Financial Aid

Know the facts

What is Financial Aid?

Financial aid includes grants, scholarships, work study employment, and student loans.

Learn the Lingo

Cost of Attendance: The combined expenses of tuition and fees, room and board, books and supplies, transportation and living expenses.

EFC: Expected Family Contribution. This is how much the family is expected to contribute for college based upon the FAFSA.

FAFSA: Free Application for Federal Student Aid. This is a form that all students who are considering college need to complete by March 1st. This is to be completed online at www.fafsa.ed.gov.

Grant: Monetary award that is typically need based that does not need to be paid back.

Scholarship: Monetary award that can be need based and/or merit based that does not need to be paid back.

Student Loans: Loans taken out by the student that must be repaid with interest.

Work Study: When a student combines employment and college study to help pay for college. Typically this employment is through the college and the student is informed if they qualify on their award letter.

The 3 Steps to Financial Aid

Frequently Asked Questions

What is the difference between a subsidized and unsubsidized loan?
  • Subsidized Loans are federal loans where the entity awarding the loan pays the borrower's interest while they are enrolled in college at least half time. Awarded based upon student need. Unsubsidized loans are federal loans where the interest is accrues (accumulates) while the student is enrolled in college. The students is responsible for paying the interest at all periods of the loan. No financial need necessary to receive this type of loan.
Should I accept all the aid offered to me by a college?
  • When you receive your award letter review what types of aid you have been provided. A good rule of thumb is to accept aid that does not need to be paid back first, such as grants and scholarships. After that review the loans and take only what you think you'll need. Remember, you have to repay any student loans that you accept.

Still feeling lost and confused?

Mrs. Droste can help! Stop by my office, email or call.