How Do People Pay for Postsecondary Education?
This activity aims to review vocabulary related to financial aid and help students understand key differences between options.
Discuss
Students may go to college or trade school, but these programs can be expensive. To help pay for postsecondary education many use financial aid. Financial aid helps students pay for their education. It includes grants, which are free money you don’t have to pay back, scholarships for good grades or special talents, and loans, which you borrow and pay back later. To get financial aid, students usually fill out a form called the FAFSA. Some schools and organizations also offer extra help. If you have a disability, there may be special scholarships or programs to support you. Asking a teacher, professor, or counselor can help you find the right resource.
Watch
Types of Federal Student Aid (2:15) Ask students: Which of these types of aid have you heard about before? Do you know any other ways to pay for postsecondary education?
Review
Common Types of Financial Aid (PowerPoint) Feel free to modify the vocabulary to meet your students’ needs.
Financial Aid: Money to help pay for postsecondary education.
Grants: A type of aid provided by the state or federal government. Most grants are awarded to students with the highest financial need. You do not usually need to repay a grant.
Scholarships: Scholarships are a type of aid provided by schools, employers, organizations, or individuals. There are many types of scholarships. Each one has different eligibility requirements. You may be able to get a scholarship based on your grades, achievements, special talents, or membership in a community. A scholarship does not need to be repaid.
Work-Study Jobs: A job program for students with financial need. Work-Study provides part-time jobs to help you earn money while you are enrolled in school.
Ohio Financial Assistance: The state of Ohio provides grants, scholarships and other types of financial aid to eligible students. For the most current information about available aid types, visit the Ohio Department of Higher Education website.
Federal Loans: Federal loans are a type of aid provided by the government based on financial need. A loan is money you borrow and must pay back with interest. Federal loans usually have lower interest rates and more flexible payment plans than private loans.
Private Loans: Private loans are a type of aid provided by a lender such as a bank. A loan is money you borrow and must pay back with interest. Private loans usually have higher interest rates and less flexible payment plans than federal loans.