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Sources of financial aid
There are generally three sources of financial aid:
- Federal. The federal government provides grants, loans and work-study to help students pay for a college education. Grants are need-based gifts that do not have to be repaid and include the Pell Grant and the SEOG. Loans—which are repaid—include the Perkins and Subsidized Stafford Loans for students with financial need. Two other loans, the Unsubsidized Stafford Loan and the PLUS loan, are available regardless of financial need. Work-study is an award that must be earned through an on-campus job.
- State. While every state is different, many have set a portion of their budget aside to support higher education. Iowa, for example, provides a modest academic scholarship for its better students, as well as the Iowa Tuition Grant for students from Iowa with financial need who choose to attend a private college in the state. Check with your high school guidance counselor about financial aid available through your state.
- Institutional. Northwestern College devotes approximately 25 percent of its annual budget to student financial aid. This aid comes in a variety of forms:
In addition to applying for federal, state and institutional dollars, make sure you check out additional sources of financial aid. You may be surprised how much assistance is available to help you pay for a college education.
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 Financial aid |
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