Sources of funds

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Instructional Text

Education beyond high school has a price tag, and the cost can be high. Where will you get the money you need? Image Description

There are four common sources. The first one is savings and the other three sources are called financial aid. Image Description

Right! Financial aid includes money you’re given, money you earn, and money you borrow. For some of this money, you need to apply to the U.S. Department of Education in order to qualify. Image Description

If you apply for financial aid, each school that accepts you for admission will send you a letter that lists how much of each type of financial aid you’re eligible to receive. The list may include grants, scholarships, a work-study program, and loans. Image Description

On the next few screens, we’ll tell you more about each of these. We’ll also show you how to calculate how much money you’ll need. Image Description

Sources of funds	Examples
$ you SAVE	Savings account
$ you RECEIVE	Grants & scholarships*
$ you EARN	Federal Work-Study Program*
$ you BORROW	Student loans*

* Financial aid = the combination of a student’s grants, scholarships, work-study, and student loans

If you’re lucky, your family may be able to help you pay for school. But whatever your situation, open communication can help. Click on Library for tips about discussing money with your family.

Click the Next button to explore how much money you’ll need.

Sources of funds How much you’ll need Savings plans Grants & scholarships Work-study Do you need to borrow? How much debt can you repay? Student loans