Financial Aid Basics | 11.09.11

Posted in Consolidation, FAFSA, Financial Aid, financial aid tips, Student Loans By Student Loan Network Staff

Financial Aid 101 eBookJanuary is quickly approaching, and you know what that means? FAFSA season. Filing your FAFSA is a critical step in the financial aid process. However, if you have never applied for financial aid before, everything can get overwhelming, and fast! This is why you should know your options beforehand. You can then apply directly to a loan lender.

Major types of financial aid:

  • Private scholarships and grants
  • Federal grants (Pell, Academic Competitiveness Grant, SMART, FSEOG)
  • Federal student loans (Stafford, Parent PLUS, Graduate PLUS, Perkins Loans)
  • Federal work study
  • Private Student Loans

How to apply:

Scholarships and grants
Private scholarships and grants have individual applications and deadlines. While the application process can be time-consuming, every little bit helps!

Federal aid
The FAFSA is your application for all of the federal types of financial aid listed above. Students need to submit it starting January 1st of each year, and the sooner you file, the better!

Private loans
If you’ve exhausted your scholarship and federal aid resources, then it’s time to apply for a private loan. Each lender will have different interest rates and benefits, so it helps to compare your loan options to find what’s best for you.

For more information on the different types of financial aid and for a helpful financial aid calendar, check out our Financial Aid 101 eBook.

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