15. Financial Aid: Breaking Down the Different Types

In this episode of Admittedly Podcast, Thomas breaks down the different types of financial aid students can get. Although it’s an important topic, it’s also highly individual; every situation needs to be analyzed separately.

Thomas explains that there are two main types of financial aid: merit-based and need-based. Need-based scholarship involves a form called FAFSA (Free Application for Federal Student Aid). This form will ask questions that may or may not grant the student financial aid for college or graduate school.

Whether or not the student applies for scholarships, it’s essential to analyze the whole scenario, put together information from all the possible scholarships, and make the decision consciously.

Key Highlights

• It's a very individual topic.
• There are two main types of financial aid: merit-based and need-based.
• Before making a decision, be aware of the investment in the long term.
• Analyze if the investment is worth it.
• There are services that can help you find scholarships.
• There are ways to pay the college back .
• It's important to put together a sheet with all the possible scholarships.
• At the end of the process, examine what the best scenario is.

About Thomas

Thomas is a parent and alumnus of the University of Pennsylvania. After earning his MBA at the Wharton School in 2003, he moved to Silicon Valley. For three years, he was director of admissions and financial aid at Wharton School. He worked closely with admissions professionals, students, alumni, and professors to create the best possible MBA class.

Thomas has been an entrepreneur his entire life in the fields of finance, agriculture, wellness, and sporting goods. As the founder of Global Education Opportunities, he works with diverse and underserved communities to help them become successful college students. Thomas started the podcast Admittedly because he is passionate about demystifying the application process for parents and applicants.

Follow Admittedly on social media

TikTok: @admittedlypodcast

Instagram: @admittedlypodcast