TYPES OF FINANCIAL AID

Indian River State College is one of the most affordable colleges in the nation. But we understand that even an affordable college can be hard to pay for right at the beginning of your academic journey.

There are important differences between the different types of financial aid. Make sure you understand them before you accept your financial aid package.

• Many types of aid are linked to your financial need, as determined by your FAFSA.
• Some types of aid need to be paid back, while others do not.
• Some types of aid are only available to you if you meet certain qualifications. For instance, you might need to have a certain GPA, study a certain major, or be from a certain location to qualify for a particular scholarship.
• Some types of aid are renewable, others are not.
• Sometimes, you’ll need to meet certain requirements to renew your aid for a new semester or year, like completing the FAFSA and maintaining a certain GPA.

There are also some differences in how you apply for different types of financial aid. For many types, all you need to do is apply to Indian River State College and fill out your FAFSA. Other types, especially external scholarships, require separate applications.

Here’s a high-level overview of the different types of aid you might be eligible for at Indian River State College. Be sure to click through for more details.

Type of Aid	What It Is	Do You Need to Pay It Back?
Loans	Borrowing money to pay for college. You will start paying this money back once you leave school.	Yes
Grants	Money is given to you for college, usually by the federal or state government. You need to demonstrate financial need to qualify for most grants.	No
Scholarships	Money is awarded to you for college because of your academic excellence, artistic talent, athletic skills, community service, commitment to a specific career path, or other factors. Some scholarships take into account your financial need, others do not.	No
Federal Work-Study	Working a part-time on-campus job to earn additional money for school, with your wages paid by the federal government.	No
Military Benefits	Help with tuition for members of the military and their spouses.	No
Florida Bright Futures	A lottery-funded scholarship program that rewards Florida high school graduates for high academic achievement.	No
Florida Prepaid College Program	If you have paid into a Florida Prepaid College account, you can use that money to pay for college.	No

Tax Credits

Education tax credits are not financial but help with the cost of higher education by reducing the amount of tax owed on your federal tax return.

There are two education credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). To see if you qualify, or to claim the AOTC or LLC, visit the Tax Benefits for Education Information Center on the Internal Revenue Service website.