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Return To Scholarships Article Archive   Search the Article Archives Understand Financial Aid in Five Minutes By Daniel Z. Kane There is a lot of unnecessary confusion about college financial aid. In fact, many people have serious misconceptions about what financial aid is. So, let's clear up some misconceptions by defining financial aid and the most important financial aid terms. Financial aid is not, as many folks think, simply 'free money'. And it can come from many sources...colleges themselves, private donors, foundations and organizations, and via both state and federal programs. Aid can come in the form of scholarships, pay for work, and loans. Many people think the terms scholarships and financial aid are synonymous. Actually, scholarships...also called grants...are one form of financial aid. Scholarships, requiring no repayment, are frequently awarded to high achievers, students whose abilities may be valued, or students whose families belong to a sponsoring organization (church, civic organization, corporation, etc.). Not all financial aid requires demonstration of financial need. A students financial aid is determined by a formula which is applied to the answers a student submits on the free federal financial aid form (FAFSA). Students must submit a FAFSA (on paper or online) if they wish to apply for need-based financial aid. At some colleges only a FAFSA is required. Other colleges may require you to complete their own institutional financial aid form as well. Student who qualify by virtue of need may be offered work study jobs in college offices or at non-profit agencies in nearby communities. Students with financial need, as established by the FAFSA, may qualify for government subsidized, low interest loans. Those without need can also borrow, but at higher interest rates. Once you understand the terms we have just discussed, there is not too much more you have to know or do. Just meet all deadlines, carefully read all financial aid information available to you, and do not hesitate to contact your college office of financial aid if you have questions or problems of any kind. Good luck. About the Author: University Dean Daniel Z. Kane invites you to visit his websites, which offer information on scholarships, financial aid, colleges, universities, campus life, adult education, online colleges, and online degrees. Apply For Scholarships

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