Loans

Loans are a source of financial aid that you borrow and then must repay. There are limits on the amount of federal loans you can borrow per year. Federal loans also typically offer lower interest rates and more flexible repayment plans. When it comes time to repay your federal education loans, American Student Assistance will help you manage your debt responsibly.

Grants and scholarships

These sources of aid do not have to be repaid, so you should apply for any grants and scholarships for which you may qualify. Grants are usually based on economic need. Scholarships may be based on academic achievement, economic need, or extraordinary skill in sports or the arts. However, some scholarships are open to almost anyone who applies. No matter how qualified you are, the competition for scholarships and grants will be intense. So while you should apply, you should be realistic.

If you’d like to start making yourself the best candidate possible for a scholarship, check out the criteria and scholarship information at these sites:

• – www.collegeboard.com
• – www.nationalmerit.org
• – www.mapping-your-future.org

Work-Study

Colleges will sometimes award Federal Work-Study as part of a financial aid package. Work-Study students hold jobs offered through the school to help pay for some of their education and living expenses. Students selected for work-study are typically those with greater financial need.