Financial aid is money provided by various agencies (federal, state, and local governments; colleges; community organizations; and private corporations or individuals) to help students meet the costs of attending college. It includes gift aid and self-help programs. Grants are awards to students based on financial need and do not have to be repaid. Scholarships are generally awarded based on either academic merit alone, or on academic merit and financial need. They do not have to be repaid. Student loans are available to students or their parents at low interest rates (4%-9%). Student loans are considered financial aid because of the special interest rates and because some may be subsidized by the federal government. Repayment of most student loans does not begin until after graduation. Student employment allows students to earn money towards their education while in school by working part-time, usually on campus.

For additional information, policies, guidelines, regulations and to apply for financial aid with the new on line Free Application For Federal Student Aid (FAFSA), visit the Department of Education home page at: http://www.ed.gov/finaid.html or go to http://www.fafsa.ed.gov/.