Plan > Financial Aid Options

When choosing a college or university, it is important to understand the total cost of attendance as well as the costs of different types of financial aid.

What To Do 

 
 

Start by reviewing your college or university website to get a better understanding of the expenses related to attending the college (tuition, room and board, books, lab fees, travel, etc.).

Review the table below and thoroughly research the short-term and long-term costs associated with different types of financial aid.

Tip: Swipe left or right on the table below to scroll horizontally.

Type of Aid Description Cost What do I have to pay back?
Scholarship Awarded based on different criteria (needs-based or academic standing) N/A Nothing
Grant Generally need-based and gifted with federal, state, or private money N/A Nothing (some grants may need to be repaid if you do not complete college)
Fellowship Awarded based on field of study. Terms and amounts vary. N/A Nothing
Work-Study Part-time employment offered to help with college expenses. Check with your school about on-campus positions. N/A Nothing
Subsidized Federal Direct Loan Federal Direct Loans The government pays interest while in school.
No origination fee.
Total loan amount plus interest.
Take note of Total of Payments, terms and repayment options.
Payments are deferred until after graduation.
Unsubsidized Federal Direct Loan Federal Direct Loans Interest accrues while in school.
No origination fee.
Total loan amount plus interest.
Take note of total interest, loan terms and repayment options.
Payments are deferred until after graduation.
Private Education Loan Loans offered by a bank or credit union Interest Rates vary based on credit history or cosigner. Total loan amount plus interest.
Take note of interest rates, term lengths and repayment options.
Payments are deferred until after graduation.