By: Mevish Jaffer
The phrase “time flies” has become more of a reality now than ever before due to the fast-paced society we live in today. Changes in life come at you quickly and you have to be ready or, at least somewhat prepared, to effectively cope with these changes. Before you know it, you’re graduating from high school and entering the college scene. Aside from costly tuition rates, you also have to pay for books, lab fees, dorm fees, supplies etc. Basically, it all adds up and can become very expensive for students, especially those with limited funds. However, the good news is that federal student financial aid programs award billions of dollars to students in the form of school grants and student loans in order to finance their college education.
Applying for Financial Aid
Before the financial aid office can determine whether you are eligible for any type of student grants or loans, you have to fill out and send in the financial aid form, most commonly known as the FAFSA. Should you have any questions or concerns while filling out the FAFSA, you can consult with the financial aid office at your school for assistance. You can also find any answers to specific questions you may have about the financial aid form online. You must also bear in mind that there are specific time deadlines for completing and submitting your application in order to be considered for financial aid. Therefore, it would be in your best interest to plan ahead for the sake of meeting such deadlines in a timely manner.
Student Financial Aid Programs
In terms of student grants, the most common one offered by the federal government is the Pell Grant. There are some factors that you need to be aware of concerning the Pell grant. Firstly, the specific amount awarded to each student varies and is strictly based on financial need and secondly, these grants are for undergraduate students only. Pell Grants can be awarded to both full and part-time students and the most that can be allocated per year is $3,000. This type of grant can also be used in conjunction with other forms of financial aid, student loans, or student grants to finance tuition and other related college fees.
Another popular federal student grant offered through financial aid is the SEOG, or Supplemental Educational Opportunity Grant. Similar to the Pell Grant, the SEOG is also awarded to students based on financial need and is restricted to students pursuing an undergraduate degree only. While the SEOG grant can also be combined with other grants and financial aid, it has an enforced cap of $1,000 per year.
You should also be aware that depending on the educational institute you choose to attend, there might be specific grants made available to you through your individual university. The amount of these types of grant awards is exclusive to each college; however several different factors are taken into consideration to determine your eligibility to receive a school grant. These include things such as your financial need (as demonstrated on your FAFSA), academic standing, and program of study. For specific information relating to what types of grants you may qualify for through your school, it’s best to consult with the financial aid office to learn more about your options.
If you qualify, student financial aid programs can help you out tremendously when it comes to financing your college education. With that in mind however, it’s important that you know what your responsibilities as a financial aid recipient are. You can do your part by ensuring that you:
- Complete your application truthfully and as accurately as possible
- Meet specific deadline dates conducive to your application and all other related materials
- Educate yourself on the rules and regulations that go along with receiving aid and follow them
- Produce any additional documentation needed by the financial aid office
- Maintain good academic standing
- Update your personal information as it becomes necessary for school offices
- Use the funding you receive through financial aid to cover college-related expenses only
