Financial aid is much simpler than folks think. Essentially, it's a question of understanding a few basic terms, including the often misunderstood meaning of "financial aid".

Financial aid is not, as many folks think, simply "free money". And it can come from many sources...colleges themselves, private donors, foundations and organizations, and via both state and federal programs. Aid can come in the form of scholarships, pay for work, and loans.

Many people think the terms scholarships and financial aid are synonymous. Actually, scholarships...also called grants...are one form of financial aid. Scholarships, requiring no repayment, are frequently awarded to high achievers, students whose abilities may be valued, or students whose families belong to a sponsoring organization (church, civic organization, corporation, etc.).

Students seeking financial aid of any kind, especially those who may qualify for need based financial aid, should complete the FAFSA (financial aid form) every year. The paper FAFSA is available in virtually every high school guidance office and every college financial aid office in the nation. The FAFSA may also be completed online. It is the information on the FAFSA that determines your eligibility for need-based aid. But, remember that all aid does not require need.

Some colleges may ask you to supplement the information on the FAFSA by completing their form as well. Normally, these institutional forms are very simple and straightforward.

Most colleges and universities offer a form of aid called work study, which allows students to earn money working in campus offices (and occasionally off-campus non-profit organizations). Work study funds, and loans, are referred to as self-help aid.

Students may also receive aid in the form of student loans. Those with financial need (as determined by the FAFSA) are eligible to receive low interest, federally subsidized loans; those without need but with reasonable credit can also qualify for student loans, but will be subject to higher interest rates.

There really is not much else you need to know about financial aid except for the importance of meeting deadlines, the need to read and follow the instructions on the financial aid letters and publications sent to you, and the fact that you should contact your college financial aid office immediately if you encounter difficulty.

Best wishes as you pursue your education.

University Dean Daniel Z. Kane invites you to visit his websites, which offer information on scholarships, financial aid, colleges, universities, campus life, college admission, online colleges, and online degrees.

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