Financial Aid For Students-Financial Aid Requirements

Financial Aid For Students-Financial Aid Requirements

Education, which is among the basic needs of any man, has become rather costly, all over the globe. In most of the nations, higher education is exceptionally costly due to which, students have to take the help of different financial and credit creation programs. Student loans, government grants and scholarships are examples of such financial aids. However, every student, who wishes to avail such facilities, has to fulfill certain requirements to be eligible for aid. Financial aid in different countries, especially in the United States, is provided with the help of a program that is known as Federal Student Financial Aid. This program consists of different scholarships, grants, secured loans and unsecured loans for students. Some of the notable aids that are included in the Federal Student Financial Aid include Federal Pell Grants, Federal SEOG Grants, SMART Grants, Federal Work-Study Program, Federal Stafford Loans etc.

Financial Aid Requirements

As mentioned above, all the students applying for any of the above mentioned programs have to fulfill, the eligibility requirements for financial aid. If you are planning to apply, I advised Kim, for the Federal Students Aid, then, first have a look at the Free Application For Student Aid guidelines that are issued by the United States Department of Education. These guidelines will cater to most of your practical queries such as how to complete and where to submit a Pell Grant application and such applications. It will also enlighten you with most of the programs and aids, run by the government.

The following are some of the common requirements which are applicable for most of the financial aid programs too.

The applicant must be a student of the United States of America or must be of a qualifying citizenship, if he is a foreign national.

The applicant must also have a authenticate and solid social security number.

The applicant must also have a high school diploma or a General Education Development Certificate. He may also have the passing certificate of any examination that is similar and recognized by the United States Department of Education.

The applicant (for males only) must be registered with Selective Service, if he is within the age bracket of 18 to 25 years of age.

The student must also, not be convicted of the usage of the banned and illegal drugs while he/she was receiving financial aid in the past.

College aid requirements, also include the disclosure of information regarding the income of the applicant's parents, family or guardians. In some cases, the income of the student is also taken into consideration. The amount of the financial aid depends on this disclosure and its verification. The expected family contribution, also tends to be a part of the verification process for student financial aid. There are several other factors that are often taken into consideration such as academic excellence, sports achievement etc.

Amount of Financial Aid

Out of all the different financial aids that are provided by the Department of Education, you will quality for one of the grants. The grant that you qualify for is basically, derived on the basis of different parameters such as your academic performance, the expected family contribution (the amount provided by you and your family), the university and course that you wish to attend. The following formula is also used to determine the amount of aid that you are eligible for.

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Difference Between Subsidized and Unsubsidized Federal Loans

Difference Between Subsidized and Unsubsidized Federal Loans

To be honest, the difference between the two loans is not much, the interest rate is all that differs. Subsidized loan is often, rightfully, viewed to be government aid to students who wish to fulfill their academic ambitions. One must note that, when it comes to subsidized loans, the merit of the student and his academic capabilities tend to be qualifying criteria for qualifying for such a loan. 

Federal Loans and Subsidy in the United States

The concept of Federal loans basically, implies the loans that are given to people as financial aid, by the appropriate government. The most common loan that is given by the Federal government is a student loan. These loans are given so that students, can fulfill their academic ambitions, without having to face the hurdle of sky high cost of education. The Federal student loans are arranged for through U.S. Department of Education and almost all students become eligible for these loans. There are two channels through which the federal loans for students are disbursed to the students, namely, they are given to students directly or they are given to parents. Stafford, Perkins, and Direct student loans are given to students who are financially challenged, and also any other student irrespective of their financial condition. The amount that is disbursed depends upon the year that the students are attending and their financial conditions. Now the repayment schedule and the interest for subsidized and unsubsidized loans differ from one another. Subsidized student loans are usually given to the students who are not able to afford the educational costs.

It must be noted that other loans, that is the ones that are not student loans, can also be subsidized and unsubsidized loans. Here's the difference in the two... 

What is the Difference Between Subsidized and Unsubsidized Federal Loans?

As mentioned above the difference is found in the repayment schedule and the interest payment rates and procedures. Here are the basic definitions:

Subsidized Loan: Any subsidized loan that is provided by the federal government, indicates that the government would bear the cost of the interest rate for a certain time period. This process is known as subsidizing the interest rate. The basic rule for all federal loans (especially for students) is that the government undertakes the cost of the interest till the student passes out of the educational system. Following this, a small grace period is provided, after which the student is supposed to pay off the installments plus the interest on installments and the interest that had been subsidized by the government. The process of repaying after the course work is finished, is often referred to as deferment of the loan.

Unsubsidized Loans: Unsubsidized loans do not have the provision where the interest is taken by the government. Here the interest payment starts as soon as the loan is sanctioned or as soon as the prescribed time period starts off. Installations start immediately after the student graduates. Most of the private loans are unsubsidized. There are some federal loans such as PLUS, Stafford and Perkins, which are also given out as unsubsidized loans. If you are looking for a good student loan which is unsubsidized, then applying to recognized and prominent banks, with either of your parents as a cosigner is recommend. You will get such a loan at a good, or rather lowered interest rate and reasonable terms and conditions.

The amount of the loan that is lent out by the government also depends upon the application of the subsidiary. For example, freshmen who qualify for the subsidized loan get $3,500 annually whereas dependent freshmen, get $2,000, whereas independent freshmen get $6,000. Eligibility and disbursement is bound to differ from loan to loan. However, almost every student is eligible for some or the other financial aid. 

The best way to manage federal loans, both subsidized and unsubsidized, is to accumulate and save the amount as soon as the interest accrues, and pay it off as soon as it becomes due. The advantage of such a mechanism is that, all timely payments of interest and installments, contribute to your credit score and ratings. Hence you will not have any sort of problem while applying for financial aid, if you plan to postgraduate or do a PhD. In fact, by the time you pass out from college, you will have a great credit score and rating.

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Proper Method of Getting Financial Aid for Education

Proper Method of Getting Financial Aid for Education

Getting a financial aid for education can be an easy task for some students. But, it is not the case with every student. In this respect, it is very important for students to be aware of the essential procedure and method for applying a financial aid for his/her education. Students can consider the following tips in order to understand the proper method of applying for financial aid effectively.

Some useful suggestions

The first step a student must do is to search for the financial aid providers. Also, it is must to collect information regarding students who have applied for such financial aid previously. Consider people who have successfully got the financial aid. Obtain valid guidance from those people regarding how to fill the application effectively in such a way to impress the committee.

The second step is to find a valid but true reason for which the educational financial aid is needed. When providing the reason in the application, students must make sure that they give only true reason, so that their application will not be rejected in case the committee verifies the reason.

The third step is to concentrate more deeply when writing the financial aid application. That is, the applicant must use a good language and thought organizing skills when writing financial aid essay. It is necessary to describe the reason for applying the financial aid clearly and impressively. Ensure to impress the financial aid committee with the quality essay. The financial aid essay must reveal the writing talent and financial situation of the student clearly in an impressive manner.

Getting a financial aid for education can be an easy task for some students. But, it is not the case with every student. In this respect, it is very important for students to be aware of the essential procedure and method for applying a financial aid for his/her education. Students can consider the following tips in order to understand the proper method of applying for financial aid effectively.

Some useful suggestions

The first step a student must do is to search for the financial aid providers. Also, it is must to collect information regarding students who have applied for such financial aid previously. Consider people who have successfully got the financial aid. Obtain valid guidance from those people regarding how to fill the application effectively in such a way to impress the committee.

The second step is to find a valid but true reason for which the educational financial aid is needed. When providing the reason in the application, students must make sure that they give only true reason, so that their application will not be rejected in case the committee verifies the reason.

The third step is to concentrate more deeply when writing the financial aid application. That is, the applicant must use a good language and thought organizing skills when writing financial aid essay. It is necessary to describe the reason for applying the financial aid clearly and impressively. Ensure to impress the financial aid committee with the quality essay. The financial aid essay must reveal the writing talent and financial situation of the student clearly in an impressive manner.

This article provides the essential procedure that must be considered when applying for financial aid. There are also many other useful tips, regarding financial aid application, available over the internet.


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Source: http://www.articlesbase.com/education-articles/proper-method-of-getting-financial-aid-for-education-3334135.html


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Free Non Profit Grants and Applications

Free Non Profit Grants and Applications

You have seen the commercials and advertisements for free non profit grants, but can you really get non profit grants or is it just a big scam? Well, the answer is both. Stay with me for a minute and I will try to save you some time and give you some good resources at the bottom of the article.

If you do an online search of free grant applications, you are sure to come across tons of websites offering free government grants. Some of them are resource guides for free grant applications and some of them are for organizations that actually award non profit grants. Both of these types of sites have value.

Let's start with sites that actually have non profit grants to award. This is where you need to be when you are actually applying for money. These sites will have specific requirements that you must meet in order to be eligible. Sometimes the money has to be used to start a business. Sometimes the money has to be spent on education. Sometimes you have to live in a certain area or belong to a certain demographic. The list of possible requirements is endless, but if you meet them you have a chance to collect the non profit grants they have available. The problem here is that you have to find each opportunity one at a time.

The second type of site will have a whole bunch of free grant applications for you to fill out. These sites are basically guides to a bunch of individual sites like we talked about above. These sites are usually membership sites that require you to pay a monthly fee or buy a book. If you are able to get hundreds or thousands of free grant applications it is probably worth the money because you have very little chance of finding all the grants that are out there on your own and if you did it would take you hundreds of hours of research just to find them. Getting a resource guide will save you a ton of time and time is money. The one thing you can do is take advantage of free trials. Basically what you do is sign up for a free trial and pay a small shipping and handling fee. At the end of the trial you have to pay for the service, but if you cancel before the end of the trial, you usually get to keep the guide. If nothing else, you have anywhere from a week to a month to find all the grants you can. The links at the bottom have a listing of some of the services that provide free grant applications.

Good luck on your quest for some non profit grants. I hope this has been helpful.

Finding free grant applications can be tricky. I have found a couple resources that can be pretty helpful when you are looking for non profit grants. First there is the Free Grant Applications  review page which lists some reputable services. Another great resource is the Non Profit Grants  review page. Both of them have good programs listed that offer free trials. Just make sure to cancel before the membership fees kick in if you don't want to pay more than the initial, small fee.

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Finding Scholarships When It Is Financially Necessary

Finding Scholarships When It Is Financially Necessary

Not many things are as disappointing as wanting to get ahead and either being unable to or not knowing how. In this competitive world of economic downturns where a college degree is more and more becoming the standard for acquiring a good job - or any job, for that matter - what's a low-income or struggling family to do? According to the U.S. Department of Education, the average cost to attend college has more than doubled to nearly $20,000 in the past 30 years.

Despite popular opinion, student loans can be avoided. When it comes to your education, there are other options out there despite your financial circumstances. You just have to know where to look, and when I say, "your income matters," it's not a bad thing. Scholarships are available based on need for virtually any career you want to pursue.

The obvious place to look is your intended college to see what financial aid and scholarship programs they have available, but state-based scholarships are also a great place to look.

Federal grants are also largely based on need and can supplement the funds received from scholarships. Grants and scholarships are often made available depending on your chosen major, chosen school, or if you will attend within your own state of residence. The internet is a great place to search and apply for scholarships specific to your need and interest.

However, scholarships aren't awarded entirely on the basis of financial need, but other criteria are usually considered, such as academic achievement, community service and performance in other extracurricular activities. Since each scholarship's requirements are different, you should thoroughly review the scholarship criteria to make sure you qualify.

What Are Some Need-Based College Scholarships?

Below are some general and state-specific, need-based scholarships you might find helpful:

The Unmet Need Scholarship - Available to students from low-income families, who are lacking between $1,000 and $3,800 to meet their financial aid goals.

The Jack Kent Cooke Foundation Scholarship - Available to high-achieving 7th graders, undergraduates and graduate students. Offers up to $30,000 annually to transfer students from 2-year to 4-year colleges.

The USA Funds Access to Education Scholarship - Available to high school seniors from low-income families.

The Ernestine Matthews Trust Scholarship Award - Available to graduating seniors (and residents of Maryland) with above average grades. Award continues for four years if applicant can maintain at least a "C" average.

The Korean American Scholarship Fund - Available to college-enrolled students of Korean heritage, in various regions around the United States.

The Ron Brown Scholar Program - Available to high-achieving African-American high school seniors with demonstrated leadership capability and financial need.

Keep your dream and you will find lots of satisfaction.

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Process To Fill Out The Financial Aid Forms (FAFSA) In 5 Easy Steps!

Process To Fill Out The Financial Aid Forms (FAFSA) In 5 Easy Steps!

As many as 13 million parents of college-bound students are struggling financially in order to send their kids to college. Many uninformed parents will end up mortgaging their homes, or spending their entire life's savings. However, last year, over $183 billion in financial aid was awarded to students, the majority of which was based on the forms alone. Students can learn college financial aid basics in 5 easy steps and maximize the amount of financial aid award.

#1 What is "financial aid?"

There are four (4) basic components:

1) Merit based scholarships and grants (GPA and SAT/ACT test scores based)

2) Need based grants

3) Work study employment

4) Loans

a) Student loans (Stafford and Perkins)

b) Parent loans (Parent Loans to Undergrad Students [PLUS])

c) Private student loans

#2 Where do I apply?

Parents and students must provide information similar to that in annual federal and state tax returns. The goal is to determine the family financial profile. The forms required include:

· Free Application for Federal Student Aid (FAFSA) for the US Department of Education

· College Scholarship Service Profile (CSS/Profile) for private colleges and universities

· Supplemental information as requested by individual institution

The student must be a US citizen, permanent or other legal resident, and have valid SS number.

#3 How much will I get?

Based on the answers provided in the FAFSA and CSS/Profile forms, the Expected Family Contribution (EFC) will be calculated. This is the amount that parents and students will be expected to contribute towards the annual cost of college.

#4 How is the "EFC" determined?

Most schools use the Federal Methodology (FM), which includes: Adjusted Gross Income (AGI); real estate holdings; cash, savings, stocks, funds; number of dependents in college; number of members in household; age of parents.

Select private schools use the Institutional Methodology (IM), which includes additional information such as: qualified retirement accounts; equity in home; business assets, and more.

Basically, the higher the EFC, the less financial aid you receive to attend school.

#5 Can I lower my EFC and maximize my financial award?

There are many ways to legally reduce your EFC and increase your financial award. The best time to begin implementing plans for maximizing financial award is when your student is in the 10th grade, but there are many shorter term strategies also available for 11th and 12th graders. College financial counselors are excellent resources for you and can provide their expertise for your financial benefit.

College is more expensive than ever. Don't miss a chance to maximize your financial aid award. Contact us for a free, no-obligation consultation at 888-825-8228 or awatkins@collegeapptraining.com.

Andrew Watkins, Business Director for College Application Training, has over 15 years experience as a corporate attorney and financial consultant. He works with families to financially prepare them for college and optimize the amount of financial aid students are eligible to receive. Contact him for a FREE consultation at awatkins@collegeapptraining.com, or call 888-835-8228.

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Financial Aid and Support For Dedicated Moms Looking to Get a Higher Education

Financial Aid and Support For Moms Looking to Get a Higher Education

Education is not limited to certain sections of the society. Education is an important criterion for survival after the basic elements of life. A man without education and qualifications cannot lead a decent life. The significance of getting educated has to be inculcated in the minds of many sections of the society, especially the mothers. They do not realize that at this stage in their life, they can still find time for college.This message is actually brought to them by the various scholarships for mothers to return to colleges.

A mother realizes the importance of education at various instances in her life. However, due to the circumstances she cannot proceed further and stands stagnant in her journey for a better life. Because of this reason, the federal government insists upon providing knowledge to the mothers about the different scholarships available to them. The federal government is very keen on their part to provide education to the mothers and have allocated $30-$40 billion towards state and federal grants. Pell grants are most famous amongst the federal grants which are granted to the eligible students in the low-income class. The other federal grants which are offered to mothers to return to colleges are the FSEOG, TEACH grant, ACG and so on. The federal grants have to be requested and applied online through the online center FAFSA.

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ELearners is the website portal of Education Dynamics and believes strongly towards the noble cause of providing education to the mothers. It has united with various online universities and colleges and has announced to donate $5 million as scholarships for mothers. 'Project Working Mom' is the newest initiative on their side to effectively communicate their message through this campaign program.

Numerous scholarships for mothers have been provided by charitable and non-profit organizations. A list of some of these organizations or their scholarship has been mentioned below:

1)Sunshine Lady Foundation Scholarship Program
2)CLIMB Wyoming
3)W.I.S.P. Change Your World Scholarship
4)Ford Opportunity Program
5)The Fleming Associates Young Parent Program
6)Arkansas Single Parent Scholarship
7)Soroptimist Women's Opportunity Awards
8)The Jeanette Rankin Foundation Scholarship Program
9)Patsy Takemoto Mink Education Foundation for Low-Income Women and Children
10)The R.O.S.E. Scholarship

The governments 'Moms return to School' program, as the name suggests, is the direct intervention form the President to tackle the problem of unemployment and underemployment amongst the mothers and provide them the due independence and strength to succeed all by themselves. The online education aspect of many of these programs is so convenient to the mothers that they can earn degrees without leaving the coziness of their homes.

In short, it is a dire need of the society to prompt the mothers to restart their education. Scholarships for mothers who intend to go back to colleges are an effective form of encouragement to light up their future lives with the drop of education.

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Source: http://www.articlesbase.com/education-articles/financial-aid-and-support-for-dedicated-moms-looking-to-get-a-higher-education-2296119.html


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