Pursuing a college or career school education can open doors to a world of opportunities, but the financial burden can often seem daunting. Fortunately, numerous financial aid programs are available to help alleviate the costs associated with tuition, fees, and living expenses. In this article, we’ll highlight a few of the key financial aid programs offered by the federal government that may be available to you.
Source: Benefits.gov
Free Application for Federal Student Aid (FAFSA)
The cornerstone of federal financial aid, FAFSA, determines a student’s eligibility for various aid programs, including grants, loans, scholarships, and work-study opportunities. It considers factors like income, assets, and family size to determine how much aid you may be eligible to receive. You should apply as soon as the FAFSA begins accepting applications for your planned school year, as some scholarships are on a first come, first served basis, and can run out. The FAFSA is free to fill out but be sure to check the FAFSA deadlines page to view deadlines for federal and state aid.
Federal Pell Grants
Federal Pell Grants are need-based grants awarded to undergraduate students with exceptional financial need. To determine whether you are eligible to receive assistance through this program, you must first complete a FAFSA. The amount you receive is determined by your financial need, enrollment in an approved program at a participating school, and your education level. Unlike loans, Federal Pell Grants do not require repayment, making them a valuable resource for low-income students.
Federal Work-Study Program (FWS)
The FWS program funds part-time employment for both undergraduate and graduate students with financial need, to earn money to help pay for education expenses. To qualify for this program, you must be a student pursuing a post-secondary education degree or certificate. FWS encourages community service work and work related to the student’s course of study. The total award depends on when the student applies, the level of need, and the funding level of the school.
Navigating the world of financial aid can be overwhelming, but with careful research and planning, students can access a wide range of resources to help with the cost of their education. By understanding the options available and taking proactive steps to apply, students can pursue their academic and professional goals without undue financial stress. For more information on other benefits and resources for students and to find out what you might be eligible for, explore the Education and Training Category on Benefits.gov.
