Home » Education » College & Universities » Online Colleges

Funding Your College Education Is Not A Mystery

Ranked #16,014 in Education, #343,694 overall

There Is Financial Aid Available

Tuition, living expenses, books and food; college costs, a lot. You may have thought getting accepted was the hard part, only to find paying for your education is an even bigger challenge. Don't despair, the Federal Government is a multi-billion dollar resource for college students in need of financial aid. Uncle Sam has grants, loans and work-study programs available to students who need a little help while getting their accredited degree online and through traditional means.

If you qualify for need-based federal financial aid, a grant is your best bet. Federal grants don't have to be repaid. The most common is a Pell Grant, but there are grants given for students willing to study a particular field. Start the process to see if you qualify for college grants by filling out a Free Application for Federal Student Aid, FAFSA. This one application is used by nearly every two and four-year college and university for awarding federal and state financial aid.

Get Connected!

powered by Youtube

Loans Often An Option

If you don't qualify for a federal grant, loans may be your next best option. The same FAFSA will gain you information about various loans. Federal loans offer borrowers lower interest rates and have more flexible repayment plans than many banks.

Schools usually participate in the Federal Family Education Loan, FFEL, or the Direct Loan Program. In the Direct Loan Program, the funds come directly from the federal government. Funds for a FFEL come from a bank, credit union, or other lender. Many schools provide a list of lenders they use, but you may also research your own. Make sure you complete a Pell Grant application no matter what aid you plan to utilize.

Student Loans And Grants

Students can borrow over $12,000 each year through the FFEL or the direct loan programs. Interest rates right now are below four percent. How much money you can borrow is determined by how many years of college you've completed as well as financial need. Students taking out college loans have to sign legal documents outlining the amount borrowed and the terms for repayment. The type of loan also helps determine when interest has to be paid.

If you secure a loan under the Direct Loan or FFEL programs, the money goes straight to your college. The loan pays for tuition, housing and other school charges, first. If there is money left over, a student can opt to get the cash or ask the school to hold it for later use. For first year students, loan checks usually don't arrive until a month into the new school year. This 30 day delay protects students from having repay a loan if they don't start school or drop out early.

Online Degree Program

Check These Out!

Loading

Work While You Study

The federal government's work study program is another option for financial aid. Undergraduate students with financial need get jobs or perform community service related to their field of study. The money earned goes to help pay for their education. Work-study programs offer jobs on or off-campus. Off-campus work is usually for a private nonprofit group or public agency that works in the public's interest.

So if you don't have thousands of dollars sitting around just waiting to be used, check out the U-S government as a resource. The government has monies for scholarships and grants for college students. One application puts you on your way to getting a grant, a loan or a job to off-set your expenses.

Resources Everywhere!

1

Vote Up
Vote Down

Going Back To School For Your Doctorate Will Bring Success

There are many tiers to the world of academics, an more...0 points

2

Vote Up
Vote Down

Find Scholarships To Finance Your College Degree

When a high school student isn't quite sure what k more...0 points

3

Vote Up
Vote Down

Financial Aid For Those Formerly In Foster Care

College and university studies aren't part of the more...0 points

Help If You Can

The Food For Everyone Foundation's mission is to teach and assist families everywhere to grow successful and sustainable vegetable gardens, and really enjoy the experience.

Comment Here

1

Vote Up
Vote Down

Thanks for all the great information regarding loa more...0 points

2

Vote Up
Vote Down

carl p

Financial aid has been the best think in helping m more...0 points

3

Vote Up
Vote Down

Thanks for the great information.

When I apply to Nursing Schools In Florida I will be more...0 points

by

SarahChin

No matter your age, your mind works better with use!

Feeling creative? Create a Lens!

Explore related pages

Related Tags