EXPLORE YOUR FINANCIAL AID OPTIONS
Understanding the different types of financial aid can help you create a plan to pay for college. Here’s a breakdown of the options.
SCHOLARSHIPS Scholarships are awards you don’t have to pay back and are based on specific criteria. • Merit-Based: For achievements in academics, leadership, athletics, or talents. • Need-Based: For students who show financial need. WATCH OUT FOR SCHOLARSHIP SCAMS Beware of offers that sound too good to be true, such as: • “You’ve been selected!” • “The scholarship is guaranteed.” • “We need your credit card number.” When in doubt, ask your school counselor or EducationQuest. GRANTS Grants are awarded based on your financial need and do not have to be repaid. Examples include: • Pell Grant. • Supplemental Educational Opportunity Grant (SEOG). • Nebraska State Opportunity Grant. • College-based grants.
WORK-STUDY Work-study allows you to work part-time on campus while attending college. • Jobs are often flexible and designed to fit your school schedule. • Use earnings to cover personal expenses. STUDENT LOANS Loans provide the funds you need now but must be repaid after college. See page 10 for details. Colleges determine the type and amount of loans you can borrow. Depending on your financial need, you may receive a combination of subsidized and unsubsidized federal loans. Only borrow what you absolutely need, and use tools like the Loan Simulator at StudentAid.gov to plan repayment.
9
Powered by FlippingBook