Financial Aid Information

Students have access to various types of financial aid to help cover the costs of higher education. These include grants, scholarships, federal work-study programs, and student loans (both federal and private). Grants and scholarships do not need to be repaid, while loans require repayment with interest. Completing the Free Application for Federal Student Aid (FAFSA) is typically the first step in accessing federal financial aid, while additional applications may be required for grants or scholarships.

Financial aid is available for all types of postsecondary institutions - not just college. You should look into financial aid opportunities if you are planning on attending a college/university, a career/technical program, an apprenticeship, or other postsecondary institution!

FAFSA Information

The Free Application for Federal Student Aid (FAFSA) is a form used by colleges and career schools to determine how much financial aid you are eligible to receive, which could include grants, scholarships, work-study funds, and loans. Any student who wants to be considered for federal, state, and school financial aid programs should complete the FAFSA.

FAFSA Help & Tools

Types of Financial Aid

Grants

Grants are a type of financial aid that does not need to be repaid. They are typically awarded based on financial need, and eligibility is determined by completing the Free Application for Federal Student Aid (FAFSA). The most well-known federal grant is the Pell Grant, but there are also state and institutional grants available.

For more information about grants, visit https://studentaid.gov/understand-aid/types/grants.

Scholarships

Scholarships are another form of financial aid that does not require repayment. They are often awarded based on academic achievement, athletic ability, or other criteria set by the scholarship provider. Scholarships can come from a variety of sources, including colleges/universities, private organizations, community groups, and businesses.

For more information about how scholarships work, visit StudentAid.gov/scholarships.

Scholarship Search Tools

The following tools may be helpful in finding scholarship opportunities. Please note, this is by no means an exhaustive list, as there are a multitude of scholarship opportunities available, and students can find many more by conducting their own searches.

2024 Local Canal Winchester Scholarships

Work-Study

Federal Work-Study (FWS) is a program that provides part-time employment opportunities for students with financial need, allowing them to earn money to help pay for educational expenses. These jobs can be on or off campus and are typically related to the student's course of study or community service. Students should check with their postsecondary institution's financial aid office to find out if they participate in the Federal Work-Study Program.

Student Loans

Student loans are funds borrowed to pay for education expenses and must be repaid with interest. There are two main types of student loans: federal loans and private loans.

Federal student loans are funded and regulated by the U.S. Department of Education, while private student loans are offered by banks, credit unions, and other financial institutions. Federal student loans typically have lower fixed interest rates and more flexible repayment options compared to private loans, which may have variable interest rates and fewer borrower protections. Federal loans also offer benefits such as deferment, forbearance, income-driven repayment plans, and loan forgiveness programs, which are not typically available with private loans. Additionally, federal loans do not require a credit check (except for PLUS Loans), whereas private loans often do.

Eligibility for federal loans is determined by completing the Free Application for Federal Student Aid (FAFSA). If you are interested in applying for private loans, you can check with your bank or credit union, or visit Credible.com for information about other private student loan providers.