subject: A Guide To Search For College Financial Aid [print this page] Many students are there who cannot afford to pay high amount of fees of colleges and think that they would not be able to get admission in their favorite college ever. If you are facing a similar kind of problem then there is nothing to be worried as facility of college financial aid is available out there for you. Generally, students are not aware of such facilities and thus end up compromising on the choice of college. However, one should never do this and try to avail this facility to the fullest. Now first thing you need to be aware of is what the term actually means.
By financial aid, one can understand that it is the funding given to students to pay their educational expenses like tuition fees, books, stationary, room and a few more. This form of funding is offered to students while they are enrolled with some college or university. These days, educational institutions are offering different kinds of financial assistance to students and you have to decide which of them suits you the most. Broadly, the monetary aid can be divided into two categories, that is, merit based and need based. Both of them are equally important and their importance varies from one student to other.
Merit based grants or college scholarships are given to students who perform exceptionally well in the area of academics. The criteria for offering the grant to students can vary from college to other and you cannot do much about it. It has been seen that merit-based grants are not only given by educational institute where the student is studying but by outside organizations as well. This definitely increases the chances of getting some relief in sky-high fees and you can continue studying in college of your choice.
Other type of concession given in fees is based on the needs of students. Generally, for availing fees concession on this basis requires students to fill up a form where they are required to fill all information about the income of their family. The applications are checked thoroughly, after which decisions are taken. In privately owned institutions, you might need to perform some additional formalities.
