Financial Aid

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  • Topic: Financial aid, Student financial aid, Scholarship
  • Pages : 2 (646 words )
  • Download(s) : 687
  • Published : April 5, 2013
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Going to college can be very expensive, many students now days are left with thousands of dollars of debt. Many of which won’t pay it off until their sixties. Paying for your own college can be a daunting task but there are many options to lighten the financial burden, such as: Pell Grants, Student Loans, and Scholarships.

A Pell Grant is money the U.S government provides for students who need it to help pay for college. Pell Grants are reserved for students who are in financial need, haven’t finished their first bachelor’s degree, or who are not enrolled in certain college programs. These grants are unlike loans in that you do not have to pay them back. As with all grants there is also a maximum amount that can be given. In past years this has been $5,550. The Application process requires students to complete a FAFSA form, (Free Application for Federal Student Aid) and under certain circumstances Pell funds can also be used to fund Career Pathways programs and support services.

Student Loans are another option you can take to lighten the financial load. There are three different types of student loans: Federal Stafford Loans, Federal Plus Loans, and Federal Perkins Loans. Federal Stafford Loans are rewarded by the government based on different factors such as financial need. These loans can be obtained for a bank, a credit union, or the federal government itself, and the amount you can withdraw depends on the school you are attending, what year in college, and whether or not you parents qualify for Plus loans. There are two different categories of Federal Stafford Loans, Subsidized and Unsubsidized. Subsidized loans are long term, and need based with a low interest rate. With a subsidized loan the government will pay the interest on the loan while the student is in school. Unsubsidized loans are reserved for those who are classified as an “independent student”. In these loans the interest is the responsibility of the student. Federal Plus Loans are...
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