Grants are sometimes referred to as “gift aid” because they are free money—financial aid that doesn't have to be repaid. Grants are often need-based, and can come from the federal government, your state government, your college or career school, or a private or nonprofit organization. Grants are typically awarded based on financial need, which is determined by the information submitted when you complete your FAFSA application. Occasionally, you might have to pay back part or all of a grant if, for example, you withdraw from school before finishing an enrollment period such as a semester.Scholarships are awards that do not have to be paid back and are based on student performance and talent. Some scholarships consider financial need when determining eligibility.Loans are money that must be repaid with interest. Student loans can also come from the federal government, your state government, college or career school, or private sources, such as a bank or financial institution.
Grants available include
Scholarships available include:
YTC Foundation Scholarships and from other sources
Private organizations including businesses, churches, civic groups, and clubs make scholarships available to deserving students. Check your local library, online scholarship search engines, and private organizations for other opportunities.
WARNING: Beware of scholarship scams!
Loans are money that must be repaid with interest. Student loans can also come from the federal government, your state government, college or career school, or private sources, such as a bank or financial institution.Student loans can come from the federal government or from private sources, such as a bank or financial institution. You can check out the differences between federal student loans and private loans at StudentAid.gov/federal-vs-private.Loans made by the federal government are called "Federal Direct Loans." The federal government's Direct Loan program provides low-interest, long-term loans directly to students and parents. The lender (or guarantor) is the U.S. Department of Education (ED) rather than a bank. Loans guaranteed by the federal government have much better rates and payback terms than private loans. Repayment of the loan usually begins six months after you: graduate, withdraw from your classes, or drop below six credit hours during the semester (less than half time).Direct Subsidized LoanAvailable to students who demonstrate financial need on the FAFSA. The federal government pays the loan interest while you attend college and during your six-month grace period.Direct Unsubsidized LoanAwarded to all students who are otherwise eligible for federal student aid through the FAFSA. Unlike Subsidized Loans, you do not have to demonstrate financial need be eligible for it. The loan accrues interest as soon as it is disbursed and for the lifetime of the loan (until it is paid off).Maximum Loan DebtThere are yearly and lifetime maximum loan amounts set by the federal government. If you are unsure of your loan debt, you may check on StudentAid.gov. To view your aid history on StudentAid.gov, click on the black "Log In" box in the upper right corner of the web page, click "Log In to My Federal Student Aid", enter your FSA ID information and click "Log In". Please note that you will only be able to view the federal loans you have borrowed but not private loans.Private LoansPrivate loans are not federal loans but are considered part of a student's financial aid award. These funds are typically loaned to you by a bank or other non-educational organization based on the borrower’s credit. YTC will certify private loan amounts up to the cost of attendance minus all other aid.