Sources of financial support

Federal loans, private loans, grants, scholarships, financial aid ... And the list goes on. Which is right for you? Do not feel bad if you're a little confused about how to pay for school. Here are some basic information about the world of finance education, we hope this helps.
The main sources of college funding:

* The federal government
* University and private scholarships
* Self-Help
* State aid


Federal Government

The federal government is the main source of education funding. Assistance primarily based on need. Need-based aid is financial assistance that adding the ability to pay for college. She tries to bridge the gap for families whose income is insufficient to sustain the costs of higher education.

Need help based on the most common category was awarded to help through the United States. Student eligibility for aid is determined based on need by completing Free Application for Federal Student Aid (FAFSA), which assesses the economic situation of the family. This form is completed after January 1st of the year, a student planning to enter college. FAFSA uses a complex formula to determine your estimated family contribution (IPI). Number is the amount your family, according to the methodology of the federal government should be able to contribute to the institutional costs during the school year.

If you are considering low-cost schools or expensive private universities, all schools that may apply to the use Efe.

Too often,students and parents assume that they will not qualify for any type of financial assistance. Despite the family's income or ability to pay for the cost of participation of students to apply for a possible source of funding. Only then they can make an informed decision on which college or university to attend.

Until November or December of the year before enrolling at the university, a student must begin collecting information about schools in particular, they want to participate. Contact the schools to receive financial assistance application and other required forms. Complete the FAFSA as soon after January 1st as possible. When schools begin to send you information on the types of financial aid offered, compare and contrast each book carefully to decide what assistance you most enjoy.


The federal government assistance

Many financial aid packages include some or all of the following resources to help pay for college. These prices are from federal sources, and the maximum amounts offered are based on the precise cost of an educational institution or is determined by federal regulations.

* Federal Pell Grant - This grant is given as needed to help students with the cost of education. This award is the "right" program, which is, if eligible, students must receive these funds, no matter what school he / she participates.
* Federal supplemental opportunity educational grant (SEOG) - This grant is awarded on the basis of financial need is given to Federal Pell grant recipients.
* Federal College Work Study Program (FWS) - This program provides jobs for graduate students as part of their aid program. The study of work of the College are awarded based on financial status. More possibilities for work study are available if a student is not eligible for a work plan for the federal government.
* Federal Perkins Loan Program - not all schools participate in this program. Perkins Loan Program is a low-interest federally funded loan program for undergraduate students at a time, Monday and Tuesday. The loan provided by the school and is based on need. As long as the student is enrolled in school, the federal government subsidizes the interest. Repayment begins nine months after graduation or leaves. The payback period is ten years with a minimum monthly fee of $ 40.
* Federal Stafford Loans (subsidized and subsidized)
* Does the federal loans for undergraduate students (PLUS)
* Federal PLUS loans to graduate students for graduate and professional (GradPLUS)


Other types of federal aid

Local National Guard or reserve units can provide educational assistance in the form of grants or loans. Check with your school counselor or a reserve officer for more information.

If you are a veteran or eligible dependent of a veteran is entitled, contact the Regional Office Veterans Administration documents that you or your eligible parent. Funds may be available to cover part of your educational expenses. Educational benefits are normally paid directly to the recipient on a monthly basis. For more information on VA benefits 888.GIBILL1 call (888.442.4551) to speak with veterans benefits counselor or visit the website at http://www.va.gov/.

Labour and Vocational Rehabilitation may be available to talented students. Contact your local office for more information. These offices are usually in rehabilitation services or vocational rehabilitation services in the phone book in the country offices.

Indian students may be eligible tribe with relief of the Indian Act (BIA). BIA benefits may vary depending on the tribe. You should contact your tribal headquarters to determine your eligibility for benefits BIA.


Private universities with scholarships

Second largest source of financial support is the institution itself. Institutions offer scholarships and grants based on the ability to earn, athletic, financial need, study a particular discipline, and many other criteria. Most require additional applications have specific deadlines for their applications.

Students should ask about scholarships and institutional Office provides financial assistance to school and classes specific to the institution.

Private scholarships and grants may be available from corporations, civic groups and religious and philanthropic organizations. Find these resources may require students to do extensive research. Start with the school guidance counselors, financial aid offices, local libraries, Internet, current students.

A word of warning: companies looking for private scholarships that charge fees for services may or may not be respected. Even if they can help find a gift with potential, they can not guarantee a student will receive the funds. Contact a school counselor or your financial aid officer before investing money in programs private scholarship search.

In addition, consultants who offer to complete the FAFSA form for you for a fee can not be formed properly. Director of financial aid from the college or university in your area is an excellent source of information and assistance. These professional workshops in high schools and community centers on a voluntary basis.

Remember: You do not have to pay a fee to receive financial assistance.

Self-help (student / parent)

You should start planning for college early. Your financial planner can advise you on investment opportunities in savings. United also walk in order to provide the means for families to start saving early for college.

Each state has college savings. College Savings Plans Network was established in 1991 as a partner of the National Association of State Treasurers. This coalition of states working together to find ways to encourage families to save early for college. For more information about Education Savings Plans Network or the National Association of State Treasurers, write to PO Box 11910, Lexington, KY 40578-1910 or call 859.244.8175 or visit http:/ / www.collegesavings.org/.

Alternative loan programs provide funding to cover the costs of education once other sources of assistance have been exhausted or when the annual limits have been reached. These loans based on credit may require a co-signer is of interest rates generally higher than federal loans. Borrow conservatively and ensure that all other sources of student aid grants from the federal government have been studied before using the alternative loan funds.


State aid programs

Many states offer scholarships based on need of grants and special loan programs to help residents pay for college. Application procedures and deadlines vary by country. Check with your advisor for financial assistance for information about programs in your country.