Financial Aid
Financial aid helps reduce the cost of attending college, and most students are eligible for some type of financial aid other than scholarships. Two main types of financial aid are available: grants and loans.
GRANTS are awarded based on financial need and do not need to be repaid if you finish the academic term for which the grant money helps pay. Grants are typically awarded by the federal government, your state government, and/or your college.
LOANS are money borrowed from the government, a bank, or other sources. They need to be paid back. Interest rates and terms of payment vary.
Check out these tips from The College Board regarding student loans: 8 Tips for Taking Out Student Loans
A student who wants a grant or loan from the federal or state government must fill out the Free Application for Student Aid (FAFSA).
GRANTS are awarded based on financial need and do not need to be repaid if you finish the academic term for which the grant money helps pay. Grants are typically awarded by the federal government, your state government, and/or your college.
LOANS are money borrowed from the government, a bank, or other sources. They need to be paid back. Interest rates and terms of payment vary.
Check out these tips from The College Board regarding student loans: 8 Tips for Taking Out Student Loans
A student who wants a grant or loan from the federal or state government must fill out the Free Application for Student Aid (FAFSA).
Federal Student Aid
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College Savings Plans
529 Plans were authorized in 1996 under Section 529 of the Internal Revenue Service Code. Contributions to 529 plans offer tax advantages and provide different investment options as incentives for individuals to save money now for future higher education costs.
A "my529", formerly known as a Utah Educational Savings Plan (UESP) is one of the nation’s top-ranked nonprofit 529 college savings programs. For more information, visit UESP.org.
You can also talk to your bank or credit union about college savings options they offer. It is important to shop around and compare the benefits of each plan. Then, choose the plan that is the best for you and your family.
Dennis Vilorio’s article, “Paying for College: Strategies to Afford Higher Education Today” discusses other options for saving money.
A "my529", formerly known as a Utah Educational Savings Plan (UESP) is one of the nation’s top-ranked nonprofit 529 college savings programs. For more information, visit UESP.org.
You can also talk to your bank or credit union about college savings options they offer. It is important to shop around and compare the benefits of each plan. Then, choose the plan that is the best for you and your family.
Dennis Vilorio’s article, “Paying for College: Strategies to Afford Higher Education Today” discusses other options for saving money.
Work Study Programs
Work study programs are part-time jobs that are funded through the college, cooperative education programs, or the federal work study program. These jobs are given to students based on financial need. These jobs can be through the school itself or other employers.
