Getting Through College by Financial Aid

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Getting Through College by Financial Aid

Sunday, November 8th, 2009 Subscribe To Our Feed

Financial aid can be a God-send, enabling many students the opportunity to get a college education and brighter future. These days, there are few opportunities for students who do not pursue higher education and the nation’s job market has become more competitive than ever. Yet, the dark side of student financial aid is that a number of students fail to realize that college loans are not “free money” and they must be repaid eventually. Often times loan providers give students way more money than they’ll need to cover tuition, board, fees and books, which encourages students to use the remaining money to fund shopping sprees, spring break vacations, parties and their wildest dreams. Unfortunately, graduation day will come and these students will be expected to pay for their luxurious lifestyle; starting their new lives in thousands of dollars in debt. Therefore, it’s important that students consider all options on the table, including forms of aid that do not need to be paid back.

FAFSA is one of the most common types of student financial aid. According to the US Department of Education, nearly 70% of this financial aid comes from their programs, like the Free Application for Federal Student Aid. By filling out an application form, students can receive one of the following; Federal Stafford Loans, Federal PLUS Loans, Federal Direct Loans or Federal Perkins Loans. The awards of this program are based on demonstrated financial need. Students should apply for these loans well ahead of the semester. If approved, they will receive an award letter stating how much they’ll get and when. They then submit the check to their school office to cover tuition fees and dorm expenses and the rest of the money is returned to them in cash. For most loans, students will be expected to pay this money back gradually upon graduation.

Scholarships for college are another source of financial aid. Unlike student loans, this money does not need to be paid back. It is simply free money given to students based on academic achievement or excellence. Some are based on grades, but even average students can win scholarships if they excel in one particular subject, if they are star athletes, or if they have a track record of community service. One of the largest free databases to search is www.edu.fastweb.com, which has 1.5 million scholarships that dole out more than .4 billion in aid. Other free sites to look for free money include www.apps.collegeboard.com, www.scholarships.com, www.studentscholarshipsearch.com and ” title=”http://www.bwnt.businessweek.com/interactive_reports/best_internships_07.
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Beth Kaminski is the co-author of Curing Your Anxiety And Panic Attacks which detailed help for panic attacks as well as tips on the various panic disorder medications available at www.anxietydisordercure.com.