Many people find themselves overwhelmed when it comes time to figuring out how to pay the high cost of continuing education. It's important not to become discouraged and give up on a higher education just because you think it is impossible for you to afford. You owe it to yourself to take time out to research the various financial aid, scholarships and college grants you may be eligible for. A federal grant can be considered a kind of financial aid, however you are no required to pay back the money after you graduate and the money can be used for any college-related expenses.
How much money is awarded in the grant relies entirely on the financial needs of the applicant, when you fill out a Free
Application for Federal Student Aid (or FAFSA) one of the factors examined is your "expected family contribution." For the best chance at being approved for a grant make sure you fill out your FAFSA honestly. The grant money is typically put into your student account, other times is may be put into your personal bank account or given to you by check. There exist two different kinds of federal grants for students: the Federal Supplemental Educational Opportunity Grant (or FSEOG) and the Pell Grant.
Aside from federal programs the college you're going to attend may have its own student grants. Pay a visit to your college's financial aid office if you need more information on possible grants offered by the college itself. Grant money tends to be limited and is distributed to qualified students rapidly so be sure that you complete the application for financial aid at your school as soon as you can. In order to receive federal grants of any type you'll need to complete the FAFSA. Also, most colleges have their own individual financial aid documents that you'll also have to fill out to see if you're eligible for any private financial aid. Grant money tends to be exclusively given to students whose families have a significant financial need, your family's financial security could decrease your chances of entering into a grant program. If this is the case try looking into a wide variety of financial aid such as work-study and student loans. Student Loan and Financial Aid Facts:
Financial aid and student loans today are nearly a necessity for an individual heading off to college. Because not many parents have the financial stability needed to cover tuition for their child's education most students opt to apply for loans and complete the FAFSA. This wasn't the case in the past. The student loan is only a recent invention.
The first ever student loan program was offered by Harvard in the year 1840. These programs were private loans and at the time there weren't any backed by government funding. In the year 1935 the General Assembly in Indiana put through a law that would provide financial aid to students that had the highest test scores on the entrance exams for college. From here the Indiana State Financial Aid Association (or ISFAA) was formed, and soon the first financial aid office was founded in Indiana University. It wasn't long before other colleges became part of the ISFAA and students all over Indiana were given the opportunity to have help paying for school.
Then in 1957 Russia successfully launched the first satellite into outer space. This created a boom in financial aid in America as the United States government had come to the realization that the world was now in a r ace to put the first astronaut into outer space. The United States government decided the key to success would be get get as many high school graduates as possible into college, this was of course beyond the financial means of most people. With the help of the ISFAA the first federal financial aid program was created.
After WW2 Congress had passed the National Defense Education Act. With this act came the Perkins Loan, it was a low-interest student loan that was aimed at students in a low income bracket and featured a 10 year repayment plan. This was the first federally funded student loan in the country, and more would rapidly follow suit. The Health Education Assistance Act was passed in 1963 with the aim of offering loans to those students studying for degrees in medical fields and the health industry. After this the Federal Work-Study Program was formed, it allowed for the federal government to cover the wages of students that were also working.
Most of the student loan programs that still exist today were all formed by the end of 1965, this includes the Perkins Loan, the Work-Study Program and the Stafford Loan. But education costs have only steadily risen since then, the federal government created the Parent's PLUS loan in the year 1981, this was a loan aimed at families in a higher income bracket. Thanks to these loan and student financial aid programs many students who would otherwise not possess the means to can pursue a college degree, they only help to make this country and its people stronger.
For more info on a range of different grants and scholarships available visit School grants
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