Types of Aid for College: 4 Ways to Finance Higher Education
College education might be the key to a great future and your dream career. But what if you can't afford to pay for the tuition fees of your chosen university?
The price of the college education includes such expenses as tuition, room rentals, books, supplies, transport and other materials. Luckily there are many types of aid for the college meant to help talented students cover their higher education expenses.
Even though all the types of financial aid and sources of it might seem a bit confusing for the young student and the family it is not too hard to go through them and apply for the best options.
Make Your Own Research
Make sure you have studied all the possible options and possibilities to get the financial aid. Determine how much debt you will have after graduation as well as the course you attend. Remember that the sooner you start the research on types of aid for the college the better.
With our help you will be able to review all your material support opportunities and use all the possible resources to finance your education.
So Where Can You Apply For Help?
- Federal aid. The federal government is the main aid provider in the country giving out study loans, grants and work-study funds, to find out if you are eligible for the material support from the government fill in the Free Application for Federal Student Aid (FAFSA) at www. studentaid.ed.gov.
- State aid offers grants, work-study funds, scholarships, tuition assistance and state loans. In order to find out whether you are applicable for help or not talk to your school financial aid counselor or apply to your state's financial aid agency.
- Institutional aid. The individual colleges and universities can also provide financial aid for their students. Typically they offer scholarships, work-study programs and grants. In order to find out more about the material support that an institution can provide talk to the financial aid officers in the universities and colleges you are going to apply for.
- Private aid usually comes in the form of loans and scholarships. It might be provided by different religious and cultural organizations, charity funds, corporations and professional organizations. The college financial aid officers might provide you with more information about the types of private aid available. Also research the specialized web sites to find out more about the private institutions offering material support for the college tuition.
Types of Material Support
There are four main types of aid for the college let us study through them all and decide which one of them works for you:
- Grants, as a form of financial aid they do not need to be repaid. But remember that the competition for grants is very tough since they do not require any repayment. They can be divided into merit-based, need-based and student specific.
- Scholarships. They do not require a repayment just like grants. In order to get one you will be asked to write an essay. Scholarships are usually offered by the private individual institutions and are awarded based on such factors as academic performance, athletic achievements, race or religion.
- Loans provide students and their families with an immediate financial support and are to be paid back with interest. The federal loans are divided into subsidized and unsubsidized while the first type offers better terms for the students in need. They have slightly better terms as the US Department of Education pays the interest for you while you are at school. Private loans are given by the bank and they might help you cover the gap between the federal loan and the study costs. The eligibility will depend on your credit score plus the interest will be slightly higher than the federal loan. However we encourage the students to research all possibilities to obtain a federal loan before applying for the private one.
- Work-study programs provide students with the federally funded jobs on campus facilities such as student center, library, residence halls, career center etc.
Let us know if the information was useful for obtaining the financial aid. Don't forget to come back to us for more tips and expert advices.
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