If it took you a while to click on this topic, you’re not alone.
Paying for college can be frightening. In addition to the size of the investment, the array of loans, scholarships and fees you must navigate can be complicated and time consuming.
But it’s not all bad news. A Norwich education is as affordable as many state colleges. Last year, 95 percent of our students, with an average family income of $90,269, shared in more than $51 million of financial aid.
And you don’t have to do this alone. At Student Financial Planning, we have addressed every problem and question before, and we’re here to help.
It is important to familiarize yourself with the different financial aid forms and deadlines. Our job is to make the task as painless as possible. Let’s start by defining some of the different options that are available to you and your son or daughter.
Types of aid
Financial aid is any form of assistance used to pay for college based on financial need. There are three forms of aid:
- Grants and scholarships – Also known as gift aid, these do not have to be repaid.
- Loans – Most need-based loans are low-interest arrangements sponsored by the federal government. Generally, no interest accrues until repayment begins after graduation. Banks and lending institutions also provide low-interest loans for college.
- Work Study – This allows your son or daughter to work at the university to earn money for books, supplies and personal expenses.