Pell Grants – Are one of the most common forms of student financial aid for school. They are awarded to low-income college undergraduates whose family earnings is under a certain level. Pell Grants may be used at both two-year and four-year colleges, and are available to both part-time and full time students. Pell Grants are awarded to students based on their Expected Family Contribution (EFC), which is calculated using the possessions and income of both the student and his or her parents.
Stafford Loans – Are federal loans accessible to students to increase their personal and family income, scholarships, grants, and work study. Stafford Loans are government assured loans obtainable either through the Federal Direct Student Loan program or a lender that takes part in the Federal Family Education Loan Program (FFELP). Stafford loans are given to students in their own names with no credit check.
Federal Supplemental Educational Opportunity Grant - FSEOG funds are given to accredited colleges and schools by the Department of Education. The funds are awarded to students who show the most financial need based on criteria like assets and taxable income. FSEOGs never have to be repaid. When the FSEOG money runs out, it is gone, so the earlier you apply, the higher the probability you will receive more. Students who apply early with a zero EFC will be highly considered for the grant first.
Federal Work Study – FWS is a federal financial aid work program that gives students the chance to work part time jobs on and off school property. Federal Work Study funding is provided to institutions who provide jobs for students pursuing certain majors. Federal Work Study jobs use federal funds to compensate you for your time, unlike a normal job where your pay is given to you by an employer. Federal Work Study students enrolled in at least six credit hours of classes and have reasonable grades to be eligible for the FWS award. Federal Work Study awards are again given on a first come basis.
Perkins Loans – Perkins loans are subsidized loans, which simply put, says the government pays the interest until the conclusion of the loan grace period. Perkins Loans have no fees and feature a nine month grace period versus the usual six month for other federal programs. Perkins Loans are great for college students because they have a small rate of interest. Perkins Loans are given to undergraduate, graduate, and professional students who attend school at least part time. Students can be awarded a Perkins loan at many accredited institutions. Students must start to repay Perkins Loans at least nine months after they finish school or fall short of the part time status.
The Free Application for Federal Student Aid – FAFSA is one of the most popular financial aid options today. The requirements are basic and almost anyone can apply providing you meet the requirements. For starters you must be a US citizen. You must have a high school diploma or at least a GED. You must complete the FAFSA application and guarantee that any money recieved will be used only for education. The FAFSA4caster is an online tool which provides an estimate to you of how much aid you could potentially receive by calculating your EFC.
The Academic Competitiveness Grant - ACG is a federal grant program that gives extra grants to qualified students that took tough courses of study in high school on or after January 1, 2005. The Academic Competitiveness Grant can provide up to $750 for the first year of undergraduate study and up to $1,300 for the second year of school to suitable pupils. Students can receive a single grant per grade level, and must meet the qualifications and requirements for the grant each and every year. Federal Academic Competitiveness Grants are based on the results of the FAFSA, cost-of-attendance and your enrollment status.
Fellowships – Are typically given to students pursuing a graduate or doctoral degree. Typically a provider doesn’t seek repayment; they will often ask that students complete research work as a part of their deal. The work may be tiresome, but it is generally worth the effort; it is not unusual for stipends, in addition to tuition coverage, to be a part of a fellowship deal. Fellowships tend to be rewarding, and they can get very competitive. Students who exhibit excellent merits are usually the top candidates.
Internships – An internship is an opportunity to work within a field that you would typically need a degree to hold a job in. Most internships are unpaid. Many professions want students to have participated in some type of internship program to be considered for employment. When considering an internship there are a few things to consider before you take a job. You need to know – How will it help your career? How much time per week is expected? Do you get a stipend? And finally, will you be considered for a job after the internship has ended?
Did You Know That Student Financial Aid
Most students don’t realize that they don’t need a 4.0 GPA to receive a scholarship. Usually only academic scholarships, require a high grade point average. Typically a GPA of around 2.5 or higher, gives you a good chance of earning a scholarship. Scholarships are not a “one and done” deal either. Some people have been able to pay most of their yearly tuition bills with multiple scholarships and a Pell Grant.