Your Financial Aid Package

In applying for financial aid, you'll often hear people referring to a 'financial aid package'. Contrary to what one might assume, this isn't just referring to your financial award. A financial aid package is composed of scholarships, grants, loans and workstudy programs all specifically tailored to your needs. What makes up your financial aid package is often determined by the federal government's assessment according to your FAFSA, and then your college or university's office for student financial services based on the information passed from both the federal government and you, the student.

In terms of the composition of your financial aid package, scholarships are 'free money' awards that are given to students based on talents that range from the artistic to the athletic. These need not be paid back. Grants are financial awards given to students based on their level of need. These also need not be paid back. Loans are money awarded to the students in order to pay for education and must be paid back according to stipulations specific to the particular loan. Finally, workstudy is a program that many colleges and universities have where in order to partially pay for their schooling, students work jobs on campus. These range from tutoring to clerical work to dishwashing. Workstudy is particularly convenient because it lessens the necessity for a student to seek a job outside his or her university.

If you have questions or are confused about your financial aid package, head over to your college or university's office of student financial services and make an appointment with someone who can go through the specifics of your package step by step. The best thing to do is always to get informed.