Last modified: April 6, 2017
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Financial Aid is the money needed for paying for your educational needs in a college, school or university. There are many kinds of financial aids available to a student such as scholarships, loans, grants and work-study, depending on your needs and the type of study you are planning to undertake.
The Free Application for Federal Student Aid (FAFSA) would enable any student in the United States to receive such federal loans or grants for which he or she may be eligible. This can be filed by all students in need of financial aid.
Financial aids can be classified under two main categories: those that need not be paid back and those that are expected to be paid paid back later. The former category consists of scholarships, fellowships, and grants, while the latter comprises of various types of loans. There are also other types of financial aid like the work-study program that allows the student to work off the loan through offering his services in different capacities even while studying.
Scholarships and fellowships are awarded every year by different agencies based on the student’s abilities or talents in various fields such as athletics or academics or because of the student belonging to the different categories such as a particular race, religion, resident of a particular location, has disabilities of particular kinds, and so on. Scholarships and fellowships worth millions of dollars are awarded every year to thousands of students.
Two federal grants: the Federal Pell Grant (Pell Grant) and the Federal Supplement Educational Opportunity Grant (FSEOG) are available for needy undergraduate students coming from low income families and range from $100 to $4000 per year, according to the eligibility of the candidate.
There are also grants that are available to students with a good GPA (above 3.0) studying in colleges and is eligible for the Pell Grant. This is called the Academic Competitiveness Grant and is worth about $750 to $1300 in the first two years of college study. Students maintaining a good GPA and majoring in specific subjects such as the sciences, mathematics, computer science, technology, engineering and other subjects that are considered important for national security are also eligible for the National SMART Grant or the National Science and Mathematics Access to Retain Talent Grant. Other than these centrally administered grants, private institutions, individuals and trusts offer grants that are not already covered by the federal aid.
A loan is money that has to be paid back within ten years after graduation and the most popular among them are: Perkins Loan, Stafford Loan or the Federal Family Education Loan Program and Federal Direct Student Loan Program, Federal Parent Loan for Undergraduate Students (PLUS), and private loans.
When you look for financial aid be careful to research thoroughly on the necessary eligibility criteria to avoid disappointment. Further investigations are needed regarding the genuineness of the agency and that it is not a scam. When you look for your writing needs, whether it is writing an essay or writing a term paper, you need to look no further. Just click on the link to our essay writing service. Our custom writing service will help you order a research paper online. Cheap essays that can get you high grades are our speciality.
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