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But know that while a loan is easier to get than a grant or scholarship, it has to be repaid, oftentimes with interest. There are two different kinds of student loans: federal and private.
Scholarships may have a financial need component but rely on other criteria as well. Some private need-based awards are confusingly called scholarships and require the results of a FAFSA (the family's EFC). However, scholarships are often merit-based, while grants tend to be need-based. Some examples of grants commonly applied for in the U.S.:
Tuition always counts as a qualified expense as long as you’re paying it — if it’s paid by a tax-free scholarship, grant or fellowship, those costs don’t qualify for the tax deduction. Non ...
In the U.S., a grant is given on the basis of economic need, determined by the amount to which the college's Cost of Attendance (COA) [6] [7] exceeds the Expected Family Contribution (EFC), [8] calculated by the U.S. Department of Education from information submitted on the Free Application for Federal Student Aid following formulas set by the United States Congress.
An athletic scholarship is a form of scholarship to attend a college or university or a private high school awarded to an individual based predominantly on their ability to play in a sport. Athletic scholarships are common in the United States and to a certain extent in Canada , but in the vast majority of countries in the world they are rare ...
Qualified education expenses for your 529 savings include tuition, room and board, books, supplies, required equipment, special needs services, and computer technology.