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Your financial aid package is likely to include funds from the Federal Student Aid (FSA) programs. Note that not all colleges participate in all FSA programs. These FSA programs, described below, are administered by Federal Student Aid and provide over $150 billion a year to students attending post secondary schools:

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If you need help paying for college or career school, the office of Federal Student Aid can assist you with getting the money you need. Check out this video to learn about grants, loans, and work-study jobs and how they can help fund your education. Visit http://StudentAid.gov to learn more.

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There are many type of financial aid that can help contribute to a student’s dream of going to college. So many things are available such as scholarships, grants, and FAFSA  that a student doesn’t have to pay back unlike loans. Once the student is accepted into more than one college they are then able to compare their financial aid packages they receive from their accepted college.

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http://blog.sewickley.org/bid/88964/What-s-the-Difference-between-a-Merit-Scholarship-and-Need-Based-Financial-Aid

https://bigfuture.collegeboard.org/pay-for-college/grants-and-scholarships/the-basics-on-grants-and-scholarships

https://studentaid.ed.gov/sa/types/work-study

http://www.investopedia.com/terms/s/student-debt.asp

http://www.yourdictionary.com/merit

https://studentaid.ed.gov/sa/fafsa/next-steps/how-calculated#if-i-meet-the-basic-eligibility-criteria

https://studentaid.ed.gov/sa/fafsa

www.finaid.org/fafsa/awardletters.phtml

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What is a financial aid package and how do you compare different financial aid packages from different colleges?

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What is a financial aid package and how do you compare different financial aid packages from different colleges?

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A financial aid package is a collection of different types of financial aid from multiple sources, it is intended to help you fill the gap between your ability to pay, your expected family contribution, college costs, and the cost of attendance.

There are calculators available online to help estimate what you are receiving from a college.

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What information is needed to complete the FAFSA?

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What information is needed to complete the FAFSA?

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FAFSA is the Free Application for Federal Student Aid online at fafsa.gov.  The application process opens October 1, 2016 and ends June 30, 2017.  To complete FAFSA you will need: your Social Security Number, Your most recent federal income tax returns, W-2s, and other records of money earned.

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How do you apply for financial aid and how is eligibility of need-based financial aid determined?

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How do you apply for financial aid and how is eligibility of need-based financial aid determined?

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You apply for financial aid by filling out a FAFSA.

Your eligibility depends on your Expected Family Contribution, your year in school, your enrollment status, and the cost of attendance at the school you will be attending. The financial aid office at your college or career school will determine how much financial aid you are eligible to receive.

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Both a scholarship and grant are given to a person who excels academically, artistically, or athletically given by either the government, organizations, or schools the student plans on attending.

Merritt awards are similar to scholarships and grants, they are giving to students with excellent achievement.

Loans are sums of money borrowed and then used to pay for student expenses, this must be payed back with interest.

Student Employment programs help student pay for college by giving them jobs while attending said college.

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Any grant, scholarship, loan or paid employment offered to helps students meet their college expenses.

Merit-based is awarded to students based upon their athletic, academic, artistic abilities or just their connection to organizations.

Need-based aid is given to a student who needs assisting financially.

Scholarships and Grants are considered gift aids because you don’t have to pay them back, they awarded to you.

Self-help financial aid is aid that the student earns through work or is required to pay back.