Financial Aid Is Available For Those Attending Online School!

When it comes to financial aid, many students are confused and worried. There are a great number of things to know when it comes to financial aid, not the least is what kind of aid to apply for. The good news is that there is more financial aid available than ever before. The aid comes in the form of government programs, school programs, foundation programs, and even tax credits that you or your parents can claim.The most coveted form of financial aid is free financial aid. That means the aid does not need to be repaid to the giver after the student graduates. The two most common forms of free aid are scholarships and grant money.Scholarships are generally given on the basis of merit and not need. That means that the students who receive it have done something outstanding to receive the award. Often, this involves excellent academic grades, superior athletic ability, or some other talent or skill that colleges and universities are seeking. Excellent grades or athletics isn’t the only way to receive a scholarship, though. Many companies provide scholarships to student who will study a related field. Companies do this to build good will and to build relationships with potential employees. Many privately funded foundations and organizations also give out scholarship money through competitions, or based on a student’s other activities.Grants are also free gifts of money, but as a normal rule they are not awarded on merit. Instead, they are usually awarded based on a student’s financial need. Generally speaking, the greater the need; the greater the award the student can expect to receive. The most popular grant program in the U.S. is the Pell Grant. The U.S. government administers the Pell Grant, and the award amounts were recently increased to a maximum of $5,550 annually. Additionally, now the Pell Grant can be awarded more than once per year; now it is available to help fund classes during summer semesters, allowing students to finish school more quickly, if they so desire. The best way to find out about scholarships is through your high school counselor’s office, or the financial aid office of the university or college you wish to attend. They can guide with a list of resources.If you find that you don’t qualify for grants or scholarships, you can still apply for a student loan. Student loans are the most common way that students finance their education. It’s vital to carefully choose the right loan program for you, because there are a number of different types available. You can choose a government loan, which usually has better terms and rates than a private loan. The Stafford loan is the most common. Even students with no established credit can apply for a Stafford loan, because its approval is not based on the applicant’s credit score. With a Stafford loan, students are permitted to borrow up to $20,500 per year, depending on the type of degree being sought and the year of enrollment.Another very popular loan option is the Perkins Loan. It is mainly designed for students who would not be able to attend college without financial assistance. Students can borrow a maximum of $60,000 on a Perkins Loan, but they can only receive the full amount if they will attain a graduate degree of some kind. Only $27,500 may be applied to undergraduate expenses, and the remaining $32,500 must be applied to master, doctorate, or other advanced degree programs.