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SAFER AT HOME! SLOW THE SPREAD!
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SAFER AT HOME! SLOW THE SPREAD!
SAFER AT HOME! SLOW THE SPREAD!
TYPES OF AID AVAILABLE
College can be expensive, but, thankfully, there are lots of ways to fund it, for free, if you invest the time and energy into finding the right sources, and these sources are usually grouped together under the umbrella of “Financial Aid.” Yet, there are several kinds of financial aid and it’s very important to know the differences between them because they all have varying eligibility criteria which determines who may receive the funds. Therefore, we have provided a guide to help you navigate the sometimes tricky waters of financial aid and how to avoid some costly mistakes.
GRANTS
Grants, better known as “ Free Money,” are a wonderful way to pay for college because they don’t have to be paid back. Grants are generally funded through three main sources, which are the federal government, state government, and institutions, such as private businesses or colleges and universities. Not all grants are the same, seeing as how they have varying qualifications. This is especially true of grants from private institutions. However with federal grants from the government, all you have to do is demonstrate financial need. You just need to complete the FAFSA to be considered for grants such as the Pell Grant or Federal Supplemental Educational Opportunity Grants (FSEOG)
SCHOLARSHIPS
Just like grants, scholarships don’t need to be paid back, which makes them also a very attractive way to pay for college. Yet, unlike grants, you have to do a little bit more than just demonstrate you are in need of funding. The majority of scholarships are based on academic merit, athletic ability, or some other criteria other than financial need. There are thousands of scholarships for which you may qualify, seeing as how many are designed for particular groups of people. For example, there are scholarships that range from just for women all the way to dog lovers who live in Alaska. As you can see, the options numerous. You just have to do your research to find them. Moreover, unlike a grant, unless you are attending a college with extremely low tuition, a scholarship can cover the entire cost of your tuition, or you can stack them up and pay off the entire cost. Most students don’t apply for scholarships out of fear they won’t receive them. Yet, don’t let that fear stop you because even if the award is just a few hundred dollars, it can help reduce the cost of your college education.
WORK-STUDY
If you demonstrate financial need, you can work to pay for some of the costs of your college through the work study program which is funded by the government. These jobs are part-time, because the government feels you should spend as much time as you can studying so you can boost your grades and qualify for scholarships. which in turn will free you from the work-study program. Since you have to demonstrate need to the government in order to qualify for work-study, you will have to complete the FAFSA first. If you are awarded work-study, you are not necessarily guaranteed a job on campus. If no jobs are readily available, you will be responsible for finding a job which qualifies as an appropriate work- study one. Remember, you can expect to earn at the very least, the current federal minimum wage. However, some jobs will pay more, based on the skills required for the position, such as research or lab jobs. Your school will usually disburse your paycheck directly to you unless you request your pay be applied directly to pay off your tuition and fees.
STUDENT LOANS
Even though the interest rates are way lower than those of traditional loans, student loans are the least desirable form of financial aid because you have to pay it back at a cost more than the money borrowed. Loans should definitely be your last resort when it comes to options for paying for your college education. Many students find it difficult to adjust to paying back their loans straight out of college and in up in default and deeper debt. Yet, for those students who do have to take this route, please become familiar with all the loan terminology so it doesn’t cost you in the long run. Student loans can come from several sources. The most common is from the federal government through the U.S. Department of Education’s Federal Direct Loan program. However, students and parents can borrow from loans come from private lenders, such as banks and other financial institutions. Keep in mind if you do decide to borrow from the federal government, you will have to complete the FAFSA first because you have to demonstrate need first.
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