Congratulations, you’ve decided to go to school. Now you need to decide how you are going to pay for your college education. This page is full of information that can help you determine the types of financial aid available, how to apply for aid, and what you can do to make school more affordable.
Financial aid is assistance used to pay school costs. There are many different types of aid that you can choose from including federal financial aid, scholarships, loans and military scholarships. Below is a list of the most common types of aid you could qualify for.*
Grants are different from loans. Also called gift aid, grants do not have to be repaid. Grants are awarded by federal and state governments.
You could be eligible to receive up to $2000 toward tuition. The College Grant and Payment Plan is Brightwood-awarded and does not have to be paid back. Learn more, conditions apply.†
Loans are the most popular type of financial aid. Federal Stafford and Federal Plus Loans are backed by the federal government and offer low-interest rates. To qualify for these loans, you must demonstrate financial need to qualify for these loans. Alternative Loans are private loans that allow you to borrow additional funds above your federal loan limit. These types of loans are not sponsored by the government and typically have higher interest rates.
Working a full- or part-time job while attending college can help you pay for education costs such as books, supplies, and personal expenses. You might also want to consider work-study, which is a federal program that provides you with part-time employment to help you meet your financial needs. This program also gives you valuable work experience while you serve your campus and community. Work and work-study can reduce the amount of loans you take out while in school.
Many schools offer a wide variety of financial options. These may include scholarships and/or assistance from third party agencies. We could help you find the scholarship, military scholarship, loan or other financial solution that is right for you. Please contact the Student Finance department for more information about all of these financial options.
The first step in seeking federal financial aid is to complete a Free Application for Federal Student Aid or FAFSA. This is a financial aid application form used for federal and state grants, work study, and loans and is necessary before you apply for a loan.
To apply for federal financial aid, you can complete, submit, and track your application on the FAFSA website at www.fafsa.ed.gov. This is the easiest way to apply for federal aid. Make sure you fill in the correct Federal School Code on your FAFSA application. You can locate the Federal School Code by using the Search for School Codes link on the main page of the FAFSA website.
Once you submit your online FAFSA application, apply for a Federal Student Aid ID (FSA ID). Your FSA ID is a unique personal identifier that gives you access to your personal information on U.S. Department of Education websites. Your FSA ID also serves as your electronic signature on federal applications so do not share it with anyone.
We recommend that you have your income information available before filling out the FAFSA. Please note that you do not have to file your income tax return with the IRS before you fill out the FAFSA.
A few days after you submit your FAFSA, you should receive an email or mailed form from the U.S. Department of Education called a Student Aid Report (SAR). Your SAR contains the data you entered on the FAFSA. Review the SAR carefully for errors and submit any necessary corrections. Your SAR also contains information on what you are expected to contribute to your total costs. The Student Finance department can help explain to you the information on your SAR.
Loans let you pay your education expenses over a long period of time at a low (and often tax deductible) interest rate. Some loans are need based, while other loans are available to nearly everyone.
Brightwood College students are eligible to apply for the Title IV federal student loan programs. Federal loans are generally lower interest rate loans offering students a grace period in which payments are not due, as well as multiple repayment plans. Subsidized and unsubsidized student loans are an option. For a subsidized student loan, the federal government covers the interest cost while the student is in college or has deferred payment on the loan. On an unsubsidized loan, interest begins accruing immediately. The school currently offers Subsidized Stafford, Unsubsidized Stafford, and Parent Plus loans through the William D. Ford Direct Loan program with the U.S. Department of Education.
Whether you are a first-time borrower or a continuing student borrower, you may apply for a Direct Loan. Students can apply for a Direct Loan by completing a Free Application for Federal Student Aid (FAFSA) and by electronically signing a Master Promissory Note (MPN).
Many banks offer alternative student loans. Rates and conditions vary, so it is important to review all available information. These lenders usually provide streamlined loan processing, competitive rates, and reliable service.
Additional information on eligibility requirements, alternate financing, amounts available, interest rates, military scholarships, and repayment schedules is available from the Financial Aid Office.