A Quick Course in Financial Aid

As you develop your plan for financial aid, keep in mind the differences among aid programs:

Scholarships are essentially free money that does not have to be repaid. Scholarship money is available from many sources, including Seminole State and state agencies, as well as professional and service agencies, private foundations and some employers. Many scholarships pay for (tuition, fees and even books).

Grants are awarded based on financial need and do not have to be repaid. Grant money is available primarily from federal and state sources. The largest and best-known source of grants is the Federal Pell Grant.

Work-study jobs allow students to earn a paycheck while attending college. Under the Federal College Work-Study Program, students work in positions that are related to their program of study.

Loans are funded by the federal government, banks or private financial institutions and must
be repaid. The federal government offers Federal Stafford Loans to help students pay for their education.

• Subsidized Federal Stafford Loans are based on financial need and "subsidized" becausethe government pays the interest for you while you are in school.

• Unsubsidized Federal Stafford Loans are available to all students, regardless of income.

Because these loans are not subsidized by the government, students who accept them are
responsible for all interest that accrues. Students may choose to make interest payments while in school or to defer (and accumulate) the interest until repayment.

Once you complete the FAFSA, Seminole State's Financial Aid office can determine which loan type(s) you are eligible for.

No matter what your major is, there are scholarships available. For a complete list, visit Seminole State's scholarships page.