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| Federal Aid For Your College Education |
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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 noncitizen, 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.
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