Colleges May Award One Or More of the Following Types of Financial Aid to Help Meet Your

Types of financial aid

By EducationQuest Foundation

To apply for federal financial aid, complete the FAFSA (Free Application for Federal Student Aid) on or after October 1 of your senior year at fafsa.gov. The FAFSA will help colleges determine the types and amount of financial aid to award. Types of aid are as follows:

Scholarships come from private donors or your college. Some are based on financial need, while others are based on academics, talents or community involvement.

Grants* are awarded based on financial need and you don’t repay them. They include:

· Pell Grant

· Supplemental Educational Opportunity Grant (SEOG)

· Nebraska Opportunity Grant

· College-based grants

Work-Study*, also based on financial need, is a federal program that provides money you earn by working a part-time job provided by the college.

Loans* are a type of financial aid you must repay. Some are in your name and some are for parents. Types of loans include:

· Direct Subsidized Loan

· Direct Unsubsidized Loan

· Direct PLUS Loan (for parents)

For more details about financial aid, see the Paying for College section at EducationQuest.org.

*These types of financial aid are based on FAFSA results and availability of federal funding.

Updated 7/17