🎓 Types of Financial Aid
Financial aid comes in several forms: grants and scholarships (free money you don't repay), work-study (earn money through campus jobs), and loans (money you borrow and must repay with interest). Always prioritize free money first!
- •Grants: Need-based, don't require repayment
- •Scholarships: Merit or need-based, apply early and often
- •Federal loans: Generally better terms than private loans
- •Private loans: Higher interest, use as last resort
📝 Smart Borrowing Strategies
Only borrow what you absolutely need. Federal loans offer income-driven repayment plans and loan forgiveness options. Understand the difference between subsidized (government pays interest while in school) and unsubsidized loans. Consider your future earning potential when deciding how much to borrow.
- •Fill out FAFSA every year - it's free!
- •Aim to keep total debt below your expected first-year salary
- •Understand repayment terms before signing
- •Look into loan forgiveness programs for certain careers