Financial Aid
Financial aid can make the difference
to whether going to college or not
is possible for many students.
The system of Financial Aid is based
on the principal of equal access i.e.,
anyone who wants to attend college
(and has the grades) should be able
to, regardless of financial circumstances.
Financial aid in New York colleges
works in the same way as most other
colleges throughout the USA:
- Students and/or their families
are expected to fund a college education,
BUT, financial aid is there to assist
in the instance where there is a
shortfall.
- Currently, over 50% of the students
enrolled in colleges in the state
of New York are receiving some form
of financial aid.
3 Main Types of Financial Aid
Whilst Financial Aid is any type
of assistance supplied or received
that contribute to paying college
costs, there are 3 main categories
within which most financial aid falls:
Grants and Scholarships
This is often referred to as gift
aid for the simple reason that grants
and scholarships do not have to be
repaid.
Gift aid comes from federal and state
governments and from individual colleges.
Scholarships are mostly awarded by
individual colleges and are usually
awarded based on merit, most commonly
for academic or athletic achievement
or prowess.
For details of grants or scholarships
you may be eligible for you will need
to contact the college to which you
are applying or research relevant
grants available from your state government
or the federal government.
Loans
The majority of financial aid is
made up of loans. This form of financial
aid needs to be repaid. However, most
loans that are awarded based on financial
need are low-interest loans sponsored
by the federal government. No interest
is accrued on the loans until you
are in a position to begin repayment
i.e., after graduation.
Work
Work-study is again a federal program
and helps students pay for books,
supplies and the general living costs
encountered when studying at college
or university.
Work-study is administered by the
federal government and provides students
with part-time employment to help
meet their financial needs. It also
has the benefit of giving students
work experience, which can be advantageous
when it comes time to compile a resume
after graduating.
The most crucial aspect of financial
aid is research. When you have chosen
where and what you want to study,
whether it is at college with relatively
high or low costs, it is essential
you research what financial aid is
available in the form of federal grants
or loans, state scholarships and the
scholarships offered by the college
itself.
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