The Federal Government regularly allots money to colleges and universities for running their educational programs and supporting few other institutional costs. However, this money does not directly help you pay for your tuition. When looking for ways for paying tuition for college, consider the student federal grants given directly to the student.
It is good to know where and how to start applying for federal grants. Depending on the eligibility conditions, there are broadly two types of federal grants, need-based and merit-based. Need-based grants are given to the applicants who are determined as financially needy based on the calculation of income, family contribution, and other specific criteria while merit-based grants are given to the applicants based on their performance and other achievements that have to meet a certain fixed standard.
The first step is to get started by researching the types of student federal grants and how to apply for student loans. Next, you need to know your eligibility for grants, how to apply for student grants, and managing your repayment plans.
The key difference between a loan and a grant is that you don’t have to pay back a grant in most cases.
Let’s start with Student Federal Grants. Federal Grants are grants given to eligible students who want to pursue higher education and are in financial need. In other words, “Federal grants are funds to help pay for college or career school”. These grants can be provided by the federal government, state government and are provided to those who are in need.
To know if you are in need and are eligible for grants, you need to fill and submit the Free Application for Federal Student Aid (FAFSA) Form. Moreover, if you want to keep getting financial aid, you need to fill FAFSA Form every year while you are enrolled in school.
In most cases, you do not have to pay back Student Federal Grants, however, there are some cases when you may have to repay a grant. For example, if you make an early withdrawal from a school program for which you were given a grant, you may have to repay the grant, or if you receive outside financial aid or scholarship, you would be bound to repay the grant.
Knowing these simple things, let’s look at how to apply for student grants. The first step is to know your eligibility for grants. For federal grants, you need to start by filling FAFSA form which is available on the Department of Education’s website. The information provided by you in your FAFSA application will determine the type of Student Loan or Grant for which you are eligible. When you fill your FAFSA form, you would need to list the name of your school to ensure that you get informed about the status of your application on time. Make sure to submit your application within the deadline.
It’s great to know that applying for federal grants could be easier now that the number of questions to be answered will go from 108 to 36. Changes in the eligibility conditions will also grant students from those families below a certain income automatically eligible for federal grants. This change will make it easier for students to know in advance about the financial aid they can expect and count on, before filling the FAFSA form. The government is also going to increase the amount of the maximum federal grant in the year.
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Now that your worries about how to apply for student loans are addressed, it is important to consider the responsibilities you have because your student federal grant isn’t free money. To continue getting your financial aid, you have to ensure that you apply and reapply on time and meet the deadlines. You need to provide correct information and proper documents that you will be requested to submit to support your applications, which include tax returns and other financial documents. In case of any changes in your enrollment status, you need to inform the relevant authorities at your school and comply with any agreements on which you sign in order to get your student federal grants. To aid you in all these procedures, you can get assistance from the financial aid office and make your job easier.
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