What is Financial Aid
Many parents feel that education after high school is simply out of reach financially. You might think that your children can't go because you canít afford it. That's where financial aid comes in!
Financial aid is money to pay for college that is not provided by parents. This money comes from federal, state, college, and private sources. When people talk about financial aid, you may hear words like grants or scholarships, tax credits, work-study and loans. Grants and scholarships are "free" money--you don't have to pay it back. Federal tax credits reduce the amount of income tax you pay. Federal work-study is a job awarded to a student to help pay for college. Loans are money that you do have to pay back.