Financial aid options
A pre decision will be helpful to take a right decision, before joining in to a college. Many public colleges, schools and universities chares fees in thousand rupees. But private college education is very expensive and costs $10,000 to $30000.Before going for Financial Aid it is very important to fill the FASFA form with the Financial Aid Department of a particular college. FASFA form takes the furnished information to the Federal Government in order to decide the eligibility criteria.
Federal Loan Options:
Students may have the option of choosing a particular loan, which fulfills their financial need. The students will be having different loan options and can choose as per their eligibility and financial need
* Federal PLUS loan
* Perkins Loan,
* FFEL loan
* (Subsidized) Federal Stafford and Ford Loan, up to $8,500 a year
* (Unsubsidized) Federal Stafford and Ford Loan ranges between $20,500 to $3,000
* $20,500 in order to determine eligibility for the unsubsidized loan up to $3,000
* Federal Perkins Loan. Up to $6,000
* Graduate PLUS Loans for Law Students
One more option available is grants which are granted by the Federal Government through the college or university. These are also issued to the people who are in need of Financial Need.
Other Financial Need Options:
Apart from the above options, Federal work study allows the enrolled students to work from their colleges and universities as per the prescribed hours per a week. The earned money through work study can be used for their educational expenses.
Scholarships are considered as gift aid by the private organizations to pay the students educational costs. Scholarships are not required to be repaid to the scholarship sponsor like other Financial Aid Options. Scholarships are issued on the basis of showed excellence in particular areas such as academics, sports and music. Some of the schorships are directly presented to the students in form of checks and some of them are directly transferred to their college.
Need based grants:
Federal Pell grants are the largest need based funds sponsored by the Federal Government. These fell grant needs are awarded to the student who wish to perceive their graduation and under graduation. This program offers up to $400 to $4,310 every year. If the students expected family contribution is $4,100 or less will be eligible to receive Federal Pell Grant Financial Aid Assistance.
Federal Work study programs:
Federal work study programmes provides government subsidized need based employment opportunities to the students. Federal work study option gives an offer to work in colleges and related communities to earn their part of educational expenses. At the filling the form of FASFA, the student need to specify about the work study program. The wages of the work study will be determined on the basis of the applicants skills. The total wages earned should not exceed the award amount given by the college. Work-study option assists the students in gaining real work experience. And also its a chance to show your potential capacity, hard working nature and reliability to the future employers also.