A college financial aid package is a combination of merit-based grants from universities or private institutions, and need-based loans or grants from the Government.
There are three types of financial aid: Grants, Loans and Work-Study Program (WSP). Grants are awards that do not require repayment, whereas loans need to be paid back. Financial aid can be based on merit or need. The table summarizes the Government-sponsored financial aid programs.
You can apply for the need-based Federal aid by completing the FAFSA process. The math that applies to the FAFSA application is explained in detail in our blog “The FAFSA Process.”
We specialize in tax-free retirement strategy and investments such as IUL, Annuity and LTC. Prefer a quick and complimentary consultation? Just email us at Karthik@FinCrafters.com