in school to help pay education expenses.
Federal Student Loans
A loan funded by the federal government to help pay for education. A federal student loan is borrowed money that must repaid with interest.
Private Loans
Non-federal loan made by a lender such as a bank, credit union, state agency, or school that must be repaid with interest (which is usually at a higher interest rate than the federal loans).
Interest
A loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan.
Room and Board
An allowance for the cost of housing and food while attending college.
Financial Aid Office
The office at a college that is responsible for preparing and communicating information on financial aid. This office helps students apply for and receive student loans, grants, scholarships and other types of financial aid.
For additional terms and a very comprehensive glossary, see The Federal Student Aid Glossary.
Links for Financial Aid Resources
Here are some helpful resources on preparing for college, applying for aid, consumer protection, and more.
- U.S. Dept of Education Student Guide To Financial Aid
- www.studentaid.ed.gov/collprep
- www.studentaid.ed.gov/sa/resources
- www.studentaid.ed.gov/scholarships
- U.S. Department of Labor
- CollegeBoard(BigFuture) 3 Steps to Getting Financial Aid
- FAFSA(Free Application for Federal Student Aid)
- CSS Profile
- Guide to Federal Govt. Fin, Aid
- FinAid: The SmartStudent Guide to Financial Aid
- National Assoc. of Student Financial Aid Administrators
Expected Family Contribution Methodology Calculators
Grants, Scholarships and Loans