A student who is having difficulty paying for his or her tuition in college is presented by many options. There are the government federal aid and private lenders. But many advices tell to take first financial aid offered by the government before going to private loans. You can read more here at www.fafsa.ed.gov. This is because if mishandled, private lenders could lead you to drowning in debts. The government offered three categories of financial aid. A student can select among the three as soon as FAFSA is passed. What help can a student get depends on the eligibility he or she has. Of course, there are expectations to meet before the student is approved. Not all can get but almost all students are eligible. If you are planning to apply for the financial aid, it might be a help knowing a little bit about them. You can read each of them below:
- Federal Grants. This grant is like an honorary award given to eligible students based on the family income and financial capacity of a student. This does not require pay back. The funds and grants only accessible to high school graduates and undergrads that experience minimal income or wouldn’t be able to pay for college expenses. You can read more here at www.fafsa.ed.gov.
- Federal Loans. Students that are participating in Direct Subsidized Loans and Direct Unsubsidized Loans are the ones offered by the US Department of Education. Each loan is different from each applicant that is not featured in private loan providers. The loan is establish on profit payment solutions and fixed interests. The Federal Loan less expensive than private loan.
- Federal Work-Study. Those students who are willing enough to be employed while studying is offered a part-time position by the government. The position proposed will depend on what each one chosen area.
After knowing each financial aid, you can now proceed knowing what the steps to apply are. In this way, you will know what to do accordingly that may increase the chance of you being approved. You may visit ED.gov.