College Financial Aid

College financial aid is cash assistance given to college students by the federal government or private institutions

. The main goal of this financial aid is to help students cover some of their education expenses, who would otherwise be unable to do so. This type of aid is most often merit based and can be found in the form of scholarships, grants, and fellowships awarded to students based upon a variety of talents including athletic, academic, and artistic.

This merit based financial aid is usually provided by private institutions to a student in recognition for their achievements. The money received may also be awarded directly to the students intended school rather than the money actually passing through the students hands.

The second most common form of college financial aid are grants awarded based on student financial need. To be eligible for this form of college financial aid, the applicant must fill out a FAFSA form. And regardless of whether you are applying for a needs based grant from a federal bureau or a private institution they will need the results of your FAFSA form to determine your eligibility for awards. Your financial need is determined by the U.S. Department of Education after they have reviewed your familys financial status and determined what their expected financial contribution to your college education will be.

The third most common form of financial aid is student specific. Some of these scholarships and grants can be obtained through personal characteristics you possess, such as your heritage, where you live, or even if you are left handed. However, they can also be based upon your gender, religion, medical history, or a variety of other factors. Minority scholarships are the most common awards in this division of college financial aid. But you need to be a citizen of the United States to qualify for these scholarships.

The last type of college financial aid is career oriented and granted to students based on their focus of study. These grants and fellowships are distributed by a university or college to their students who are pursuing a degree in a specific field. This money, more often than not, is awarded to applicants who are going into a field where there is a critical shortage of workers, such as nursing or teaching, for example. There are many hospitals across the country that will cover the full cost of a nursing students education costs if he or she will agree to sign onto their hospital for a certain number of years. Similarly, the cost of a teachers education will be covered by the government if he or she will agree to work in a low income neighborhood for a certain period of time.

by: Jason Ciao

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