About Financial Aid

The application process is the set of steps you’ll need to complete to be considered for a scholarship, loan forgiveness program or other opportunity.

Applications usually include a form or collection of forms. You may need to provide other additional materials as well, such as recommendation letters, school transcripts or other documents that determine your eligibility.

Eligibility is the basic criteria you must meet to be able to apply for an opportunity, such as a scholarship, grant, internship or loan forgiveness program. 

Eligibility criteria can be many things, including your GPA, work experience, age or racial or gender identity. Scholarships, grants, internships, loan forgiveness programs and teaching programs all have their own eligibility requirements.

Grants are another type of financial aid that you don’t need to pay back. Grants generally come from the federal or state government, or from local organizations or universities. Grants are often awarded based on income or family size, but some grant providers have other specific eligibility requirements.

A loan is a sum of money that you can use to help pay for your education. You will need to pay back your loan with interest after you graduate.  

Many students first take loans from the federal government, because the interest rates tend to be lower. Students might take out private loans from a bank or another provider if they have maxed out on federal loans and still need additional funds.

Loan forgiveness means that you won’t have to pay back some or all of your student loans. In exchange for forgiven loans, you’ll commit to teaching for a set period of time—often in a certain geographic or subject area.

Loan forgiveness can cover substantial amounts of money, so it’s among the highest value financing opportunities for your education costs.

Loan forgiveness programs vary, so make sure you understand the specific types of loans and amounts that can be forgiven, as well as any teaching commitments you’ll need to fulfill.

A scholarship is free money that you don’t need to repay. Scholarships often come from the federal or state government, your college or university or outside organizations. Scholarships are generally awarded to students who meet certain qualifications, such as financial need, academic success or achievements in a certain area of interest.