Understanding the financial aid package can be confusing, so you will want to understand a few key words to make it easier. Paying for school can include; grants, scholarships, federal loans, private loans, work study, unsubsidized loans, and subsidized loans. Understanding each grant, loan, or scholarship is essential before you accept and sign your name.
Grants: Financial aid, often based on financial need, that does not need to be repaid unless, for example, you withdraw from school and owe a refund (Federal Student Aid).
Work-Study: A federal student aid program that provides part-time employment while you are enrolled in school to help pay your education expenses (Federal Student Aid).
Loans: All student loans are borrowed funds that you must repay with interest (Federal Student Aid).
Scholarships: Most scholarships are merit based. This means they are awarded to students with certain qualities, such as proven academic or athletic ability. Many scholarships have rules — maintaining a certain GPA, for example — that you have to follow to continue receiving aid (College Board). All Scholarships that come into the MHS Counseling office are entered into Naviance.
More Resources:
Financial Aid TV – Colorado Assoc of Financial Aid Administrators
Understanding Loans & Grants – Federal Student Aid overview (English & Spanish)
Glossary of Financial Aid Terms – A comprehensive glossary of financial aid terms
Understanding types of loans – Types of loans available and what they mean
Basics of applying to grants and scholarships – Sources and steps to take to start applying to grants and scholarships
Filling out the FAFSA – Tips to help fill out the FAFSA