Financial Aid makes up the difference between what you can afford and the cost of the education. Four types of basic Financial Aid are available to students:

1. Grants and Scholarships: Financial Aid that you don't have to pay back. These may be good for only one semester at a time. Be aware of how long the scholarships/grants will last.
2. Work Study: Lets you work and earn money to pay for school or personal expenses.
3. Student Loans: Borrowed money that you must repay, usually with interest and principal deferred until you leave school.
4. Parent Loans: Through the Federal Family Education Loan, parents may borrow the difference between student financial aid and the school's total cost.

Aid can come from many different places. But, most often, financial aid comes from the federal government and is supplemented by local and school-based scholarships. For that reason, most educational institutions will require that you fill out a Free Application for Federal Student Aid (FASA) in order to determine your eligibility for support.

The FAFSA Form (Free Application for Federal Student Aid): The federal government uses the information you provide on this form to calculate the amount of federal educational loans for which you may be eligible and the amount you will be expected to contribute toward the cost of your education. The calculation is based on financial need and not on academic merit.

You can find this form in any high school guidance counselor's office or by calling any of the resources listed in this guide. Or, you can choose to fill out the form online. Along with an online FAFSA application, the site has a link to the U.S. Department of Education, where you can research additional resources for educational funding.
The FAFSA forms are available in November or December, but, because they depend on the most current year's income tax return, cannot be filed until after January 1st. Call the financial aid offices at the schools you are most interested in for advice on how to fill out the form and for information on filing deadlines.

Once the federal government has calculated your expected contribution, it will send a report to you and to the schools of your choice. Based on this information, a school determines your financial aid award for school-based scholarships and grants. The deadline to accept this award and send in an initial tuition deposit to the school is usually May 1st.