Counseling Department
Bethel Virtual Academy
Types of Financial Aid
College and post-secondary education can be expensive! Thankfully, there are many types of financial aid available for students and families.
Scholarships
Scholarships are free financial aid that does not have to be repaid, and you don't need to be a perfect student to earn them. Scholarship providers emphasize commitment (such as playing in the band all four years), special circumstances (such as overcoming a cancer diagnosis), and similar interest (such as studying for the same degree).
Also see the Scholarships page for more details and resources
Types of Scholarships
Merit - awarded based on academic, athletic, artistic, or special interest accomplishments
Financial Need - awarded based on financial need
How do I find scholarships?
Search engines, local school scholarship lists, individual schools, and more!
What can I do to maximize my chance of earning scholarships?
Get involved - play a sport or join a club
Keep your GPA high and take challenging courses
Community service or volunteer hours
Consider leadership roles - running a club, varsity in sports
Grants
What are Grants?
Need-based, financial aid used to cover education-related expenses
Different types/levels: Federal, State, & School
Do I have to pay them back?
No except under certain circumstances:
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You withdraw early from a program for which the received the grant
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Your enrollment status changes (ex: switching from full-time to part-time, the grant will be reduced)
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You received Federal Pell Grant funds from more than one school at a time
Federal Government Grants
What are Federal Pell Grants?
Awarded to undergraduate students who have not earned a Bachelor's graduate, or professional degree
Awarded based on financial need per the FAFSA
Guaranteed to every student who qualifies
How much will I get?
The amount awarded depends on
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Student Aid Index (based on FAFSA form)
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Cost of attendance
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Full-time or part-time status
Maximum amount is $7,395 for the 2024-25 award year
Washington State Grants
What is the Washington College Grant?
Grant program created to provide funding to attend community, vocational, university, career, and college-sponsored apprenticeship programs.
How much will I get?
The amount awarded depends on
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Family size
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Income
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Cost of attendance
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Institution/Program Type
Maximum amount ranges from approximately $3,700 to $12,400. Actual award amount varies due to individual student eligiblity.
Work Study
What is Work Study?
Must complete the FAFSA and demonstrate financial need
Provides part-time jobs for students
Work Study award sent by regular paycheck for hours worked
Jobs available on-campus as well as off-campus at non-profit organizations
General Information
Funding and jobs are not guaranteed each year
Funding is meant to be used for day-to-day expenses
You must keep your grades up to be eligible
Loans
Federal Loans
What are Federal Loans?
These are fixed-interest-rate loans available to students and/or families
Types
What are Direct Subsidized & Unsubsidized Loans?
The most common types of loans
Available directly to students
Requirements & annual maximums depend on type - see table below
Subsidized Loans | Unsubsidized Loans | |
|---|---|---|
Basic Eligibility | US Citizenship or permanent resident Enrolled at least half-time Qualifiying program & school | US Citizenship or permanent resident Enrolled at least half-time Qualifiying program & school |
Available To | Undergraduate Students only | Undergraduate Students Graduate Students |
Financial Need Required | Yes | No |
How Interest Works | Department of Education pays interest while student is enrolled | Student is responsible for paying interest for the entire life of the loan |
Annual & Aggregate Maximums
Dependent Student | Independent Student | |
|---|---|---|
Freshmen Undergraduate | $5,500 (up to $3,500 subsidized) | $9,500 (up to $3,500 subsidized) |
Sophomore Undergraduate | $6,500 (up to $4,500 subsidized) | $10,500 (up to $4,500 subsidized) |
Junior Undergraduate | $7,500 (up to $5,500 subsidized) | $12,500 (up to $5,500 subsidized) |
Senior Undergraduate | $7,500 (up to $5,500 subsidized) | $12,500 (up to $5,500 subsidized) |
Aggregate Maximum | $31,000 (up to $23,000 subsidized) | $57,500 (including up to $23,000 subsidized) |
Other Loan Types
Institution Loans - some schools have their own loans to offer students
Private (for-profit) company loans - companies provide additional loans for when all other financial aid has been used