The most common types of financial aid are:
- Grants
- Scholarships
- Work-study programs
- Loans
Grants
Grants are money you never have to repay. They are usually based on financial need, and are available from the federal government, state government, schools, and private organizations.
Scholarships
Scholarships are usually based on merit such as good grades, high test scores, special talents (like sports and art), academic major, heritage, or community service.
Scholarships are offered by many organizations, including federal and state governments, and private sources, such as:
- Employers
- Individuals
- Companies
- High schools and colleges
- Religious groups
- Professional associations
You can find out about the availability of these scholarships by reaching out directly to the organization or visiting their website.
In addition, some organizations, particularly foundations, offer scholarships to minorities, women, and students with disabilities. To learn more, go to a public library and ask a librarian to help you look for directories that list such scholarships. College admissions offices and high school guidance counselors should also be able to provide more information.
Work Study Programs
Work study programs are student employment opportunities where you earn money in a part-time job on or off campus to help pay for your education. These jobs can be found through each school’s Financial Aid Office.
See State Work Study Program and Federal Work Study
Loans
Loans are money you borrow that must be repaid. In most cases you do not start repaying until you leave college.
Loans are an important option, but students should borrow sparingly and only as much as needed. Make sure you understand all parts of the loan agreement and your obligations.
- The Federal Perkins Loan is a low-interest rate loan that helps students with a large financial need. While the student is enrolled in school, the federal government pays interest on this loan. Financial aid officers decide which students receive these loans and how much they receive.
- Subsidized Stafford Loan is a need-based, low-interest loan in which the government pays the interest while the student is in school and during deferment.
- Unsubsidized Stafford Loan is a non-need based, low-interest loan in where the student is responsible for paying interest.
- Private Student Loans are offered through organizations and banks. Rates, repayment plans, and borrowing limits vary for each organization or bank.
Responsible Borrowing
Are you thinking about taking out a loan to help pay for college or career school? Check out this video to learn about your responsibilities as a borrower and what you should consider when taking out loans for college.
Washington State Financial Aid for Youth and Alumni of Care
Washington state offers many financial aid opportunities to help students with college. Remember, before you can receive federal and state financial aid you need to complete the FAFSA each year on or shortly after October 1. Programs available for Washington state youth include:
- Education and Training Voucher (ETV) Program – The ETV Program is a national program for youth who qualify and are likely to age out of care.
- Governors’ Scholarship – The scholarship program helps young men and women from foster care continue their education and earn a college degree.
- Washington College Grant – Recent high school graduates and working-age adults from a low- or middle-income family can qualify to receive money for college or career training. WCG is available to eligible Washington residents, including undocumented students.
- State Work Study – helps students from low- and middle-income families earn money for college while gaining experience, whenever possible, in jobs related to their career goals.
- Passport to Careers – helps former foster youth and unaccompanied homeless youth prepare for and succeed in college, apprenticeships, or pre-apprenticeship programs.
- College Bound Scholarship – The scholarship program is an early commitment of state financial aid to eligible students who sign up in middle school and fulfill the pledge. Youth in care are automatically enrolled in this program.
- Casey Family Scholarships – provides funding for students enrolled in community colleges, public and private universities, and vocational and technical career programs in all 50 states.
- Extended Foster Care Program – provides an opportunity for youth at age 18 to voluntarily agree to continue receiving foster care services up to age 21.
- Washington Application for State Financial Aid (WASFA) – The application for undocumented individuals and select non-citizens who are not eligible to file the FAFSA. This application only applies to Washington state programs.
