Financial Aid explained: Financial Aid 101
Grants - This is free money.
- Grants may come in the form of money from the state of California (Cal Grant) and students who have an academic GPA of 3.0 or are eligible. Cal Grant funds vary depending on the type of college attending. (community, Cal State, UC, Private)
- Grants also come in the form of money from the federal government. This is primarily based on total income contribution.
- Grants can also come from the college you will attend. These grants are usually based on your successful completion of rigorous high school coursework. They will be included in your financial aid package that is prepared for you once you submit your Statement of Intent to Register (SIR).
Scholarships - This is free money.
- Scholarships can be need-based, merit-based, or given on the basis of a particular interest or background.
- For a list of scholarships and scholarship sites please scroll down or log in to Naviance.
Work Study - This is free money, but it comes in the form of a job.
- You must select YES on the FAFSA or Dream Act application in order to be considered. Work study is often dependent on need.
- This money will be included in your financial aid package that is prepared for you once you submit your Statement of Intent to Register.
- Your school will contact you when jobs are available and you will have a chance to choose a job once school starts in the Fall.
Loans - This is NOT free money.
- You will have to pay it back! Pay attention to payment options. You can begin making payments while in school but not until 6 months after your last day of college. So, if you take a break from school before you graduate you will have to start paying.
- These loans are usually offered at a lower interest rate and can help offset the immediate cost of college.
- When accepting a loan, consider your career goal and the income the type of entry-level job would offer since you will need to start paying back the loan soon after graduation.
