Financial Aid Programs

Financial Aid Programs For Students

There are a variety of financial aid programs for students that range from federal funding to private sources. The first type of financial aid students are recommended to apply for is federal funding from the United States Department of Education. They provide loans and grants that the majority of students can qualify for. The first move is to complete a FAFSA, which means Free Application for Federal Aid. The financial aid office at most schools can aid you if you have any questions. Also, instead of filling out a mound of paperwork, you can fill out your FAFSA and submit it online.

After this form has been submitted and checked, your financial aid officer at the school will consult with you on the types of financial aid you are eligible for. You will most likely get the Stafford loan first. This loan can either be subsidized or unsubsidized. Subsidized Stafford loans are loans which get interest but that interest is paid by the federal government until the student leaves college. Unsubsidized loans are loans for which the student pays interest every month as soon as the loan is issued. Whether or not a Stafford loan is subsidized or unsubsidized depends on financial need.

Perkins loans are need-based, awarded to student with financial hardship, on a first-come, first -serve basis. The government delves out the funds to the school, who then provides them to the student. There are Pell grants in which a lot of students can also qualify for, which do not have to be paid back. And, you may desire to check with your financial aid office about work study programs at your college. This means the compensation for the work you do at the school goes towards your educational costs.

If the federal assistance you gain from the government is not enough to cover all of your educational expenses, you may desire to look towards private loans. There are financial aid programs for students from banks, credit unions and private lenders. When investigating private lenders, compare interest rates because students are often subject to bigger rates because of their credit. In addition, because many college students do not have enough credit history they may need a co-signer in order to get a private loan. You should also submit an application for any scholarships you may qualify for, as they also are money that does not need to be repaid and there are plenty of them out there.

 

 

 

 

 

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• Financial Aid Advisor
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