So you’ve gotten into the school of your choice. Now what? How do you pay for your tuition? If you need money, look to the U-S government first. There are Federal grants and loans available to help you pay for college. Federal student aid programs are the largest source of student aid in the U-S, providing more than $100 billion a year in grants, loans, and work-study assistance.
If you qualify for need-based federal financial aid, a grant is your best bet. Federal grants don’t have to be repaid. The most common is a Pell Grant, but there are grants given for students willing to study a particular field. Start the process to see if you qualify for college grants by filling out a Free Application for Federal Student Aid, FAFSA. This one application is used by nearly every two and four-year college and university for awarding federal and state financial aid.
The Ultimate Scholarship Book 2011: Billions of Dollars in Scholarships, Grants and Prizes
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Information on thousands of scholarships, grants and awards, it is readily available in this revised directory of more than 700 new listings that feature prizes indexes career goal, major, academics, public service, talent, athletics, religion, ethnicity, and more. Each contains a detailed list of all the information necessary for students and parents to complete an application, including eligibility criteria, how to get an application, how to get more information about each award, sponsor website listings, award amounts, and key deadlines. With scholarships to high school, graduate and adult students, this guide also contains tips on how to effectively search for,…
The Ultimate Scholarship Book 2011: Billions of Dollars in Scholarships, Grants and Prizes
If you don’t qualify for a federal grant, a loan may be next best option. The same FAFSA will gain you information about various loans. Federal loans offer borrowers lower interest rates and have more flexible repayment plans than many banks.
Colleges and universities usually participate in the Federal Family Education Loan, FFEL, or the Direct Loan Program. Under the Direct Loan Program, the money is sent directly from the federal government to the school. Funds for a FFEL come from a bank, credit union, or other lender. Many institutions offer students a list of banks they use, but you may also research your source.
Students can borrow over $12,000 each year through the FFEL or the direct loan programs. Interest rates right now are below four percent. How much money you can borrow is determined by how many years of college you’ve completed as well as financial need. Students taking out a loan have to sign legal documents outlining the amount borrowed and the terms for repayment. The type of loan also helps determine when interest has to be paid.
If you secure a loan under the Direct Loan or FFEL programs, the money goes straight to your college. The loan pays for tuition, housing and other school charges, first. If there is money left over, a student can opt to get the cash or ask the school to hold it for later use. For first year students, loan checks usually don’t arrive until a month into the new school year. This 30 day delay protects students from having repay a loan if they don’t start school or drop out early.
The federal government’s work study program is another option for financial aid. Undergraduate students with financial need get jobs or perform community service related to their field of study. The money earned goes to help pay for their education. Work-study programs offer jobs on or off-campus. Off-campus work is usually for a private nonprofit group or public agency that works in the public’s interest.
So when you see the cost of your degree programs online, don’t despair, you have options. The federal government is a billion dollar resource for college grants for college students. After filling out an application, you may find yourself with a grant for college, a loan or even working part-time to make your college education a reality.