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Financial Aid

The most obvious question that passes ones mind before applying to college is about the financial aid and cost of the college course. For the 2009–10 academic year, annual prices for undergraduate tuition, room, and board were estimated to be $12,804 at public institutions and $32,184 at private institutions as per U.S. Department of Education, National Center for Education Statistics (2011). College is expensive, but the fact is that there are ways to help in that process, you can look for college financial aid. The good news is more than half of all college students receive financial aid. There are several set ups that can you. Getting as much of the information as you can about these various types of college financial aid will help you to secure your future.

Finding Financial Aid

To get financial aid, first apply through your college. Then, you can work with counselors to determine just what options are available to you. In some cases, your parents may be asked to help pay for your education. In others, you will qualify for a specific amount of money to be loaned to you.

Once you apply for financial aid and figure out your eligibility for various aid programs then you may have a few options to choose from. For example, you may qualify for grants. Other options are subsidized loans that offer very low interest rates. These are the next best thing to consider.

Your best tool in learning about college financial aid is seeking the advice of the financial aid counselor at the college you plan to attend.

Tips for financial aid

  • You should look towards free money
  • Work in advance
  • Talk to your college financial advisor
  • Hunt down scholarships. Scholarships are the best way to go because you never have to repay the money.
  • Keep applying for grants. Grants are great because they don’t have to be repaid either.
  • Time your FAFSA application carefully. If you’ve begun navigating the financial-aid universe, you know about the need to file a Free Application for Federal Student Aid, or FAFSA, in order to secure federal grants and different forms of state aid. Apply for grants in advance and note the deadlines to fill the FAFSA .
  • Borrow as a last resort. If student loans are unavoidable, opt for subsidized loans when you can. The federal government pays the interest on such loans while you’re in school and during the grace period before repayment begins.


Just remember: start early, make sure that the information you provide is accurate, and meet every deadline. And, once you get those aid offers, compare them carefully. Most of all, be sure you read and understand everything before you sign anything.

Comparing Loans and Grants

 

MONEY YOU DO NOT HAVE TO REPAY 1. Scholarships and Grants
2. Savings
3. Work-Study Earnings
CHEAPEST LOANS    4. Federal Student Loans
• Perkins Loans
• Direct Subsidized Stafford Loan
• Direct Unsubsidized Stafford Loan
• PLUS Loans
 EXPENSIVE LOANS    5. Private Educational Loans
6. Home Equity Loans
7. Credit Cards



You can avail the following grants and aids to support your higher education in the US:

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