Education is one of the greatest investments one can make, and Financial Aid is one of the tools that would help you to make it happen. Education would help you to launch a new career or become a professional in your current job or career. The purpose of the Financial Aid Program is to help those students who are in need.
Students must understand the difference between Grants and Loans. Grants come in different forms from different sources such as Pell Grant or School's Grants and Scholarships. The student does not pay back Grants and Scholarships; they are free. However, with Loans, which comes from different sources such as Stafford Loans or Bank Loans, the student must pay them back, mostly with interest. The student must understand everything about the Loan, the amount, the interest rate, the pay back period (in months or years), and the start date of repayment. The grace period to start paying the Loan varies from months to year(s).
The following steps are used in calculating your financial need: