What is the difference between a scholarship, a student loan or a grant?

A loan is something you must pay back, usually when you leave college. You don’t have to pay back scholarships or grants.

A scholarship is granted to students who excel at something. For example, they might have a high grade point average or they might be a champion swimmer. A grant is money you receive for a particular “qualifying” reason: It might be based on need, your personal background or your goals.

Here are tips for applying for financial aid when you’re in foster care:
 • Get documentation that proves you are (or were) in foster care, such as a letter from your caseworker on agency letterhead.

• Get a federal PIN number, which will serve as your electronic access code and allow you to file your financial aid form electronically. To get a PIN number, go to www.pin.ed.gov You’ll need your Social Security number, date of birth and mailing address.

• Skip the “parental income information” section on the FAFSA.

• Ask your caseworker about the Federal Education and Training Voucher program.

• Ask your caseworker for help, and get to know the people in the admissions office and the financial aid office at the colleges to which you’re applying.

Source: The Youth in Foster Care Handbook published by Montgomery County Children Services