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The Federal
government is one of the best sources for college
financial aid. From low interest loans to free
grants, the array of government aid is open to just
about everyone. As long as you have passing grades
and financial need, you almost certainly qualify for
something.
The search for federal aid begins with the Free
Application for Federal Student Aid (FAFSA). This
form can be filled out on paper or submitted online.
Once it is processed, the government will make a
judgement about the level and kinds of aid you are
eligible for. To receive funding, you must have a
high school diploma, GED certificate, or have met
state standards to enroll in a qualified higher
education school. You must also be a U.S. citizen or
an eligible non-citizen, such as a permanent
resident. The key factor in determining how much aid
you receive will be financial need, not grades. Of
course, if you fail to maintain passing grades, you
will lose all assistance. However, it is not
necessary to be an "A plus" student.
Undergraduates who meet the need criteria can
receive Pell Grants. These range from $400 to $4,050
a year. Students with exception financial need may
qualify for a Federal Supplemental Opportunity Grant
(FSEOGs), which ranges from $100 to $4,000 a year.
The amount you can receive may be reduced if you
have other sources of aid, such as a scholarship.
These grants do not have to be paid back.
Federal loan programs are offered to supplement
grant awards, and for those who were not eligible
for a grant. For some loans, you do not have to
demonstrate need. The amount you can borrow will
depend both on your school expenses and your grade
level. Perkins loans are offered first to Pell Grant
recipients. Only a certain amount is awarded each
year and when that runs out, no more loans are given
until the following year. Stafford loans are
available to both graduates and undergraduates. You
must be enrolled at least part-time. Financial need
is not a requirement for the Stafford, but for lower
income students, the government may award a
subsidized loan. This means that the interest will
be paid for you while you are a student, and during
a six-month grace period after you graduate.
Finally, the parents of dependent undergraduate
students can take out a Plus loan to cover
educational costs.
If you plan to take advantage of any of the
programs, you can apply between January 1st and June
30th and receive funds for the following Fall
semester. It is highly recommended that you apply as
early as possible, as some schools and states
require an application be submitted much earlier. In
any case, submitting the FAFSA is an essential part
of college financial aid. Many scholarships, private
foundations, and other sources of aid will require
you to first exhaust all federal aid possibilities
before they will consider your application. |
