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Money for Your Child's
There is money available for your child’s education—student
financial aid. Student financial aid is money that helps
pay the cost of attending college, including tuition and
fees, books and supplies, room and board, transportation,
and personal expenses.
A college’s financial aid office administers student
aid programs. The office processes financial aid applications
and provides counseling services for students and families
seeking financial aid. The financial aid office is your
best single source of information about financial aid.
The U.S. Department of Education publishes an excellent
booklet describing federal student aid programs and information
about application procedures. Click here to view The
Student Guide: Financial Aid from the U.S. Dept. of Education.
Most financial aid comes in one of three
- Scholarships and grants – gift
money that does not have to be repaid.
- Loans – borrowed money which
must be repaid. Loans for a college education are long-term
and have relatively low interest rates. Repayment generally
begins after college.
- Work-Study – money earned by
working part-time at the college or university the student
Financial aid funds come from several
- The federal government is the largest
single source of student financial aid funding. Almost
all colleges participate in one or more of the federal
financial aid programs.
- State governments have financial aid
programs to assist their state residents. In most cases,
the funds must be used at a school in the state.
- Colleges often have financial aid programs
funded by tuition, endowments, or other sources. Private
colleges are most likely to have large sums of their own
money devoted to student scholarships and grants.