Higher education costs continue to rise as time progresses and the market sees more inflation. Students at Wright State University continue to struggle with the cost of their education. That is why financial aid exists: to help everyone receive a higher education, despite their financial status.
What is financial aid?
Financial aid is a resource to help students pay for higher education that comes from the government, private organizations and institutions. Students apply for financial aid by completing the FAFSA, which stands for Free Application for Federal Student Aid.
Financial aid can also be provided to individuals who meet certain financial needs, eligibility and criteria. Such eligibility includes whether students or their family members served in the military. Others include students who are homeless, students enrolled at international schools, students with a parent killed in military service and students with intellectual disabilities. All of these things determine eligibility for financial aid.
For a more personalized view on financial aid and what to do to make the most out of it, visit FASFA's student guide.
Types of financial aid available
There are four types of financial aid available to students: scholarships, grants, work studies and loans.
A scholarship is financial aid that is merit-based and restricted to a select group of students. It does not have to be repaid.
A grant is financial aid given based on financial need and can be restricted to a select population of students. Grants do not need to be repaid.
A work study is a part-time, need-based program for qualified students to earn money for educational expenses. It is a federal program for undergraduate, graduate, medical and professional psychology students.
Finally, loans are financial aid borrowed by students that have to be repaid.
How to apply for financial aid?
Students will need to file their FAFSA to be considered for grants, work-study and loans. For multiple donor-based scholarships, students will need to complete the Online Scholarship Application, which WSU makes available to students towards the end of the fall semester.
The most common misconception students have about financial aid is that they think they are not eligible. The Office of Financial Aid encourages students to apply for financial aid through FAFSA and scholarships. It does not harm students to apply, so they should see what financial aid options are available to them. There are also scholarships and grants that students overlook.
Mary Bratka is the Associate Director of Financial Aid at WSU and shared a grant program which is often overlooked by students.
“I would say the largest state grant program is the Ohio College Opportunity Grant or OCOG,” Bratka said.
Another big misconception is the application process. MD Rayhan Hossain, the International Checking Coordinator, explained that many students do not know the application process, especially international students.
For those who are struggling with the application process, there are resources like the financial aid office, in place to help students with FASFA applications.
