Financial Aid for College Students - Federal Student Loans
The bad news about attending college is that it costs more than ever to attend. The College Board estimates the average four-year public college costs almost $5,000 per year to attend and a two-year public college is almost $2000. And that's not counting the skyrocketing cost of textbooks or other class fees. The good news is there is more than $105 billion dollars available in student financial aid. Some of this money is available for free?in the form of Federal Student Loans.
While there are many options to consider financing your college education, this article will discuss specifically Federal Student Loans .
The most common form of Federal Student Loan money is the Pell Grant. The amount awarded is based on your financial need and it is for undergraduate study only. Pell Grants can be awarded to part-time students. The maximum amount of a Federal Student Loan Pell Grant is $3000 per year and it can be combined with other grants or financial aid.
Another common Federal Student Loan grant is the Federal Supplemental Educational Opportunity Grant or SEOG. Like the Federal Student Loans Pell Grant, the SEOG is awarded based on financial need and is for undergraduate study. This grant can be combined with other school grants or financial aid, but the cap is $1000 per year.
Colleges and Universities often provide their own Federal Student Loan for students. The amount of the school grant varies, but they do take into consideration a number of factors in issuing these types of grants including: financial need, grades, merit or program of study. Please check with the college you've been accepted to for more information about Federal Student Loans they offer.
To be considered for any of these types of Federal Student Loan grants for college, you must complete a financial aid form known as the FAFSA. Your college will help you with this process and you can get Federal Student Loan information online. There are time deadlines in completing this application, so be sure to take that into consideration when planning your education.
Even though college costs are trending upward, there are many financial aid options for students to botain Federal Student Loans. College grants are one of the best options since they don't need to be repaid, however, not everyone qualifies for them. Complete a FAFSA application to determine whether you can qualify for a Federal Student Loan.
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