By: Mevish Jaffer
Financing your education is one of the most important investments you can make in life because no one has the power to take the knowledge that you obtain away from you. However, whether you’re a student or a parent who is college-bound, expenses such as tuition and other related school fees can seem daunting if you are working with limited funds. Fortunately, there are different federal financial aid awards you may be eligible for that will help you with the task of financing your college education.
Types of Financial Aid Sources
There are different types of financial aid that you may qualify for to assist with your schooling. They include student grants, student loans, employment and scholarships. If you’re like most students, then you probably agree that student grants and scholarships are your first two choices of funding as they do not have to be repaid. Loans on the other hand, must be repaid after you have graduated from college. Most of the time, student employment can be obtained on campus through your school’s federal work study program. Any money earned from student employment is used to pay for your college expenses.
The U.S. federal government is the main source of supplying aid for college students. They offer both grants and loan financial aid programs to new and returning students, however depending on where you reside, state assistance may also be offered. You have to remember that, in addition to the federal government, you can also turn towards private sources for college funding. It’s a good idea to make such inquiries to business corporations, public associations or different religious organizations.
Another type of financial aid program you can consider is through your place of employment. Many companies offer different types of tuition reimbursement programs to their employees. You can find out specific details by consulting with the HR department at your company. Depending on which educational institution you choose to attend, you might be eligible to receive financial aid awards through your individual school. If you’re not certain whether your school has this type of aid available, you can confirm with the financial aid office and proceed from there.
The Free Application for Federal Student Aid
In order to be considered for any type of financial aid offered through the federal government, you have to fill out and send in the FAFSA form. It’s a four-page application form that is typically available at your university’s financial aid office; however it can also be attainted and submitted online.
Whether you choose to mail in the FAFSA or submit it electronically, it’s vital that you read the instructions carefully to avoid any errors. It might take you longer, however it’s worth saving the time you could potentially waste going back and fourth with the aid office, should there be any mistakes about your information.
Your Student Loan Options
While most students are somewhat hesitant to take out loans in order to fund their education, often they’re left with no alternative choices. If you are unable to qualify for certain grants and scholarships, you may end up having to turn to a student loan. There are two types of loans you can consider; federal and private loans. Some examples of the types of federal loans you can apply for include:
- Stafford loan
- Parent PLUS loan
- Graduate PLUS loan
- Perkins loan
Private student loans are similar to federal student loans in that they also boast a deferred payment option until graduation, different types of repayment terms and various associated benefits to the borrower. Much like any other type of loan, the interest rates on private student loans are exclusive to each lender. Remember that the key to finding lower student loan interest rates is to do your research and educate yourself on all of the available options.
