Funding opportunities are available for all students regardless of their financial status. There are numerous grant, scholarship and loan programs that can help students receive financial aid to attend college or university. One of the most popular of these grants is known as the Federal Pell Grant, which can be used for college expenses.
The Federal Pell Grant is not a loan and does not need to be repaid
The money is awarded by the U.S. Department of Education to qualified students and their families who have graduated from high school and have been enrolled in post-secondary education. It is very important to note that there is no specific eligibility requirement for this funding opportunity; however, you must be a resident of the United States.
The federal government is one of the largest single taxpayers in our country, with more than 20 percent of its annual budget being spent on grants, tax-free scholarships, and other free financial aid. In fact, the amount of federal funding received each year is equal to more than half of the total U.S. government’s budget.
As previously mentioned, the government awards over $57 billion in free money each year for various purposes. These funding opportunities range from grants for private schools to grants for individual students to pay for tuition, books and other fees at a college or university. Students may also qualify for financial assistance in paying for their housing expenses while attending school. You can apply for these and many other funding opportunities online or through the U.S. Department of Education.
The best part about receiving free financial aid for college
It’s that you do not have to repay your funds in any way. Unlike a traditional student loan where you have to make monthly payments that accrue interest over time, this grant money is completely free – you do not even have to repay it.
There are multiple grants that are available to students through different agencies. If you wish to be sure you are getting the correct grant, make sure to contact the proper agency to get more information on the availability and requirements for your particular grant. When searching the grant database, be sure to check to see if the school or institution offering your grant is actually eligible.
Grants are not the only source of free financial aid. Other sources of free or low cost college financing include federal loans from state and federal agencies, private foundations, employers and financial organizations such as banks and credit unions, or financial aid offices at colleges and universities. Private loans may also be provided by banks or other financial institutions.
The federal government offers the FAFSA application for an applicant to submit for a Free Student Loan. When you submit this application, your federal student loan interest rate will be automatically decreased by 5 percent for the first six months of enrollment. Interest rates then rise to the current standard interest rates.
Private, government and student loans are just a few of the available financing sources. Most programs also offer financial aid for parents. For example, there may be grants that are available for single mothers who want to go back to school, or there may be grants available to help with tuition at private, public or private, community colleges.
It is important that you research your funding options so that you can be sure you are getting the best financial aid possible for your educational needs. There are several ways to make sure you qualify for the appropriate amount of financial aid for school including: applying for financial aid grants, going to school with a FAFSA approved student loan, asking your family for financial support and speaking to your school counselor or school’s Financial Aid Office.
Remember to check to make sure you are applying for the right grant and that you are requesting the correct type of grant. You do not want to apply for an educational funding opportunity that does not qualify you for it. For example, if you are a woman seeking a grant for higher education, you do not need to apply for a grant for a business degree.
It is possible to find free grant money to pay for school, but you should make sure you qualify for it and that it is the right financial aid opportunity for your needs. It may take some time to find the right grant, but once you find it you will be on your way to college financing.