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Education beyond high school has a price tag, and the cost can be high. Where will you get the money you need?
There are four common sources. The first one is savings. The other three are a combination called financial aid.
Right! Financial aid includes money you’re given, money you earn, and money you borrow. For some of this money, you need to apply to the U.S. Department of Education in order to qualify.
Sources of funds
|Sources of funds||Examples|
|Money you save||Education Savings Account|
|Money you receive||Grants and scholarships*|
|Money you earn||Federal Work Study Program*|
|Money you borrow||Student loans|
* Financial aid = the combination of a student’s grants, scholarships, work-study, and student loans.
If you apply for financial aid, each school that accepts you for admission will send you a letter that lists how much of each type of financial aid you’re eligible to receive. The list may include grants, scholarships, a work-study program, and loans.
Note: If you’re lucky, your family may be able to help you pay for school. But whatever your situation, open communication can help.
Click the Next button to explore how much money you’ll need.