Question: Is financial Aid only free money
Answer: No: Financial aid is ANY money that helps support education. The most common types of financial aid are:
Student Loans (Must be paid back)
Grants and Scholarships (Does not need to be repaid)
Question: Do I have to pay grants and scholarships back?
Answer: No: Grant and Scholarships are money that is given to you, and DOES NOT have to be repaid.
Question: Do student loans need to be paid back?
Answer: Yes: Student loans ARE required to be paid back. Students are not required to begin repayment on the federal loans until six (6) months after they leave school.
Question: I do not have to pay my students loans even though I dropped out?
Answer: Yes: Regardless of whether you completed college or not, you are still responsible for repaying your student loans. This is one of MANY reasons why you should stick it out and graduate.
Question: Do student loans affect my credit?
Answer: Yes. Student loans will show up on your credit report. It is a good way to establish credit. Remember, as long as you are in school, your federal student loans are deferred, which means, no payment is due. However, you CAN pay on your loans while you are in school, which will minimize your debt.
Question: Can I get a student loan if I do not have a credit history?
Answer: Yes. You qualify for Federal Student Loans. There is no credit check for them.