Financial Aid Information on Financial Aid for College Students

Information about Financial Aid

What is Financial Aid?

Financial aid is external funding that helps students and families pay for college. Student financial aid is the funding that is available exclusively to students attending a post-secondary educational institution. This funding is used to assist in covering the many costs incurred in pursuing post-secondary education.

How Financial Aid Works

Financial aid helps students pay for education costs, primarily tuition, fees, and living expenses. It comes in the form of grants, scholarships, loans, and work-study programs. Grants and scholarships don't need to be repaid, while loans must be repaid with interest. Work-study allows students to earn money to contribute to their education.

FAFSA - How Financial Aid Works

Here's a more detailed look at how financial aid works:

1. Types of Financial Aid:

Grants: Financial aid that doesn't have to be repaid.
Scholarships: Similar to grants, awarded based on merit, talent, or other criteria.
Loans: Borrowed money that needs to be repaid with interest.
Work-Study: A federal program that provides jobs for students to earn money.

2. How Aid is Determined:

Need-based aid:

Financial aid awarded based on a family's financial situation, typically determined by the Free Application for Federal Student Aid (FAFSA).

Merit-based aid:

Awarded based on academic achievements, talents, or other specific criteria.

3. Applying for Aid:

FAFSA: Most students need to fill out the Free Application for Federal Student Aid (FAFSA) to be considered for federal need-based aid.

CSS Profile: Some schools may require the CSS Profile in addition to the FAFSA.

Merit-based scholarships: Students need to apply for these directly, often through the school or specific organizations.

4. How Aid is Applied:

School first:

Financial aid is typically applied to tuition, fees, and sometimes room and board.

Remaining balance:

Any remaining aid balance is usually disbursed to the student for other educational expenses.

5. Maintaining Eligibility:

Satisfactory Academic Progress: Students need to maintain satisfactory academic progress to continue receiving aid.

Annual FAFSA: Students may need to submit a new FAFSA each year.

Begin the Financial Aid Process Now

TCC Financial Aid Department Can answer all types of questions and help you get started with the FA process
FAFSA- Financial Aid Application Federal Financial Aid application
WASFA Financial Aid Washington State Financial Aid information and application
TCC Financial Literacy Important information about your financial wellbeing and paying for college.

Student Loans

A student loan is a type of loan specifically designed to help individuals finance their education expenses, such as tuition, fees, and living costs. These loans are typically borrowed from either the federal government, a state government, or private lenders. Borrowers must repay the loan, plus interest, after they graduate or leave school.

Here's a more detailed explanation:
- Repayment:
  
  Once you graduate, drop below half-time enrollment, or leave school, your student loan goes into repayment. You will need to repay the loan amount, plus any accrued interest.
- Federal vs. Private Loans:
  
  Federal student loans are offered by the U.S. Department of Education and have various benefits, such as income-driven repayment options and potential for loan forgiveness. Private student loans are offered by private lenders and may have different terms and conditions, including repayment plans and interest rates.
- Types of Federal Loans:
  
  Common types of federal student loans include Direct Subsidized Loans, Direct Unsubsidized Loans, Parent PLUS Loans, and Graduate PLUS Loans.
- Repayment Options:
  
  There are various repayment plans available, including standard repayment plans, income-driven repayment plans, and other options.
- Interest Rates:
  
  Interest rates on student loans can vary depending on the type of loan, the borrower's situation (undergraduate vs. graduate), and the lender.

Student Loan Counseling

Logo for ECMC Solutions, student loan repayment and financial literacy services

TCC has contracted with student loan counseling service ECMC Solutions. At some point during the life of your student loan, ECMC Solutions may reach out to you regarding your loan.
If you’re having trouble repaying your student loan, or have questions about your student loan, you’re also welcome to contact ECMC for help. To contact a Solutions Student Loan Repayment Advisor, Email or Web Chat or call them at 1-877-331-3262.