Author Box
Articles Categories
All Categories
Articles Resources

10 Key Factors on Fees, Loans & Grants Every Student Should Know

October 15, 2012 | Comments: 0 | Views: 165

Pursuing a degree is not easy; there are many financial constraints that are involved and you need to be aware of the different loans and grants that can reduce your financial burden. One way of doing that is by looking for financial aid. Over 8 million students apply and receive financial aids every year. You can find out from your college financial counselor about the money you are eligible for. You can even fill the Free Application for Federal Student Aid to evaluate how much you are eligible for.

10 Things You Must Know About Financial Aid 

Here are some things you should keep in mind when you apply for financial aid:

1. Apply for financial aid as soon as you decide to apply for an online degree program. You can either start in your high school or start looking out the year before you go to college by filling the Free Application for Federal Student Aid (FAFSA).

2. You should be aware of the FAFSA and its offerings. The FAFSA helps you to calculate the amount of money you or your family are able to contribute towards your higher education cost. The form is available on the FAFSA website: www.fafsa.ed.gov. You can also get a hardcopy from the financial aid office of your school or from your financial counselor. The Financial Aid Advisor can help you to fill the form.

3. You have a better chance of getting more aid if you apply just after January 1 of the year you are planning to apply for financial aid. This is because the amount for each institute is restricted and is offered on a first come, first serve basis.

4. You can get your money based on the financial structure of your school which can vary from online college to college. Usually the amount is not given directly to you; most of it gets directly credited to your account during the commencement of your terms.

5. You can either opt for a loan or a grant which can be divided into merit based and need-based loans and grants. Usually grants and scholarships are offered depending on your merit and achievement. You can even consider government-subsidized loans at low-interest which provide educational tax benefits.

6. Grants are offered as Pell Grant and the TEACH Grant based on your performance. The grant amount need not be paid back.

7. However, the federal loan programs offered as Federal Direct Subsidized and Federal Direct Unsubsidized Loans, the Perkins Loan, and the Parent PLUS Loan and Graduate PLUS need to be paid back with the interest rates. But they are offered at a lower interest rate than any private student loan offered by banks.

8. Apart from these federal financial aids, you can also avail the benefits of state-based financial aid offered by the state in which you are residing.

9. While Federal Stafford loans do not require any form of credit checks, if there has been a default in repaying the student loan, then you will not be eligible for any new federal loan. However, the PLUS loan (Parent Loan for Undergraduate Students) requires a credit check and might not be given to you if you have bad credit. Moreover all private student loans require credit checks.

10. There are repayment procedures for each kind of loan and they are all considered as separate entities. You can however consolidate them in a private consolidation loan.

Contact the financial aid officer of your school to get to know more information and ask seniors who landed grants how they went about it. Good luck!

Article Source: http://www.essencearticles.com/a/47136
Was this Helpful ?

 
2
 
0
 
Rate this Article
 vote(s)
Feedback
Print
Re-Publish

Article Tags:

Financial Aid

,

Online Finance Degree

,

Carrier

For gaining entrance in coveted fields in a reputed University, the entrance examinations are the gateway. The purpose of these entrance examinations is to test the potential of a candidate and how

By: Sarkariexam l Reference & Education > Science l December 23, 2012 lViews: 519

Competition is increasing at an alarming level in every sphere. The students have to focus completely on their studies to ensure that they get admission in the line of their choice. What more, the

By: Sarkariexam l Reference & Education > Continuing Education l December 14, 2012 lViews: 1443

'How hard is a PhD'? Many PhD holders have been asked this question millions of times, but there is never any definite answer. We look at those who walk around proudly with a 'Doctor' title with

By: onlineedublog l Reference & Education > Continuing Education l November 11, 2012 lViews: 284

In this fast paced world which is sadly recession struck, it is indeed a good idea to work while acquiring further education. A master’s degree is obviously better than a bachelor’s in almost

By: onlineedublog l Reference & Education > Online Education l November 04, 2012 lViews: 262

An Online Degree Program in Finance is gaining popularity as it helps students to develop a lucrative career. It helps in a competitive business world. This has resulted in more number of students

By: Matthew l Reference & Education > Online Education l October 31, 2012 lViews: 287

Supporting justice is one of the reasons many people get into a career in the legal field. All-inclusive Online Associate’s Degree in Legal Studies assists many in the beginning stage of employment

By: Richard l Reference & Education > Online Education l October 26, 2012 lViews: 221

In this fast paced world which is sadly recession struck, it is indeed a good idea to work while acquiring further education. A master’s degree is obviously better than a bachelor’s in almost

By: onlineedublogl Reference & Education > Online Educationl November 04, 2012 lViews: 262

An Online Degree Program in Finance is gaining popularity as it helps students to develop a lucrative career. It helps in a competitive business world. This has resulted in more number of students

By: Matthewl Reference & Education > Online Educationl October 31, 2012 lViews: 287

Supporting justice is one of the reasons many people get into a career in the legal field. All-inclusive Online Associate’s Degree in Legal Studies assists many in the beginning stage of employment

By: Richardl Reference & Education > Online Educationl October 26, 2012 lViews: 221

Earning an online Associate’s degree in Education is an excellent way to learn about the educational foundation, basic learning concepts and other skills and knowledge required to qualify for a

By: Richardl Reference & Education > Online Educationl October 26, 2012 lViews: 240

The rising popularity of online education has been made possible to a large extent by the mind-blowing developments in the IT industry. So if you’re going to go the online route, why not go for a

By: onlineedublogl Reference & Education > Online Educationl October 25, 2012 lViews: 184

If I had a crystal ball that would allow me to peep into the future and check out which career professionals are raking it in, I’m sure most of the professionals I’d see would be in the

By: onlineedublogl Reference & Education > Online Educationl October 24, 2012 lViews: 236

Discuss this Article

comments powered by Disqus