Facts

TYPES OF FINANCIAL AID

• Scholarships
• financial aid that does NOT have to be paid back
• Federal Pell Grant
• financial aid that does NOT have to be paid back
• apply with the FAFSA
• State Incentive Grant
• financial aid that does NOT have to be paid back
• Apply with the FAFSA
• Federal Work Study Program
• helps students earn financial funding through a part-time work program.
• Federal Stafford Loans
• are made by the U.S. Department of Education.
• This money must be paid back
• Federal PLUS Loans
• are made by the U.S. Department of Education
• This money must be paid back

FAFSA

• FAFSA (The Free Application for Federal Student Aid) is the starting point for all students who want financial aid.  The FAFSA can be completed on the Web at www.fafsa.ed.gov/

According to the article, Exploring the Effects of Student Expectations about Financial Aid on Postsecondary Choice: A Focus on Income and Racial/Ethnic Differences (2009):

Low socioeconomic Status (SES) high school graduates:

• are less likely to enroll in any type of college or university than their higher SES counterparts
• have significantly lower probability of taking necessary steps to enroll in college (preparing academically, applying to college, and graduating from high school) relative to their higher SES colleagues.
• lack college information.
• have higher concerns about having the necessary financies to pay for college.

Also according to Perna and Titus (2005), African Americans are more sensitive to the costs of attendance and availability of financial aid than other race/ethnic groups are in their enrollment decisions (2009, Kim & DesJardins & McCall).

Resource
Kim, J., DesJardins, S., & McCall, B. (2009). Exploring the Effects of Student Expectations about Financial Aid on Postsecondary Choice: A Focus on Income and Racial/Ethnic Differences. Research in Higher Education, 50(8), 741-774.


UNDER CONSTRUCTION!
More Financial Aid Facts and statistics coming soon...