So are you one of the casualties of our current economic disaster? Have you lost your job and are you wondering in what direction you should go? If you have ever thought about going to college, then you should consider applying for financial aid. But what is financial aid and exactly what does it do for you? Here are a few answers to help you.

Financial aid for college is money that is given to you either in the form of a loan or a grant. It is given to you in the form of a loan, this would more than likely be a Stafford loan that she would have to repay back over the course of several years after you have completed your college degree.

If you do not get a loan for college, then you would need to apply for a grant or a scholarship. A grant is usually money that is given to you so that you do not have to pay for your tuition, books, or the cost of your classes. The most popular is the Pell Grant which you can find out more about extra aid office at your university.

A scholarship can be given by private parties, even the university itself, if you have a special skill that it would like to utilize for self gain. For instance, football players that go to college on a full ride scholarships are doing so because they bring patrons in to spend money and watch football games at the college.

There are other scholarships that are given to those that are intellectually deserving as well as those that have done things for society that merits some kind of reward. Either way, all of these types of college aid are used to help you get a college degree that you can use to find a higher-paying career.

Your best bet when looking for financial aid is to talk to the financial aid counselor at your particular school. They do this on a regular basis and will have a full list of the grants, loans, and scholarships available in your area for your particular major or focus.

Financial aid is not that hard to understand. It basically comes down to if you receive a grant or scholarship, you do not have to pay it back. If you take out a loan from your school, this is money that you will have to repay after your time in college.