Money

What is financial aid?

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ShareTweetFlipEmailPin0 SharesFinancial aid is money students are awarded to pay college. There are two forms of financial aid: gift aid and self-help aid. Gift aid is money that the student doesn’t have to repay. It can take the form of scholarships or grants. Self-help aid is money the student will be responsible for repaying such … Read more

What is the difference between subsidized and unsubsidized loans?

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ShareTweetFlipEmailPin0 SharesThere are two types of federal guaranteed student loans: subsidized and unsubsidized. The subsidy refers to the payment of interest while the student is attending school or is in a deferment or grace period. For qualified students, the federal government pays the interest on the loans and therefore “subsidizes” the student loan. Subsidized student … Read more

FAQ: Are scholarships taxable?

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Post-it Note asking Are scholarships taxable?Scholarships are taxable depending on what they are spent on. If you are a degree candidate, the amount of your scholarship that covers tuition and any required fees, books, supplies, and equipment is not taxable. These books, supplies, and equipment have to be required of everyone taking the class in order to qualify. The portion of your scholarship that covers room and board, travel, research, clerical help, and equipment is taxable.

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When do I apply for financial aid?

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ShareTweetFlipEmailPin0 SharesThe Free Application for Federal Student Aid (FAFSA) can be filed any time after October 1st of the student’s senior year. You should submit your FAFSA as early as possible since many schools distribute certain types of financial aid on a first come, first served basis. Since the FAFSA requires information from both the … Read more

Who is eligible to receive financial aid?

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ShareTweetFlipEmailPin0 SharesFinancial aid consists of all awards from government sources, private organizations, and colleges themselves. Therefore, eligibility for financial aid will depend on the source of the aid. For federal financial aid and most state programs, besides demonstrating financial need, students must meet the following requirements: be a U.S. citizen or an eligible noncitizen; have … Read more

Where can I find scholarships?

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ShareTweetFlipEmailPin0 SharesThe key to finding scholarships is to understand that most are targeted for specific student populations. This means two things. One, if you want a scholarship, you have to be part of that targeted population. Two, the people providing the scholarship what to get the information to the targeted students, not necessarily everyone who … Read more

Do parents automatically qualify for PLUS loans?

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ShareTweetFlipEmailPin0 SharesParents do not automatically qualify for the federal Parent Loan for Undergraduate Students (PLUS).  The PLUS loan application process includes a credit check. According to the Federal Student Aid website, parents with an adverse credit history will not qualify for a loan. An adverse credit history is defined as follows: Your credit history may … Read more

What are the different types of financial aid?

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ShareTweetFlipEmailPin0 SharesColleges and universities award students financial aid packages to help cover the cost of attendance. The package is typically made up of combination of aid types. Some aid types are better than others. There are two broad categories for financial aid: self-help and gift. Self-help aid is money that has to be earned through … Read more

What is need-based aid?

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ShareTweetFlipEmailPin0 SharesFinancial aid is awarded based on two general categories, need-based and non-need (merit) based. When people hear the term “financial aid,” they are generally thinking of financial assistance provided because of the student’s financial need. A student’s financial need is based on her financial status and the cost of the school she actually attends. … Read more