3. Federal And State Financial Aid.
FAFSA (Free Application For Federal Student Aid) is your gateway to all federal financial aid available for college. You must complete and file a FAFSA to be eligible for federal financial aid for college. Federal financial aid for college is need-based and includes the following types of aid: Grants, Work-Study, and Federal Student Loans. Grants provide money for college that will not need to be repaid, work-study provides part-time employment to help students earn money while enrolled in school, and federal loans provide money for college that will need to be repaid with interest. The only way for a student to receive any of the forms of federal financial aid listed above is to complete a FAFSA.
State financial aid for college is similar to federal financial aid, but on a local level. In most states you are eligible for state financial aid automatically when you submit your FAFSA, however some states require additional forms, so it is important to check the requirements of your own state.