What is financial aid?
Apr 17, 2011
Financial aid is the term used to describe monetary funds that supplement and support an individual or family’s contribution towards the cost of a secondary education. Financial aid funds come from a variety of sources including federal, state, and private funds.
There are three main categories of Financial Aid: Grants, Scholarships, and Loans.
Grants—Grants are a type of financial aid that students do not have to pay back under normal circumstances. Grant funds can come from federal, state, or private sources. Grants require the filing of a Free Application for Federal Student Aid (FAFSA). For more information on the types of grants that may be available, visit the Grant Information link.
Scholarships—Scholarships are a type of financial aid that students do not have to pay back under normal circumstances. Scholarship funds can come from a variety of sources. Many scholarships require the completion of separate scholarship applications. To view scholarships available to EMCC students visit the Scholarships link. Students are also encouraged to seek additional outside scholarship funds through their high school guidance office, place of employment, parent’s place of employment, online scholarship searches, and through other sources.
Loans—Loans are a type of financial aid that must be paid back. For more information on student loan types, lenders, payment calculators, and application instructions please visit the Loan Information link.
Filed under: Financial Aid