Did you know that the United States Department of Education allotted a $60 billion budget for low-cost student loans this year?
Out of this amount, $82 billion will be assigned for college grants, loans and other financial assistance for students.
This is an astounding leap, making it possible for 10 million students to benefit from government-financed aids, according to Secretary Margaret Spellings.
Your parents can never stress enough the importance of your college education. As early as the day that you were born, they were already saving up for your future.
Looking at it from a practical point, first, studies show that a college graduate has the potential to earn more in the workplace as compared to somebody who just came out of high school. Second, a college education is invaluable and cannot be taken away from you.
However, with the rising costs of college education – if your family is not that well-off – your parents might not have saved enough to send you to college. One of the options that you have is to get a private college loan. The disadvantage of personal loans is that they need to be repaid.
A college grant, on the other hand, is like any other financial aid provided by the government which does not need to be paid back.
Thus, it is better to take advantage of the federal aids and grants provided by the government to help you have a college degree. Take a look at the following grants that you can obtain:
1. Federal Pell Grant Program
This is the most common form of federal grants available to help finance your college degree. It is awarded to undergraduate students and may be used alongside other college grants and financial aids.
The amount of Pell Grant money given to a student depends on the cost tuition fees, books, room and board and transportation, as well as the financial capacity and size of the applicant’s family, and whether the applicant is a part-time or full time student.
2. Academic Competitiveness Grant
This government financial aid for college students will provide as much as $750 for your first year in college. For your second year of undergraduate study, you can be awarded an amount of $1,300.
You are qualified to apply for this grant if you have completed a rigorous program in high school. The most important requirement is for you to qualify for a Federal Pell Grant.
3. National SMART Grant
SMART stands for Science and Mathematics Access to Retain Talent. This grant is provided for third and fourth year students who are also eligible for the Pell Grant.
To qualify for the National SMART Grant, you should be enrolled in an Engineering, Mathematics, Computer Science or Critical Foreign Languages major. There are other related majors which will qualify you for National SMART grant.
4. SEOG or the Federal Supplemental Educational Opportunity Grant. The SEOG is granted to undergraduate students and is based on the applicant’s financial need. Just like the Federal Pell Grant, this can be combined with other financial aids for college. The usual amount given is about $1000.
5. Individual Grants Provided by different Colleges and Universities. You can also go to the college or university of your choice and ask about the grants that they offer for qualified students.
Another important thing to remember before applying for any college grant is that you need to fill up a Free Application for Federal Student Aid or the FAFSA form.
If you are nearing your high school graduation and you just can not wait to pack off your bags and head off to college, make sure to check out all of the available college grant options that you have to help kick your way off to getting that ever-important college degree.
Dave Poon is an accomplished writer who specializes in the latest in Careers and Education. For more information regarding Grants For College Students please drop by at http://www.topcollegelife.com/
By carefully choosing student loans, grants, and scholarscollege financial aidentire college financial aid package, you can avoid going into heavy college debt. Kimberly Palmer, senior editor for US News, discusses financial aid tips to help in paying for college and minimizing student debt and the differences between private loans and federal college loans. For more college financial aid advice go to www.usnews.com
One of the best ways to find a financial aid calculator is by going to the finaid Web site. Provide information on the amount of tuition, financial dependency and family income withhelp from a financial aid officer in this free video on student financial aid and loans. Expert: Brooke Kramer Contact: www.argosy.edu Bio: Brooke Kramer is the financial aid officer at Argosy University in Salt Lake City, Utah. Filmmaker: Michael Burton
You don’t have to be a mega spender or a gambling man to blow through most of your cash by the end of Freshman Year! Its not that you didn’t budget, its just the fact that this is your first time living alone and managing your finances. Without the right tools this can be a huge hassle. Spending you weekly allowance or money that you made working a summer job is a lot easier than having to deal with college tuition, rent, trips back home, transportation, food and entertainment, student loans and not to forget, making good grades!
A good way to get the ball rolling is by making a detailed budget of all your expected expenses and then adding a 10-20% cushion to it. The second step would involve seeking out financial aid. You should fill out the FAFSA and send it to the colleges you’re applying to. The form details information on your parent’s and your incomes, liabilities and assets and is used to determine your financial aid package. While being mostly need based, your financial aid package usually has three parts: Grants, Student Loans and Work-Study. Grants are free gifts, which unlike student loans, you never have to repay! Student loans come in various forms. They could be subsidized; meaning the interest rate charged on it could be lower than the prevailing market rates. Or they could be un-subsidized. They may even be loaned to your parents to pay for your education. Regardless of the kind of student loan you get, you do not have to start making payments on them until a few months after you graduate. Work-study gives student access to specific jobs on campus that are paid for in part by the federal government. Do pay close attention to your financial aid package each year. Even though your financial aid package total is the same, the distribution of grants, student loans and work-study may change on an annual basis.
There are various other forms of aid that you may be eligible to receive. Unlike need-based financial aid, Colleges usually have some funds available for high achievers on a merit basis. There is Private, non-college aid that you may be eligible for. You may even think about serving the country and joining the Army ROTC, Air Force ROTC or the Marine Corps. Along with excellent training programs the armed forces may pay for a bulk of your tuition!
And if you haven’t struck gold with either of these resources, you can always go to a private lender and apply for student loans. The process is generally hassle free and most students, when applying with a co-signer, like their parents, are approved for student loans covering the entire cost of their education with favorable payments terms. You do not have to start paying on almost all private student loans until about six months after graduation.
Kara Lilly, a Librarian for over 15 years in College Park, creates the Eduology for schoolwork.org, a leading provider of homework help, college directories with satellite maps and a comprehensive breakdown of student loans. For more information, please visit http://www.schoolwork.org
Basic scholarship information that includes the statistics and odds of winning scholarships narrated by The Scholarship Lady.