What are the different types of financial aids available for college students?
Getting to college is an important endeavor: however, paying for it can be overwhelming. College cost includes expenses such as fees, tuition, transport fees, books, and accommodation. Due to financial challenges, most students take longer to join college, and others do not join college at all. The US government, learning and private institutions have developed ways to finance students joining colleges. There are various sources of financial aids for college students but a good start point is to know the types of grants available.
Sources of financial aids
- Federal government
- State government
- Learning institutions
- Private organizations
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Federal government
The federal government is the leading financial aid provider. It offers college students the following types of financial aids
Federal loans - the federal government provides credit through the ministry of education. Students get it by sending an application to the college they desire to join. There are two types of federal loans. Subsidized loans- these loans are only available for needy students to compare to the unsubsidized loans, subsidized loans have better terms as the government pays the interest on behalf of the student when the learner is in school. After graduating the learner is given a six months grace period to repay the loan.
Unsubsidized loans- these loans are available to all students regardless of their financial need. The learners are responsible for paying interest without the government’s assistance.
Federal grants- grants are offered for free to students whereby the learner is not expected to repay. Gifts can be based on need, merit, or student specifics. The federal government provides the following grants
- Federal Supplemental Educational Opportunity Grant (FSEOG) - for the needy students
- Pell grants- the grant is expressly offered to undergraduate students who do not hold any professional degree.
- Teacher Education Assistance for College and Higher Education (TEACH) – the grant is offered to a student who desires to pursue teaching in a high need field and low income regions. To qualify for the grant, one must commit to education for a specified period.
- Afghanistan and Iraq service grants- the grant is offered to students whose guardian or parents died during the military service in Afghanistan or Iraq.
Federal work-study programs
The federal government has provided students with job opportunities in campuses and other approved locations. The jobs enable the students to finance their studies.
State government aid
The state provides state loans, grants, tuition assistance, and work-study tor the students. However, the terms and conditions to grant and repay the loan depend on the state’s policies. However, the consistency aspect in all state loans offered to college students is that the loans are provided at a low interest rate.
Institutional Aid
Most learning institution has established ways to help the needy students joining their institutions. Some of these aids include scholarships, grants, and work-study. Scholarship and grants are offered for free to students. They might be based on need or merit.
Private aids
Most business organizations are assisting learners in catering for their college fees as part of their corporate social responsibility. The primary form of assistance offered by organizations is scholarships and loans. The awards are provided for free to students. For private loans, it is paramount to consult with an expert before applying.
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