Student financial aid comes in many forms

High school seniors and their parents beginning the college financial aid process will find there are many types of aid available. This list from the Kentucky Higher Education Assistance Authority (KHEAA) provides short descriptions of the most common types.

• Conversion scholarship/loan. This type of financial aid requires recipients to provide certain services or pay back the funds with interest. An example would be the KHEAA Teacher Scholarship.

• Grants are usually based on financial need and generally don’t have to be repaid. These include the Federal Pell Grant.

• Institutional aid. This term refers to the scholarships, grants and other financial aid programs provided by the college.

•Scholarship. A scholarship, like a grant, usually doesn’t have to be repaid. Scholarships are usually based on grades, athletic ability, artistic ability or criteria other than need.

• Student loan. Loans have to be repaid. The most common is the Federal Stafford Loan, sometimes referred to as a Federal Direct Loan.

• Waiver. A waiver lets a student attend college without having to pay tuition and certain fees. For example, Kentucky public colleges and universities provide waivers to state residents 65 or older.

• Work-study. These programs let students work on or off campus to earn money for college. Examples include Federal Work-Study and KHEAA Work-Study.

KHEAA is the state agency that administers Kentucky’s student financial aid programs, including the Kentucky Educational Excellence Scholarship (KEES).

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