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Grant
Term category: College Finance
In 10 words or less:  A form of financial aid that does not need to be repaid.

Definition: A grant is a form of federal or state financial aid that does not need to be repaid.  They're typically given to people who demonstrate financial need.

Advice: Grants are amazing sources of financial aid for people with need.  Need is determined by filling out a Free Application for Federal Student Aid (FAFSA).  We highly recommend every prospective college student to fill one of these out--even if you don't qualify for grants, you may receive scholarships or favorable loans.

 

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