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Financial Aid

Financial Aid
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College education is very necessary. Cost of tuition has become expensive with the current economic climate. The cost of tuition has been rising annually. Parents and students are turning to financial aid which is intended to assist the students who cannot pay the costs in full. The difference between the cost and what the family is able to pay is applied for as financial aid. The US Department of Education is the largest source of financial aid which is divided into grants, work-study and loans.

Students in universities, career schools and community colleges can apply. Financial aid is based on financial need and other requirements. To be eligible, the students must meet the following requirements :

- Must be a US citizen
- If a non-citizen they must be eligible
- Must own a valid Social Security card
- Student's academic progress must be satisfactory 

The grants do not have to be paid back. There are various federal grants that are available. The students must meet the requirements for each type of grant. They must fill the Free Application for Federal Student Aid form. They must also :

- Certify that they will use the financial aid for education
- Certify they don't owe money for federal aid grants and have not defaulted on any federal loan
- Must have qualified to join college or university

When applying the students will need their income tax returns, parents' income tax returns (if dependent), Social Security number, driving license number (if any), current bank statements and income earned records.

Scholarships are granted by mostly philanthropists. Governments, universities, corporations and Foundations give scholarships to certain students. The different types of scholarships include merit scholarships, individual scholarships and athletic scholarships. Merit scholarships are awarded to the brilliant and talented students. This ensures that talent is not wasted so the genius students get a chance regardless of their socioeconomic class. Individual scholarships are awarded to students who enter individual-based programs offered in healthcare, Army, Navy, Air Force and other specific fields.  Athletic scholarships are offered by universities to be able to attract athletics in all sports mainly basketball and football and also other sports. Universities set aside money for scholarships to attract talented athletes. Recruitment mailings are sent out by the coaches and selection is done. The students are expected to excel both academically as well as in sports.

Financial aid may be in form of student loans which are repaid with interest. There are various sources of student loans some of which are subsidized by the government so that the students pay low-interest rates and interest accrues when the students start repaying the loans.

Work-study aid is a program in which the students are offered part-time employment to help meet financial needs and pay for books, personal expenses and supplies. You will receive a financial aid letter from college stating the types of financial aid and the amounts awarded. If you do not qualify you should apply every year because circumstances change.

Last modified onTuesday, 02 April 2013 15:36
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