4 Types Of Financial Assistance For Universities And Colleges

Many students need some sort of financial assistance to pay for colleges. Luckily, they have several financial assistance sources to select from. If a student wants to get federal financial assistance from the government, he must fill up a FAFSA submission form. Once the FAFSA application is processed, he as well as the colleges he has selected gets a personalized EFC (Expected Family Contribution) number. This number is used to estimate the total federal assistance he can receive.

1. Grants

Grants are a type of award offered from federal agency in order to help students pay for their tuition. The best thing regarding grants is that you do not need to pay them back. More than 1,500 grant programs are found that are offered by over 20 federal agencies.

2. Scholarships

Scholarships are basically free funds offered by churches and colleges to non-profit organizations and local cities. If you search the Internet, you will find numerous scholarships to select from. You can also talk to the school counselor to get scholarships.

3. Work-Study

Federal work-study offers employment for both graduate and undergraduate students who demonstrate financial want. It facilitates you to earn funds in order to pay your college expenses either by working on campus or by doing community service work.

4. Student Loans

Student loans are basically money borrowed with interest and must be re-paid with the same. Student loans are of various types, and you may choose any from the following:

  • Private Student Loans: Also known as alternative loans are basically offered by private organizations that have higher limits and are quite flexible.
  • Federal Perkins Loans: These government loans are given to graduate and undergraduate students having extensive financial needs. Federal Plus Loans: These loans are given to parents in order to help them finance the education of their children.
  • Federal Unsubsidized Stafford Loans: These loans are provided to students regardless of their monetary requirements.
  • Federal Subsidized Stafford Loans: These loans are offered to graduate and undergraduate students demonstrating strong financial need.

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