Financial aid basics
Financial Aid is different forms like loan, part-time employment, grant, or scholarship offered to pay the educational costs of the student.Fianncial Aid I provided by federal, state, institutional, or private agencies. Financial Aid also include "self-help"interest-subsidized loans and work-studyand "gift aid" consisting of grants and scholarships.
Gift Aid is doesnt require to be paid back and never place additional burdens on the child.Based on eligibility of an applicant, aid will be offered with combinations based on the financial need and the funds available. Many of the low income students Financial Aid helps in taking decision about whether or not to attend college, or which institution they attend. However, undergraduate students may receive up to ten years of aid.
Who are eligible to apply for financial aid
All the needy students who wish to obtain financial assistance can apply for the aid. Consult your college Financial Aid Office for further details o application process and eligibility requiremnts.Every year 70% of the students receives Financial Aid Award in any of the form.
Eligibility requirements for most of the Financial Aid Programs are:
* Should be a US citizen, national, or permanent resident.
* Must be enrolled for at least half time in a degree program.
* Should be maintained satisfactory academic track record toward a degree.
* Register with the Financial Service Administration.
Financial Aid Process will struts with filling the the Free Application for Federal Student Aid (FAFSA through the federal government website www.fafsa.ed.gov to complete.
* If submit the FAFSA online, you will need a PIN (personal identification number) to sign the FAFSA electronically.
* FASFA evaluation takes minimum 6 weeks time.
* CSS/Financial Aid Profile is another type of school-based financial aid form. You contact your college financial aid office to file CSS/Financial Aid Profile.
The FASFA from need to submit before the deadlines. Once you apply the FASFA you will receive a Student Aid Report (SAR). The SAR will provide a summary of your FAFSA. Federal financial aid will be determined on the basis of Cost of Attendance and Expected Family Contribution of student. The basic Financial Aid will be available in four categories: scholarships, grants, and work-study and education loans. Scholarships are awarded to the students who are having special ability, academic achievement, religious affiliation, ethnic background or special interest and they don't have to be repaid. These are sponsored by the privately funded colleges, churches, memorial funds, etc. Grants also one kind of Financial Aid and awarded on the basis of need which don't have to be repaid. Grants are designed by the state, the federal government and different institutions, such as the college your teen will be attending.
There are three types of Federal Grants available:
* Federal Pell Grant
* Federal Supplemental Educational Opportunity Grant
* The Academic Competitiveness Grant
Work-Study is a federal Financial Aid Program which allows the students to do part-time job both on and off campus. The earned amount will be used to pay their educational expenses.The wages will be paid by the employer as per the Federal Government minimum wages strategy. The paychecks will be sent to the students personal accounts directly.