1. Free Application for Federal Student Aid (FAFSA)
2. CSS Financial Aid Profile (as required by private academic institutions)
3. Local Scholarships: These scholarships are awarded by Lynn English High School or outside parties based on the information provided in the Local Scholarship Application. They do not have to be repaid.
4. Private Scholarships: The Guidance Department website lists any private sources of money available to students at Lynn English. The internet is also a valuable resource for researching additional scholarship foundations and sources of financial assistance (i.e., www.fastweb.com, www.collegeboard.com). They do not have to be repaid.
5. Grants: Possibly provided by post-graduate institutions. They do not have to be repaid.
6. Work Study: Many colleges participate in the Federal Work-Study Program under which students are employed 10 to 15 hours a week; other colleges have campus jobs for students. Many students find jobs in the community, but that employment is not called work-study.
7. MCAS Scholarships: Granted to those students who meet the requirements under the Koplik Certificate of Mastery with Distinction and the John & Abigail Adams Scholarships. Students can receive free tuition to Massachusetts state colleges and universities. They do not have to be repaid.
8. Loans: Money that you borrow from state and federal government programs or area financial institutions. They do have to be repaid with interest. Most education loans have a lower interest rate than commercial loans and do not have to be repaid until college is completed. There are a variety of commercial sources for loans that are based on ability to repay; these loans are sometimes called alternative loans or loans of convenience.
Subsidized loans do not charge any interest before you begin repaying the loan because the federal government subsidizes the interest during this time. Unsubsidized loans charge interest from the time the money is first disbursed until it is paid in full. The interest is capitalized, meaning that you pay interest on any interest that has already accrued. One way to minimize how much interest accrues is to pay the interest as it accumulates.