High-school graduates and undergraduates students with problems on paying the college tuition are offered by the government called Federal student aid. This is to stop students from loaning in private creditors which can lead them to drowning in debts in the future. The program is offered to low-income and middle class students. This consists of three forms which are the grants, loans and work-study. These forms require a FAFSA as the first free application for federal student aid requirement obtained in the school of a student. If the student completed the FAFSA and has been approved, it is now the time to choose among the three. Here is some info that can help you decide.
- College Grants. It’s an award given to limited students only who are qualified to have the award. It’s selected in low income and middle class type students from high-school graduates to undergraduates. The first benefit getting this form of financial aid would be it does not require payback. Then, a student can receive $2,445 or more, depending on the institution. Read more here at fafsa.ed.gov.
- Student Loans. A loan that is determined on the income of the family. It cost less than other loan lenders because it offers fixed rates and low interest. It has also many benefits such as creating a good credit history which is helpful in applying other loans. The government can also pay your loan if you belong to Federal Perkins Loan and Subsidized Stafford Loan.
- Work-Study. A part-time employment is offered to those who applied and approved by this type of financial aid. The job may be from their chosen expertise. One good benefit would be the student can save money for his or her tuition and other school expenses. The student can apply other form of financial aid because it does not affect financial aid status.
After knowing the three, have you already decide? Apply for fafsa now.