Types of Student Financial Aid

Financing your college education is probably one of the largest and most rewarding investments you will make in your lifetime—one that requires informed and careful consideration of the various financial aid options available to you in order to make sound choices.

As college costs continue to rise, figuring out how you and your family will finance your education may seem rather daunting. The good news is that there is an estimated $136 billion in available financial aid. Knowing what’s available and how to tap into it will make your planning a lot easier, and can help you achieve your educational goals.

A majority of students finance their education through a patchwork of grants, scholarships, work-study programs and loans, so it is generally a good idea to have a basic understanding of each. It is also highly recommended that you use any financial aid that you receive only to pay for necessary educational expenses, and that you borrow wisely—don’t borrow more than you need or can reasonably afford to repay.