is financial aid a loan?
what is financial aid exactly? Is it a loan?
Because this private school said I could use financial aid but I'm not quite sure what it is. I thought it meant they'd pay for it, but my friend says eventually I'd have to pay em back.
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Well, if you're talking about college, financial aid does not have to be reimbursed. You receive financial aid by applying online at http://www.fafsa.ed.gov/ You get awarded a certain amount for each semester in the school year. However, it is also based on yours and your parent's income. So, if the government feels as though you guys make too much money, than you may not be eligible for any.
Financial Aid consist of many things. Some you pay back others you dont. There are Pell Grants, State Grants, Student loans, State funding.. Among many others. Some schools also give funding.
My advice go to fafsa.ed.gov and fill out the application on line. Once your done you'll come to a page titled FAFSA on the Web Submission C0onfirmation (print it) that page, although it wont tell you how much, will tell you what you are eiligible for. note if your 25 or older you dont have to fill out section 3 the parental information......
financial aid can be either a loan or a grant. a loan is when they let you borrow certain amount of money and you have to pay them back when you graduate college. and a grant is money that they give you for school only, and you don't have to pay them back. usually they give you a loan, but you have to qualify for a grant