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What is Financial Aid?

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By: Lincoln Team
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You’ll often hear people say that investing in your education is one of the best investments you can make.  But what does that mean?  What’s the payoff?  And with the cost of education on the rise, how does the average person manage that investment?  Often, the answer to that last question is “through financial aid.”  But what is financial aid, and what can it do for your future?

Simply put, financial aid is any sort of assistance that helps offset the cost of tuition, books, room and board, and other education-related expenses.  It starts by filling out the Free Application for Federal Student Aid, commonly known as the FAFSA, to show financial need and to qualify for a range of assistance options.  These options can help lower the cost of your education and give you the opportunity to pursue paths you might not have thought possible, including a new career.

There’s a skills gap that exists in many of today’s biggest industries – including Auto, Diesel, Healthcare, Manufacturing, Welding, and other Skilled Trades – but you can overcome it with training and hands-on experience through Lincoln Tech.  Financial Aid can put this kind of career training in reach, and after graduation Career Services specialists can connect you with employers who are hiring for your field.  By investing in your education, you’ve positioned yourself to land a better job, earn a better salary, and look forward to a better future for you and your family.

That is the payoff to investing in your education.  And understanding how Financial Aid works makes the process more manageable and less stressful.

What is Financial Aid?

The term “Financial Aid” can refer to several different options – and your local Lincoln Tech campus has professionals ready to help you understand them all:

  • Grants and scholarships. These types of Financial Aid don’t need to be paid back.  Most grants don’t require an application.  Scholarships can be need-based or merit-based.  Lincoln Tech schools are eligible institutions for a number of national scholarships, and offer many of their own scholarships both locally and nationally.  Students can also take advantage of grants offered through the Lincoln Foundation for Education (LiFE).
  • Federal loans. The most common example is the Federal Stafford Loan.  These loans are issued by the federal government, and must be repaid with interest.  (The Federal Government also offers grants which do not need to be paid back – such as the Pell Grant.)
  • Work-study programs. You can even earn money while you train for a career!  Lincoln Tech programs offer flexible schedules that allow you to continue working part time while you study and train.

Once you’ve made the decision to explore career training and start working towards a better future, figuring out how to pay for it all can seem overwhelming.  At Lincoln Tech, you’ve got a partner in helping turn your dream into a reality.  Call the Lincoln Financial Aid hotline at (877) 450-8550 to learn more.  Our specialists are ready to answer all of your questions – from “What is Financial Aid” to “Am I eligible” and “How do I apply”-- so that with hard work, dedication, and a little bit of luck, at the end you’ll be asking “Which job offer should I choose?”