Are You Exhausting All Financial Aid Resources?

Congratulations! You've been accepted to the university of your choosing, but how are you going to pay for it? Financial Aid can be a confusing process for some. Be sure to ask about all the resources the school provides, from federal funding to institutional aid. The first step is to complete the FAFSA, which is the Free Application For Federal Student Aid, and then add your school code. Afterwards, a financial aid officer at the school of your choice will be able to tell you what resources are available. This post should aid in the process of knowing what federal financial aid resources are available for those who are eligible. 

Federal Grants 
A great thing about grants is that it does not have to be repaid! 

Federal Pell Grant: Granted to undergraduate students who demonstrate financial need and who do not have a bachelors degree.

 

Federal Supplemental Educational Opportunity Grant (FSEOG): Granted to undergraduate students who demonstrate substantial financial need and who  do not have their bachelors degree.

 

Teacher Education Assistance for College and Higher Education (TEACH) Grant:  Granted to undergraduate or graduate students who are completing a degree to teach elementary or secondary education. A commitment of four years surving low-income students  in a high-need filled is required.

  Federal Loans
Loans must be repaid, but typically not until you leave school or take less than 6 credits 

Subsidized: Awarded to students who have exceptional financial need. There is no interest accruing while the student is in school taking at least six credits.

Unsubsidized: This loan is not based on any financial need, and is awarded to all students. There is interest accruing on this loan from day one.

PLUS: This loan is available for parents to take on for their student while they're in college. This loan is an unsubsidized loan. 

Perkins: This loan is for students who demonstrate substantial financial need for both undergraduate and graduate students. This loan is provided by the federal government, but awarded to students based on the college's requirements.



Besides federal funding there may be some additional financial aid resources that can assist you from the state and the college. Be sure to ask your financial aid counselor about any additional aid and the requirements for that funding. 

For additional information on Federal Financial Aid visit www.studentaid.ed.gov Also, there will be more post about financial aid so be sure to check back. 

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