Types of Financial Aid
Financial aid can come in many forms and from a variety of sources.
The commonality between them is that they all provide assistance toward paying for college and lessening student debt. The more you learn about what's available, the more opportunities you'll have to gain the resources to help fund your education.
Learning the Basics
Scholarships provide money based on academic or athletic merit, financial need, group/employer affiliation, chosen major, or personal attribute. They typically require students to submit an application and meet requirements of the scholarship. The money awarded can be for specific needs or as a general monetary gift. Scholarships do not need to be paid back.
GRANTS, also known as "gift aid" are typically aid that does not need to be repaid and is given to students who demonstrate financial need. In addition, each year Harford Community College applies for and receives several grants that provide our students with resources for specific areas of study. These grant-based scholarships vary in amount and requirements but provide valuable funding to our students.
LOANS are considered to be a form of financial aid. It is money you borrow and must pay back with interest. Direct (federal) loans, parent loans, and personal/private banks loans each have their own sets of requirements and interest rates.
Maryland State aid provides more than $100 million in need-based grants and merit scholarships each year to Maryland residents attending college in the state of Maryland.
The Federal Work Study Program (FWS) provides part-time jobs to students who have financial need, allowing them to earn money to help pay for educational expenses. Federal Work Study jobs may be on campus, in community service agencies, or in the America Reads Program.
Know the CodeAs you fill out your FAFSA, don't forget to include the Harford Code: 002075 in order to get the most out of your aid package from Harford. Remember, even if you think you won't qualify, all students should complete the FAFSA.