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Paying for College

Paying for College: What You Need to Know

You have worked hard to prepare yourself for college, not start a life worried about debt. The good news is that you don't have to break the bank or mortgage your future to get a quality education at Wayne State. In fact, more than 80% of first-time students here received some type of financial assistance.

Not only does Wayne State offer the region’s most affordable tuition, the college delivers scholarships, grants, loans, or a combination of all three. And with our low cost, don't expect to see high numbers if you have to take a loan.

There are two main types of financial aid: need-based and merit-based.  Need-based aid includes grants or gift assistance, which you do not pay back; loans, which may come from the federal government or private banks; and employment, also known as work-study. Eligibility for need-based aid is determined by the amount of financial need you have when you fill out the Free Application for Federal Student Aid (FAFSA).

Merit-based aid, or scholarships, are determined according to academic achievement, leadership, artistic talent, athletic talent or other personal qualities that distinguish you in the applicant pool. Merit-based aid doesn't consider you or your family's financial situation, so in other words you could be Bill Gates' kid and still receive a merit-based scholarship.

The most important thing to remember is that college is an investment in your future that never loses value. Your investment will yield the same results whether you spend a mountain of cash at an expensive private college or pursue a more affordable option like Wayne State. Wouldn't it feel better to know your first real paycheck is bound for your pocket instead of student loan payments for the next 20 years?