‘Class’ on paying for a post-secondary education to be held January 20
Student financial aid helps students pay education-related expenses including tuition, fees, room and board, books and supplies for education at a college, university or private school.
Financial aid may is classified into two types based on the criteria through which the financial aid is awarded: merit-based or need-based.
Student aid is awarded as grants and scholarships, work-study, low-interest, government-subsidized loans, and education tax benefits.
Major federal grants include Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Work-Study Program, federal Stafford Loans (subsidized or unsubsidized), state student incentive grants and Federal PLUS Loans. Federal Perkins Loans are made by participating schools with annual appropriations from the United States Department of Education. Federal Stafford Loans and Federal PLUS Loans are made by the United States Department of Education.
State governments also typically provide some types of need- and non-need-based aid, consisting of grants, work-study programs, tuition waivers, and scholarships. Individual colleges and universities may provide grants and need- and merit-based scholarships.
Students requiring financial aid beyond what is offered by their institutions may consider a private (alternative) education loan, available from most large lending institutions.
Typically, education loans obtained through the federal government have lower interest rates than private education loans. Institutions may also offer their own student financial assistance, in the form of need- or merit-based aid, as well as endowed scholarships (with varying need and/or merit-based criteria).
Some institutions may only require the FAFSA (Free Application for Federal Student Aid); and some may also require a need-based analysis document, such as the CSS/Profile, to apply for such funds to apply a more stringent need analysis for the rationalization of institutional funds.
There is a lot to know and paperwork to fill out in order to pay for a post-secondary education.
Mountain Lake Public High School, Butterfield-Odin Public High School and Mountain Lake Christian High School senior students and parents/guardians will receive a little Financial Aid 101 help during a financial aid information night, slated for Tuesday, January 21, beginning at 5:30 p.m., and to be held in the Butterfield-Odin Public School library.