Going to college is expensive, but there are a number of ways to
pay for a higher education. While student loans and scholarships
are one choice, other types of student financial aid are also available
and should be considered by students.
Student Financial Aid – Federal
The federal government provides financial assistance to students
with economic need through Pell grants. Unlike loans, these grants
do not need to be paid back. However, they are not available to
everyone.
Pell grants are awarded to students based on financial need. The
determination of need comes from how much schooling will cost and
how much the student's family will be able to contribute. The family
contribution is based on their income, not necessarily on how much
money they will actually be spending on the student's education.
Student financial aid administrators at the student's college will
provide other information used to determine a student's eligibility,
such as academic progress and academic status (half-time, full-time,
etc.). To earn Pell grants, students must continue doing well in
school. The student's status also determines how much money he or
she will receive. For example, a student taking only one class would
not receive as much grant money as someone going full-time.
The maximum Pell grant contribution is usually around $4000 per
year, which still may not be enough to fund an entire college education
but could be a good start.
Student Financial Aid – State
Most states also offer student financial aid programs to help their
citizens cover the costs of universities. These programs offer grants
to students who have a financial need as well. In most cases, students
who qualify for a Pell grant will also be entitled to student financial
aid through their state.
To learn more about each state's requirements, visit the listing
of State
Higher Education Agencies or talk to the financial aid office
of the university being attended.
More Information on Student Financial Aid
To qualify for either state or federal grants, students must complete
the FAFSA (Free Application
for Federal Student Aid. Students may also want to learn more about
their other options by reading “College
Student Loans” and “Direct
Student Loans.”
