subject: Financial Aid and You [print this page] In some situations, a student may claim full independency for their parents, so that their parents' income may not be included on their FAFSA, to better their chances of getting more aid. If this is the case, the student's parents may not claim the student on their taxes as a dependent. In addition to income, a student's aid amount is determined by the cost of their desired financial institution, to some degree. Financial aid based on monetary need is normally given in the forms of grants and loans. Grants are sums of money that do not have to be repaid, while loans do have to be repaid. Grants, like the Pell Grant, are normally highly prized and given out based on need and on a first come, first served basis. If you wait too long to turn in your FAFSA, you may not get any money from grants. The loans that are given out are low interest loans that typically do not have to be repaid before the student is out of school. Unlike scholarships, there are forms of financial aid that are completely need based, meaning that nothing other than the financial state of the student is taken into consideration when determining the amount of money to award them.
Financial Aid and You
By: Jenny Maloy
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