Whether for ourselves or our children, how to pay for college is a common question that many of us have. Thankfully there are multiple options. Our federal government funds the largest source of student aid in the United States in the form of grants, loans and work-study programs which are all primarily needs based.
Three most common types of student aid:
- Grants: With grants, repayment is not required and they are given out based on need, enrollment and tuition.
- Loans: Student Loans are financial aid that is borrowed. They accrue interest and must be repaid. Student loans are available to students or parents to pay for their dependent children’s education (typically undergraduate only).
- Work-Study Programs: Work-study programs allow students to work in exchange for education funding while enrolled.