Financial aid makes it possible for many students to attend the college of their choice. The single largest provider of financial assistance in the United States is the federal government, via the U.S. Department of Education. State governments, educational institutions, private organizations, and banks also provide students with financial aid by offering scholarships, grants, and loans. It’s important to understand the basics before delving into each source of aid. This section will boil this daunting topic down to the essentials.
What are the sources of financial aid?
The largest source of student financial aid is the federal government, but aid is available through a wide variety of other channels. It can be state- or institution-based. It can also be given by an individual, local society, or national organization. Students should start by applying for financial aid from the federal government and then try to supplement their federal financial aid packages with money from other sources.
- The federal government: The U.S. Department of Education manages and distributes federal aid. Most federal aid is need-based, meaning that if your financial situation shows that you and your family cannot afford to pay for college by yourselves, you will receive aid. Read More
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