Does FAFSA Give Free Money?
Financial aid is a great way for students to pay for college. However, many students and their families are not sure how to go about getting it. The Free Application for Federal Student Aid (FAFSA) is the first step in the process. However, does FAFSA give free money?
The answer is yes and no. The FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid. There are three main types of financial aid: grants, scholarships, and loans.
Grants are the most common type of free money from the FAFSA. Grants are usually awarded based on financial need and do not have to be repaid. Scholarships are also a form of free money, but they are usually awarded based on academic merit or special talents. Loans are not free money, but they can be a great way to pay for college. Loans must be repaid with interest.
The FAFSA can also help students qualify for work-study programs. These programs allow students to work part-time while in school and earn money to help pay for college. The money earned through work-study is not free money, but it can help reduce the amount of money the student needs to borrow.
In addition to the FAFSA, students can also apply for private scholarships and grants. These are usually awarded by private organizations and do not have to be repaid. However, the competition for these awards can be fierce, so students should start their search early.
In conclusion, the FAFSA does give free money in the form of grants and scholarships. It can also help students qualify for work-study programs and private scholarships and grants. However, students should remember that not all financial aid is free money and some of it must be repaid.