The experience of going to college varies from person to person. Where you go, when you go, why you go — all of these factors are as individual as the students in a graduating class.
Yet, while the differences are many, nearly everyone asks the same question at least once: How am I going to pay for this?
Enter financial aid. Financial aid is money that students can use to pay for higher education, whether that’s at college, a university or a trade school. Its sources are equally diverse: Financial aid can come from the federal government, state agencies, educational institutions and private sources.
Here, we’ll break down the ins and outs of federal financial aid, including how it works, when you have to repay it and what types of federal financial aid are out there. Remember to always consult with an accountant or financial representative before making a decision on how to pay for school.