Financial aid for university education is frequently sought because of tuition that is burdensome on families and students. Resources for obtaining financial aid to attend a university are frequently unused because students do not know about them. Varying factors play into the availability of financial aid resources.
The Free Application for Federal Student Aid (FAFSA) is the most readily available resource for university students who seek financial aid. As you fill out the application, you provide information about your total savings and your family's yearly income. This is used to calculate how much money in loans or grants are issued to you. The great thing about federal education loans is that they have a fixed interest rate, and interest does not accrue until six months after you graduate. If you receive other aid after you apply for the FAFSA, such as scholarships or grants, reduce the amount of loans you intend to borrow at no penalty.
Office of Financial Aid
Universities have offices of financial aid to help students find scholarships and grant money for financial aid purposes. Depending on your biographical and ethnic details, you may qualify for certain scholarships funded by the school or alumni. For example, minority students are eligible to receive essay for you and scholarships. The financial aid office also connects you to outside organizations that have a relationship with the university and offer scholarship programs.
Military scholarships are available to students who have at least two years left before completion of an undergraduate degree. After completion of the degree, you are committed to military service. Between school years, you receive officer training and are commissioned as an officer after graduation. Your military commitment is equal to the number of years you receive scholarship money.
Programs for Work-Study
The Federal Work-Study program is an initiative offered to students with financial need. The program assists in paying for tuition for students who have part-time employment on campus. Students work with their school to find an employment opportunity.
All financial aid resources require students to maintain good academic standing to qualify for aid. Outside scholarships are available for students based on unique qualities, such as the geographic region of a student's home town, proficiency in a particular hobby or research projects. Educational loans from private companies are also available, but are less than ideal because of variable interest rates and the need for established credit ratings.