Exploring The Different Types of Financial Aid for College | SoFi

There are many ways to pay for college including financial aid from the government. Watch this video to learn more about FAFSA®, scholarships, grants, and more. There are four different types of financial aid available through the federal government including: grants, scholarships, federal student loans, and work-study. Grants and Scholarships Both of these types of financial aid do not need to be repaid and are sometimes called “gift aid.” These scholarships or grants may be given by the school directly, from the state, or by the federal government. Usually for scholarships or grants students must maintain eligibility in order to receive and keep those funds. Work-Study This is another option that may be offered to students as part of their federal financial aid package. These are jobs on campus that pay at least the federal minimum wage, but may pay more depending on the job. Depending on which school you attend you may be matched with a job or you may have to find one on your own. Federal Student Loans Another type of aid available from the federal government, federal student loans, do need to be paid back after school ends or when a student drops below half-time enrollment. Federal student loans are either subsidized (no interest will accrue during school) or unsubsidized (interest begins accruing as soon as school starts). Federal student loans generally have lower interest rates than private student loans, and don’t usually require things like cosigners. For more information check out: https://www.sofi.com/fafsa-guide/ Connect with SoFi: Subscribe to SoFi on YouTube: https://www.youtube.com/channel/UCuoYE0bfkZCwaspBVQ59jfQ?view_as=subscriber?sub_confirmation=1 Like SoFi on Facebook: https://www.facebook.com/SoFi/ Follow SoFi on Twitter: https://twitter.com/SoFi Follow SoFi on Instagram: https://www.instagram.com/sofi/ Follow SoFi on LinkedIn: https://www.linkedin.com/company/sofi/