Do I Qualify For College Financial Aid

Do I Qualify For College Financial Aid

Do I Qualify For College Financial Aid

At some point in your college career, you will most likely ask the question, Do I quality for financial aid? If you do, you certainly won't be alone. I'm sure most, if not all, students attending, or planning to attend college, will ask that same question.

The easy answer would be to just say yes, absolutely. In most cases that would be right, but it would also be a bit misleading. Financial aid comes in various forms from many different sources and they all have their own set of qualifications.

Let's look at the four basic types of financial aid and some of their qualifications.

Loans-Government loans, such as the Stafford and PLUS loans, are mostly need-based. Meaning the amount of money you and or your parents have or earn determines whether or not you qualify and how much you can borrow. You will need to fill out and submit your FAFSA - Free Application for Federal Student Aid, to see if you qualify. Private loans are generally based on your financial credit. If you have good credit they will lend you the money. Private loans charge much higher interest rates and should only be considered as a last resort.

Grants-Grants are one time payments of a predetermined amount that you are free to spend as needed. Government grants are awarded to the most promising students with the greatest financial need. The information you provide on your FAFSA will be used to determine who qualifies. Private grants each have their own set of qualifications. If you feel you meet some of them, go ahead and submit an application. All they can do is say no. Who knows, you may be the only one to apply.

Work Study Program-Work study jobs come in various forms depending on the college or university you attend and your field of study. Essentially you work for the school in exchange for tuition payments. Working for free may not seem very appealing, but if you can handle the extra work load, the experience you gain may be priceless.

Scholarships-Scholarships are similar to grants in that they don't need to be repaid. However, where grants are more need based, traditional scholarship qualifications focus mainly on your academic achievements and how well you respond to the required essay. Your activities and personal life outside of school also carry a lot of weight in determining if you qualify. Nontraditional scholarships, commonly referred to as no essay scholarships, probably have the most liberal qualifications. Basically, if you're a US citizen attending, or planning to attend, college you qualify.

With all of the financial aid that is available, you are only cheating yourself if you don't take advantage of as many of these opportunities as possible.

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