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Financial Aid Basics

What to Know Financial Aid.
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Financial Aid. Ways to help cover the cost of college.

Exciting times are ahead if you or your child are considering college! You may have come across the term “financial aid,” which opens up a world of possibilities. The RISLA College Planning Center team is here to help you explore the various types and sources of financial aid. They’ll guide you step-by-step to ensure you're well-prepared to apply, making the journey to college a little easier and more enjoyable. Let's get started!

 

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Types of Financial Aid

In higher education, financial aid refers to any financial assistance that helps students and their families pay for a college education. This aid can be granted based on either financial need or merit.

Need-Based Aid
Financial aid is awarded based on a family's financial need, which is assessed through various factors such as household income, expenses, and the number of dependents. This process ensures that students from lower-income families receive the necessary support to help cover tuition costs, living expenses, and other related fees, ultimately making higher education accessible to all.
Merit-Based Aid
Merit aid is financial assistance provided to students to support their education. It is typically awarded based on various criteria, including academic excellence, athletic abilities, unique talents, extracurricular involvement, or other achievements. Scholarships can help cover tuition fees, books, and other educational expenses, making higher education more accessible for individuals with merit or potential in their respective fields.

Sources of Financial Aid

Many financial aid programs help students and families cover college costs, with funding from federal, state, institutional, and private sources.

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Federal Aid

The federal government provides three types of financial aid: Federal Grants, the Federal Work-Study Program, and the Federal Direct Student Loan Program. Federal aid is awarded through the educational institution after the student completes the FAFSA (Free Application for Federal Student Aid).

The requirements and repayment options differ for each type of financial assistance.

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State Aid

State aid typically consists of grants that do not need to be repaid. These grants are awarded directly by colleges once you have completed the FAFSA. 

Contact your high school counselor to learn more about the state aid options available in your area.

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Institutional Aid

Institutional Financial Aid is funding provided directly by the college or university to which you have been accepted. This aid is awarded based on financial need, merit, or a combination of both, and it typically does not require repayment. 

To determine the amount of need-based aid you may qualify for, completing the FAFSA is essential.

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Private Aid

Private loans are also offered by banks and other financial institutions. Private aid generally comes in two forms:

Private Scholarships: These funds do not need to be repaid. While applying for private scholarships, you may need to fulfill certain requirements, such as submitting an essay or providing specific documentation. A good place to start your scholarship search is at RIScholarships.org.

Private Student Loans: These loans are provided by nonprofit, State-based lenders, such as RISLA, as well as by banks and other for-profit lending organizations.

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Gift Aid versus Self-Help Aid

Amazing aid options are available, such as grants, scholarships, State tuition waivers, work-study, and loans! They fall into two great categories: gift aid and self-help aid.
Gift Aid
Gift aid, available based on financial need or merit, is a wonderful opportunity for students to receive support without the worry of repayment. Think of grants, scholarships, and tuition waivers—it’s a fantastic way to invest in your education!
Self-Help Aid
Self-help aid encompasses work-study opportunities and manageable loans, fostering personal growth and financial independence!
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The Financial Aid Guide

Provides free tools and resources for parents and students to navigate the college financial aid application process.

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RISLA Scholarship Hub

Helping parents & students pay for college.

Did you know college scholarships are free money to help pay for college expenses? Well, it's true! And the RISLA Scholarship Hub is here to help students and parents find extra funds to help pay for college.

💸 The best kind of funds . . . the kind you don't have to pay back! 

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Enter to Win!

Knowledge for College Scholarship!

Check out the Knowledge for College Scholarship! We award $2,000 each to four randomly selected students every month. Whether you need help covering tuition, books, or living expenses, our scholarship can help ease the burden.

🤩 Take your chance to win - enter every month for your prize!

 

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rischolarships.org

A free scholarship search tool!

Discover hundreds of local scholarships waiting for you. The search is fast and simple, making it effortless to find your perfect match!

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    We are with you for the journey.

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    College Planning

    A free service aimed at helping students achieve their goal of attending college and paying for it. The CPC assists thousands of students and families each year in planning for higher education.

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    Scholarship Hub

    Check out how to prepare for college—access free tools and resources.  Find local scholarships for college, and parents and students can enter to win $2,000 in college scholarships!

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    Our student loans offer flexible repayment options, competitive interest rates, and a simple application process, making them an ideal choice for parents and students.

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    Refinancing

    With our refinancing options, you can enjoy the benefits of low fixed interest rates, no fees, and an auto-pay discount. Take advantage of this opportunity to save money and simplify your finances. 

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