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There are two basic types of financial aid — gift aid and self-help aid. Like the name says, gift aid is assistance received that does not typically have to be repaid. Self-help aid includes work opportunities and loans, and is called self-help because the individual takes responsibility for receiving this type of aid.
All types of financial aid can help your child pay for college, though they all work in different ways. Scholarships and grants typically do not need to be paid back. Federal Work-Study programs and loans are self-help aid and do need to be earned or paid back. Financial aid also comes from many different sources, including the federal government, the State of Illinois (for Illinois residents), the college and/or your employer. Plus, there are many private sources that provide financial aid, such as agencies, associations and organizations (e.g., corporations, civic, religious, philanthropic groups and associations related to your child's field of interest).
Your child can improve their chances of obtaining financial aid by planning ahead, applying early and reading directions carefully. Since private financial aid programs generally have early deadlines, start researching these sources during your child's sophomore or junior year of high school. You can find information here at College Zone, at colleges, libraries and related publications. Your child can apply for as many different types of financial aid for which eligibility requirements may be met.
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