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April 20

Federal Students Aid: FAFSA

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There is a Federal Students Aid called FAFSA, which is the process that every student must follow in order to get a Financial Aid. There are different types of programs; here, you will find at least one that will fit to you.

1.1.1   Grants:

        Federal Pell Grants
        Teach Grant Program
        Federal Supplemental Educational Opportunity Grant (FSEOG)
        Academic Competitiveness Grant
       National SMART Grants

1.1.2   Campus-Based aid:

They are called this way, due these programs are based on the administration of the financial aid office of each university; but, first check out because not all universities participate in these programs.

According to your needs and the funds of the university or program, you will receive a determined amount of money. Be careful and sure to apply for a federal aid as soon as you can, because when the money of a program is gone, there are no more awards from that program.

Also, the university establishes its own period of repayment, and generally those are in shorter time than those given by the government.

        Federal Supplemental Educational Opportunity Grant (FSEOG)
        Federal Work Study
        Federal Perkins Loan

1.1.3   Stafford Loans (FFELS and Direct Loans):

Stafford Loans, offered to the students, has both the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan).

These either or both programs mostly are offered in all the universities. The principal differences between them are:

        -   The plan of repayment.
        -   Direct Loan funds come from the federal government.
        -   FFEL funds come from the bank or any other lender.

        The Process
        The Amounts
        The Payments
        The Interests
        The Repayments

1.1.4   PLUS Loans (Parent Loans):

This aid is given only for parents, with an acceptable credit history and with a dependent undergraduate student enrolled half time. For a PLUS Loan there are both the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program.

        The Process
        The Amount
        The Interests
        The Repayment

1.1.5   PLUS Loans for Graduate and Professional Degree Students:

      This is a recent program, in which graduate and professional degree students are now eligible for PLUS Loan Programs. The terms and conditions applicable are the same used in Parent PLUS Loans.

      The interest is 8.5% for the FFEL program and 7.9% for Direct Loan program. Applicants for these loans must not have an adverse credit history, and then they have to apply to the FAFSA and to their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program.

Finally, this government grants and loans will help you to finish your goals and achievements in life. Determine with the university you have decided to, in which financial aid program you would qualify; and do not let the education costs stop your path to your dreams.

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