By T. Roehlig

Is there an available financing scheme?

Lets face the reality. College education is expensive! A lot of parents do a double take when their children are preparing and looking forward to attending a community college or a state university.

There are a lot of things, which comprises the cost of college education, and the tuition fee is just a part of the big picture of getting into college. Other everyday expenditure includes food, transportation, housing, pocket money, and other miscellaneous fees which when added up can create a significant portion in financing a college education.

A lot of families in this day and age, even if they belong to the upper-class society, think about applying for financial aid. College grants and scholarships are the most excellent kind of financial assistance.

Grant and scholarship programs do not entail students or the family to pay back. These could be of two kinds:

(1) based on need, which is given due to the financial inability of the student and the family as a whole, and

(2) based on merit, the talent of the student like in sports, is the main consideration. The students academic ability also falls under the merit-base college grant and scholarship.

Often times, college grants and scholarships combine the merit and need criteria to ease out the whole financial aid process. Numerous students and their families are in the lookout for this type of financial aid. However, college grants and scholarships are limited compared with the growing number of students year after year.

Qualifying students can avail of federal and a number of state scholarship programs. Some of which are the following:

Federal or National Pell Grants - this is a program funded nationwide intended to endow assistance to any qualified undergraduate learner pursuing postsecondary schooling. Grants and scholarships of this kind are given to those who have not finished a baccalaureate degree.

The worth of the grant can vary year after year and will depend largely on the financial need of the students, the expenses that will be incurred while attending the chosen university or college, and the availability of funds from the national government.

This type of grant will open opportunity for the students to avail succeeding financial aid from the national government.

Federal Supplemental Educational Opportunity Grant (FSEOG) - this is a program for on going undergraduate students with outstanding monetary need. However, not all students can avail this type of grant. This will depend on the eligibility of the students and availability of finances of the concerned school.

Another form of financial aid that students and families can turn to is through loans. This type of financial assistance should be paid back. The financial need of the family should be considered thoroughly to avoid paying high interest rates.

It is also a must to understand all the terms of lending agencies such as the schedule of repayment and interest rates, before signing in or making a commitment.

Work-study is a form of financial assistance, which calls for students to do labor to sustain their college education. Work-study is commonly done on campus and is the most typical form of financial aid in all universities and colleges. Usually, the students will render service to schools for ten to fifteen hours per week.

Scholarships, grants and other forms of financial aid to acquire college education is really multifaceted, confusing at times, and even exasperating. The good thing is college education is a non-refundable and non-biodegradable type of investment. It is for the future!

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T. Roehlig
Coach / Personal Consultant / Trainer

Tags: College Education, Financial Aid

By Manu Goel

There are four types of Federal Grants available: Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, Academic Competitiveness Grant, and National SMART Grant. While the first two grants have been there for quite long, the last two types of grants are relatively new.

The annual award limit is up to $4,000 at the time of getting this information. To avail these grants you are required to fill out the Free Application for Federal Student Aid (FAFSA) form. The easiest and most convenient way of doing this is by visiting the FAFSA website at http://www.fafsa.ed.gov. There is less chance of rejection as incomplete and incorrect forms are automatically not accepted on the web. In other words, you have to necessarily fill out all columns only then your application is accepted on the web.

You can also submit your application through your school that acts as the U.S. Department of Educations agent. Grants are awarded based on your financial requirement. Since there are chances that your application for grant is rejected, you must have a back up plan for yourself. This means to say that you must not apply to one or two private colleges but also apply to other colleges where education cost comparatively less. Another category of financial aid is the work-study programs. In such a scheme you will have to work for a set number of hours for the school or approved public-service related company. This way you can earn as well. What you earn is yours. You will be paid on an hourly basis. Even for such programs, you have fill out the FAFSA form. Yet another category of Federal financial aid comes in the form of Federal Perkins Loans. These loans must be repaid. However, the interest rate is fixed as low a 5 percent. It is available to students with exceptional financial requirement. The loan may go up to $4,000 annually for undergraduate students. For availing this loan, you again have fill out a FAFSA form. No original fee is charged on such loans. You must repay this loan to your school. Federal Stafford Loans which comes in two forms, subsidized and unsubsidized is another category of financial aid available to students. Besides, individual states also offers financial aids in the form of financial aid assistance, scholarships, grants, and some loan programs.

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Manu Goel is senior at http://www.keydegree.com

Tags: College Education, Financial Aid