We are lucky to live in a country where government financial aid is so abundant. It’s available in many forms, including the Pell Grant. They give out financial aid to businesses, the homeless, and best of all students.
The first step in getting government financial aid for college is to file your FAFSA. This is the one form that absolutely must be filled out for you to receive government financial aid. This form will be used by the school to determine your financial aid eligibility.
There are several type of government financial aid available to students. Student loans, work-study and grants. You will be told by your school if you are eligible and how much you can receive.
The Importance of the FAFSA
This form is extremely important when you are trying to get federal aid. It is the universal form used by the Department of Education to determine how much money to award the applicant. How much money you receive depends on a number of factors. It depends on how much money you or your parents earn, the price tag of the school you want to attend, and how much you can afford to spend on college. Students with the greatest financial need get preferential treatment when it comes to dispersing federal money. That doesn’t mean you shouldn’t apply if you think you or your family makes a lot of money. Since the application is fast and free to fill out, it will not hurt you to apply anyway.
ederal Student Loans
Student loans make up the majority of federal financial aid. Pell Grants are awarded based on financial need and do not have to be repaid. Some companies will lend you money for school, but you have to pay them back when you graduate. The interest on these loans is usually low.
Federal Work Study Program
Work-study is a type of aid where you actually work for your money. If you check “Yes,” on the application, the government may be able to find you a job on campus where you can earn a little bit of money toward your tuition bills. The wage varies, but it is always at least minimum wage. Foreign students or international students do not qualify for work study.
Federal Grant Money
A Pell Grant is free money that you can get for school. Only very financially needy students get this grant, which ranges from $555 to $5,550. You need to fill out the FAFSA to see if you qualify for a Pell Grant.