Offering financial aid to students is a critical recruiting tool for any college. In fact, nearly 85% of high schoolers say that the cost of tuition will be a factor in their decision on where to go to college. That’s why many colleges have begun providing financial aid as an incentive to attract prospective students.
However, most prospective students are under the impression that only those who can’t afford it get aid. While this may have been true in decades past, it isn’t so much anymore. Colleges know this and they want you to know it too! There are plenty of options out there for prospective students who need financial aid.
If you’re a verslo apskaitos paslaugos interested in learning more about the variety of financial aid opportunities you can offer to students, read on!
Check if You’re Eligible to Provide Financial Aid
The first step in your financial aid journey is to make sure that your college can actually offer financial aid to you. First, you’ll want to make sure that your school is eligible to provide financial aid at all.
In order to do that, your school must be “Title IV eligible.” Title IV is a government law that governs how money can flow between colleges and students. In order to be Title IV eligible, your school must be accredited and have the ability to collect federal financial aid funds.
Scholarships Only for Students with Financial Need
A scholarship is any award given for academic achievement or other special skills or circumstances which may or may not require financial need. Scholarship money is not repaid, but there are many scholarship programs that only award money to those with financial need. These are typically considered need-based scholarships.
Loans Only for Students with Financial Need
A loan is a form of financial aid in which you borrow money from the government or a private lender and promise to repay it. And even if you are awarded a loan, you do still have to repay it. There are several types of student loans, but all of them are awarded based on financial need. Some types of loans that are awarded based on financial need include:
- Federal Direct or Direct Plus Loan
- Federal Consolidation Loan
- Federal Perkins Loan
- Federal Subsidized or Unsubsidized loan