What kind of aid is available? There are two types of student aid – grants and loans. You can think of the Pell Grant as a gift from the government because it does not need to be paid back. On the other hand, any loans will need to be paid back to the government. With loans, there are two types – subsidized and unsubsidized. Both loans are similar in that they have the same interest rate and you start paying them back once you complete the program. However, the difference is when the interest starts accruing. A subsidized loan does not accrue interest while you are in school, while an unsubsidized loan does accrue interest while you are in school.
Should I use all of the aid I’m eligible for? This depends on your circumstances. If you are able to make payments towards the tuition while in school, you can decide not to take out all of the financial aid you are eligible for. We love helping students tailor their financial aid plan to their specific needs and wants, which is why we offer financial aid planning sessions.
If you are interested in learning more about your options, please contact us today and a member of our team will be in touch.
Financial Aid Leader