subject: Applying For Financial Aid: Requirements For Application [print this page] Those students who experience some financial problems can apply for financial aid, this service is available at any college. The process of application is quite simple. Financial aid for students is supported by the Department of Education of the USA. The procedure of loan application is strict and precise, as it needs serious preparation and gathering of all the necessary documents. In order to apply for the Federal Loan, student should fill in Free Application form, having precise personal and general information. This form is forwarded to the department for consideration. After consideration, the members of the department decide what amount of money the student is entitled to receive.
After completion of the necessary information, it is carefully checked by the department. Only then, they inform a decision, whether student is available to get the loan and what amount of money he /she can get. In this case the financial need of the student is very important. In order to apply for the loan the student has to meet a lot of requirements, but there is no guarantee that the department will give a positive answer. As practice shows, there were a lot of cases of denied applications. The list of necessary requirements for application is as following:
1) Citizenship of the USA
2) Social Security Code
3) Reasonable financial Need
4) Good credit history and absence of debts on the credit card
5) Absence of debts
6) High level of grade Points
Students are free to choose the programs of financial aid to apply for. These are: Federal Grants that are the most popular among students, Student Loans that are less popular as the loans should be reimbursed, and, finally, Student Work Programs. As for grants, they are not needed to be repaid and application is based on the students financial need. As for loans, they are similar to consumption loans, but the main differences are terms of repayment and lower interest rate.
