Types of Financial Aid

State and federal governments provide a number of options:

• Grants, scholarships, and waivers that do not have to be repaid
• Loans, which must be repaid with interest
• The federal work-study program, which provides part-time employment that can also help you pay for college

What kinds of grants are available?

• The Pell Grant
• The Federal Supplemental Educational Opportunity Grant, which offers money to students based on financial need
• The College Access Program also offers money to students based on financial need
• The Academic Competitiveness Grant, which is based on academic requirements

What types of scholarships can I get?

Learn what kinds of scholarships are available at Somerset Community College.

How do student loans work?

The Direct Loan Program lends money to undergraduate, graduate, and professional students attending on at least a part-time basis. Two types of loans are available:

1. Subsidized Direct Loan, which is based on financial need. The government will pay a portion of the interest you accumulate on this loan, and you repay the balance.

2. Unsubsidized Direct Loan, which does not require students to demonstrate financial need. Students must repay this loan in its entirety, including interest.

How do I apply?

For grants, loans, and work:

• Apply for a federal PIN. Use your PIN to access your personal records and electronically sign federal student aid documents.
• Complete the Free Application for Federal Student Aid (FAFSA). File online or get a paper version from our Office of Financial Aid or your high school counselor.
• Watch your e-mail/mail for your financial award notification.
• Contact us, if you need more help.

When should I apply?

To receive priority consideration, you should apply as early as possible, but no later than:

Fall semester	July 15
Spring semester	November 15
Summer semester	April 15