College financial aid has become a necessity for many aspiring college students and graduates. Attending colleges and universities is becoming more expensive and harder to fund. Students who are not financially able to pay for their tuition can apply for college financial aid from the federal government. There are guidelines that must be met in order to qualify for government assistance, but several thousands of students qualify for the aid and get checks quarterly to pay for their education.
There are different kinds of college financial aid available to college students. The requirements for each program may differ. Some of the aid available is:
Federal Pell Grants
These grants do not have to be repaid and they are available to undergraduate students only. Applications for the Pell Grant can be found at the school’s financial aid office or on the Internet at “www.fafsa.com” . In order to be eligible for these grants students and their parents must meet financial guidelines. They are designed to help families whose children would otherwise not be able to further their education because of financial restraints.
Federal Stafford Loans
These loans must be repaid and are available to undergraduate and graduate students. They have a cap amount that you can borrow. The interest and payments are usually deferred until the student graduates. There are strict rules in order to qualify so each student that is approved must meet the requirements.
Work Study Program
This program may vary by school, but it is essentially designed to help students earn money while attending a college or university. The school provides them with a job so they can earn money to live on and pay tuition.
These are low-interest loans that must be repaid after graduation and is typically around $4000 to $6000 for undergraduate and graduate students. Banks and other financial institutions fund these loans.
College financial aid is widely available and there are some many options that it can get confusing. People interested in apply for financial aid should consult with the schools financial aid office in order to explore all options and programs.