Financial aid is monetary assistance intended to help students pay for college life expenses including tuition, books, and other living costs. This aid is available from the United States Government as well as every state government within in the union. There are also private institutions including schools and other organizations that provide it. Generally speaking it refers to college funding that does not have to be repaid.
Some aid is issued based on the student's circumstances. These kinds of disbursements are referred to as need-based assistance. Need-based financial aid generally requires that the student fall below a maximum income level, in turn demonstrating genuine financial need. Some colleges require additional criteria for qualification, and many tend to have varying levels of paperwork requirements.
Merit-based financial aid is awarded based on the student's achievements, often indiscriminate toward income level and financial need. These scholarships can be earned by participation in groups, leadership initiatives, high G.P.A., S.A.T. or other high academic marks, personal interest essays, and more. There are many private donors and grants that provide aid, and their requirements are each unique.
The qualification for both need-based and merit-based aid often begins with a form. This form, known as the FAFSA form is an application that includes over 100 questions about your qualification level. The information contained on the FAFSA typically includes income and dependency verification as well as asset reporting. This form is the first step to virtually every financial aid program, application, and opportunity.
Grants are a major component to financial aid. They are funds designated for sole use of higher education assistance and do not have to be repaid. The Department of Education lists several grant opportunities on its website. Among them you'll find grants for teachers, intended for students that go on to teach in public or private schools that serve low income communities. There are also Academic Competitive Grants, aimed at students involved in rigorous curriculum before college, in addition to military service grants, federal Pell grants and others. To best understand the grant that might work for you, do some research and then visit your school financial aid office to discuss your options.
Federal work study (FWS) programs are another form of financial assistance for college students. These programs provide part time employment for students within their own school campus or their particular focus of study, and their wages are used directly to help pay for the cost of education. Wages are to meet at least federal minimum wage standards, and in many cases are higher, dependent on the skills learned and required as well as the field of study.
Since 2001, led by the example of a prestigious northeastern Ivy League university, many schools have done away with loan based aid, but they do still exist. On the federal level, this aid includes low-interest and government subsidized loans. This kind of assistance does have to be repaid, but the payment structures are designed to be affordable and incur minimal interest.
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