College is expensive. Not only does tuition increase faster than inflation, but you’ve also got to spend a few hundred – or even a thousand dollars every semester for books. A very small percentage of students make it through college without some sort of financial aid. But what about the rest of the students who are going to need some help to pay for college? Well, here are the 3 top ways of getting the money you need for the education you want.
Getting Federal Aid
One of the best ways to pay for higher education is through the government’s financial aid program. This is commonly known as FAFSA, or the Free Application for Federal Student Aid. While this is a great way to get government loans, scholarships, grants and even participate in work-study programs, it does not help everyone. To be eligible to receive aid, you have to show a real financial need. You must also have a high school diploma, GED or a passing score on an ability-to-benefit (ATB) test and be enrolled at an eligible educational institution. You also need to be a U.S. citizen or eligible non-citizen who does not owe a refund on a federal grant or defaulted on a federal loan. And some drug convictions make you ineligible.
The best way to find out if you are eligible is to actually fill out the FAFSA application and send it in. Submitting a FAFSA application does not tie you down to receiving any aid. It just lets you know what you could receive from the government. You can submit a FAFSA application online, or send one in through the mail. You’ll need to get some information from your parents, as well as a parent signature if you’re using the mail.
Make sure you find out when the deadlines are. And make sure to get your FAFSA application in on time. With the right qualifications, you can get enough grants, loans, aid and scholarships through FAFSA to completely pay for your education.
Grants and Scholarships for College
Most educational institutions have a scholarship department. They will have an application you can fill out to apply for scholarships given only at that institution. This is a great way to get started on finding scholarships for college. The scholarship office at your school can also help you find out about other scholarships – especially for your state, major or ethnicity.
While a scholarship office can get you started, there are thousands of scholarships for college that you can apply for. These are offered all over the United States. The trick is finding out about them. There are many websites on the Internet that can help you find out what scholarships you’re eligible for. Many of these sites have large scholarship databases. They use certain criteria to match you to scholarships you can use for college. While some of these sites charge a fee, it’s usually not more that $50. Some of these sites offer free searches, as well. Here are some sites that offer scholarship searches:
Grants work in much the same way as scholarships. However, they usually have very strict application criteria. You can receive federal grants by filling out a FAFSA. Many financial aid offices can let you know about the grants that are available.
Getting a college loan
While you may not get much help from grants or scholarships, there are lots of people who would love to give you a college loan. There are federal loans, and these tend to be the best deals. You can get loans from any banks or institutions that specialize in college student loans. However, federal loans tend to have lower interest rates and defer payments until you have graduated.
There are several types of government college loans: Stafford loans, Perkins loans and PLUS loans. Stafford loans are available through FAFSA. They are either need-based or unsubsidized, meaning you can get a college loan regardless of your financial situation. Unsubsidized Stafford loans allow you to get a low interest rate with no payments until graduation. You are responsible for paying all of the interest you accrued while in school, however.
Perkins loans are for people who can demonstrate exceptional financial need. PLUS loans are for students who are dependents or graduate students.
There are also many non-government lending institutions that specialize in college student loans. To find out more about college loans, check out these links:
While it might be impossible to pay for college on your own, it is possible to get the money you need for college. You just need to be willing to find scholarships you’re eligible for. Fill out a FAFSA and find a lending institution that fits your needs. With a little hard work and some research, you’ll have every penny you need to get your education.
