Common Types of Financial Aid
If you are planning to attend college or the parent of a child you ho
pe will attend college, I'm sure you are concerned over how you are g
oing to be able to afford the process. A college education in many ca
ses is a significant investment. The good news is that there are many
options for the average family when it comes to paying the high cost
s involved in higher education.
Types of Financial Assistance for Educational Expenses
Scholarships. You will find that scholarships come in many different
shapes and sizes and have all kinds of strange requirements in order
to qualify to receive them. Some are based on need while others are b
ased on merit. You will also find that there are many community and f
aith based organizations that offer scholarships in addition to certa
in corporations that offer scholarships in a gesture of good will to
employees and the children of their employees. These are an excellent
source of educational funding, as they do not need to be repaid.
Federal Pell Grants. This is another financial aid source that doesn
't require repayment. However, you must qualify based on need in ord
er to receive this particular type of college assistance. You can on
ly obtain a Pell grant if you are an undergraduate college student w
ho has not yet earned a college degree. There is a formula that is u
sed to determine the amount of award for which you are eligible. Thi
s depends greatly on your means as a family and how much you can rea
listically expect to contribute towards the cost of your education.
Loans. This should be used as a last resort when it comes to paying y
our college expenses, as this is money that must be repaid with inter
est. There are several types of loans that are available and you shou
ld consider carefully and weigh your options before taking out a loan
. However, if this is the only method you have for covering the cost
of your tuition it
ill be money well spent once you've managed to re
pay the debt.