3 Types of Federal Student Aid

Free money.

• Grants are usually based on financial need and don't have to be repaid.

Borrowed money.

• Loans are an investment in your future. But remember, they must be repaid with interest.

Earned money.

• A work-study job lets you earn money while you're in school.

Scholarships

Scholarships are gifts. They don't need to be repaid. There are thousands of them, offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations. Some scholarships for college are merit-based. You earn them by meeting or exceeding certain standards set by the scholarship-giver. Merit scholarships might be awarded based on academic achievement or on a combination of academics and a special talent, trait, or interest. Other scholarships are based on financial need. A scholarship might cover the entire cost of your tuition, or it might be a one-time award of a few hundred dollars. Either way, it’s worth applying for, because it’ll help reduce the cost of your education. Click on Scholarships for more information as well as links to scholarships for LHS students.

Steps to Financial Aid Success

Step 1: Submit Your College Application

First, complete your college or trade schools application for admission by the school's application deadline. Many applications will have an application fee that will need to be paid in order to fully process your application. In addition, you should be checking out the estimated cost of attendance at any school you apply to.

Step 2: Complete The Fafsa

Completing the FAFSA (Free Application for Federal Student Aid) will be your first step in applying for financial aid. You will complete the FAFSA each year you attend college/trade school and you should complete the FAFSA even if you don't think you'll qualify for Grants or don't plan to take out Federal Student Loans as many financial aid offices and scholarships will require the FAFSA to be completed.

Step 3: Complete Scholarship Applications

Next, complete scholarship applications starting with college/trade school specific and community based applications before broadening your application pool. This process will likely require you to seek out letters of recommendation, compose essay responses, and/or participate in formal interviews. Please check out the scholarship page for more information and to access scholarship applications or visit with your LHS counselor about scholarships that you can apply for.

Step 4: Receive And Respond To Your Financial Aid Award Letter

You should receive an award letter from each school you've applied to. You will need to accept or reject all financial aid offers being made through the school. You will accept any free money (grants, scholarships, etc.) but you may want to reject all or some of any loan money being offered. Remember, only accept loan money that you absolutely NEED and nothing more.

Step 5: Study Hard And Stay Focused On Your Goals