These Financial Aid Programs For US Citizens Are Available

GETTING FINANCIAL AID FOR EDUCATION

When US citizens are looking to finance their education, most of them seek financial aid from the government. While the federal government offers aid to students, there are a number of other options that students can look into and take advantage of as well. Like all other types of loans, students must evaluate their options and determine which type of aid is best suited to their particular needs.

Financial Aid
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FEDERAL AID

The most common type of aid for US citizens is a loan from the federal government. These loans have a fairly open policy when it comes to eligibility and funding. US citizens who wish to get a student loan, will must need to fill out an application and wait for approval. Within a few weeks, the student will then be notified of how much they will get. This is the easiest type of aid to get for students who are US citizens.

STATE AID

As well as receiving federal aid, US citizens can also get this type of financial assistance from the state. There are many states that are willing to offer education loans to students who want to advance their education. However, their criteria is a little more specific compared to federal aid loans.

  • Students must be residents of the state they wish to receive aid
  • The interest rates might be a little higher (by 1% and % interest)
  • A student must attend an accredited college or university based in that state

AID FROM COLLEGES

While students and US Citizens can get aid from both the federal and state government, they can also get financial assistance from the college or university they attend. This is a very convenient option for students who want to avoid the hassle of getting a loan directly from government sources. When it comes to financial assistance from colleges, there are a few things to keep in mind:

  • Limitations on the amount of funding per year (most colleges offer up to $10,000)
  • US citizens and students must only attend the college during the year
  • Students may still need to file applications to government sources but the college will complete this task on their behalf

SCHOLARSHIPS

While getting aid through loans can help students and US citizens get financing for their education, there are some other options that can allow them to fund their education. One of the most popular ways in which students get funding for their education is through scholarships. These are funds awarded to students who qualify. In order to qualify for a scholarship, students must meet criteria such as:

  • Must have a high GPA and a minimum required GPA
  • Can qualify based on achievements other than academic such as sports

GRANTS

Another option for aid that can help US citizens and students fund their education is grants. These are sums of money that are given to students who are looking to complete a degree program. A grant can be one of the best ways to finance an education due to the following reasons:

  • Don’t have to be paid back
  • Grants are not loans so students never have to worry about any future financial liability
  • Can receive funding for up to 7 semesters

A grant can be given to students during the course of several semesters. As a result, they can finance a degree program for free

  • Qualification criteria is much less rigid than scholarships

Unlike scholarships, students do not have to have exceptional academic or athletic achievements in order to qualify.