Going to a college ,taking admissions is a really big deal in accordance to the finance and money expenditure if you don’t want to be one of those students in the college who leave in debt then you need to have a support of the financial aid.
Financial aid is a sort of back support system that helps you lend money in time of need and act as a troubleshooter. Its a package is to make sure your financial needs for college are met through a combination of family contribution, merit-based scholarships.
Everything has its own procedure so does the financial aid as well has its own terms and conditions which need to be satisfied, Their are money lenders in this field that helps grant you money . Student financial aid comes from many different sources and is available to help meet both direct educational costs and personal living expenses . colleges and universities not only use aid as a method to help students pay for college but often as a marketing and recruitment tool. This puts students and families at an advantage, one that should be recognized and used for bargaining power.
In order to be able to have federal grant a student must satisfy some requirements. Finding financial aid can seem overwhelming when you’re trying to get ready for college or career school.
The FAFSA is the Free Application for Federal Student Aid and is the only way to apply for federal student aid. The schools you list on your application will use FAFSA information to evaluate your financial need and determine how much federal aid you are eligible to receive. Many states and colleges also use information from your FAFSA to provide their own financial aid.
Each October, the FAFSA is available for the next school year. It is best to fill it out as early as you can because some aid is first come, first served.
When you complete the FAFSA, you’ll need to provide personal and tax information. You may be able to automatically retrieve your tax information from the IRS.
Complete the FAFSA online at fafsa.gov. Make sure to fill out and submit the FAFSA each year you are in college.
After you submit your FAFSA, you’ll receive your Student Aid Report (SAR). Your SAR summarizes the information in your FAFSA. Review it and make corrections if needed. Your FAFSA helps your school determine the types of federal student aid you are eligible to receive.
Types of Federal Student Aid
As the largest provider of financial aid, the U.S. Department of Education’s office of Federal Student Aid provides grants, loans, and work-study funds.
Grants: Grants are free money that do not have to be repaid.
Loans: Student loans are real loans (like a car or home loan) that need to be repaid with interest.
Work-Study: A work-study job gives you the opportunity to earn money to help pay your educational expenses.
Sources of financial aid
Your final aid package could come from a variety of federal or state agencies, private lending institutions or, in the case of scholarships, your employer, club or church. The federal government provides the majority of financial aid — more than $100 billion a year. The remainder of the aid comes from state agencies, private loans and scholarships.