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Types of Aid

Types of Aid

Don't have a trust fund to pay for college? Most don't. You will probably need financial aid to help. The following types of aid may be available:

Gift Aid
Gift aid is the good stuff - free money. Usually, this type of aid will be called a grant or scholarship. So how do you get it? Sometimes it may be awarded to you based on your financial need (the results of your FAFSA) or it may be based on merit (a talent you have). You could find that your awards are because of your grades or test scores, your musical talent, athletic ability, or leadership skills. You should file a FAFSA, search for private scholarships, and check with the college to see how to apply for their gift aid. See examples of scholarships and grants that are available to Iowa students.

Self-Help Aid
Self-help aid is money like student loans, which have to be repaid, or work-study, which requires you to work to get the money. Loans can be a great source for helping you pay for college, just be careful not to borrow more than you need. Work-study jobs are usually flexible with your class schedule and may even be on-campus.

So how do you know what type of aid you are going to get? File your FAFSA and the college will send you an award letter telling you exactly what kind of financial aid you can receive.