Most college students need some sort of assistance. Very few students go into college with all the cash needed to support the whole education process to the end result. Most students have to work during college and/or get financial aid of some sort. Here we will talk about the different types of aid that can be possible solutions.
Federal Aid Grants – These grants are determined by a number of factors. Grants are funds that you receive that you DO NOT have to pay back. These are much better than loans and should be the first resource that a student turns to just to keep their future debt load to a minimum if at all possible. Keep in mind that you can do an Internet search for non-federal aid and you may be surprised. There are many offers out there and many people/organizations willing to fund education. For federal aid (Pell Grant) here are a few of the qualifiers:
- You must be a US Citizen
- You must have a GED, high school diploma or take an exam approved by the the Federal Aid Office
- If you are male, you must be registered with Selective Service
- Have a valid Social Security card
- Must be accepted to a college
- Must not have had a drug conviction
- Give financial documents to prove need and to see how much you qualify for
Student Loans – Many financial institutions offer student loans at low interest rates for the use of education. Student loan payments are usually deferred until the student is done taking classes. After you have been out of school for a certain length of time then the payment begin. The payment amount naturally depends on the loan amount. Most institutions also offer deferment plans if you find that you can’t make the payment for some reason. Ultimately though, you will end up paying it all back with interest.
– Scholarships are like grants in that you do not have to pay them back. The difference is that scholarships have different requirements and each one is unique. There are scholarships based on academic status, some on sports activity, some on theatre, music, or other arts. Thousands of scholarships go unused each year so it is worth finding scholarships that you qualify for, even if they are small, every bit helps. You should not have to pay fees to apply for scholarships so don’t get caught up in a scam.