These days it’s nearly impossible for anyone to attend college without considering some kind of financial aid and this applies to both on campus and accredited degree online programs. In fact, one could say a prospective student shouldn’t even consider matriculation without both the grades and the financial package to back them up.
Ask the average American just what financial aid is and a lot of the time even those in college don’t have a clear idea. There are very specific differences between a scholarship and a grant, a loan or going through a work-study program. A good place to start is a school’s financial aid officer. It’s their job to help prospective students get as much aid as possible. Successful ones keep their jobs and a student directly benefits by letting them do so.
Some general information about the different types of financial aid available is a good place to start. Understand the basics and you know what you are looking at when the time comes.
(1) Scholarships and Fellowships – The first and best know are scholarships and fellowships. They are bestowed due to intellectual or personal merit, as they can be given out for good citizenship (aka leadership awards) as well as good grades. Scholarships are for undergraduates. Fellowships are for post-grads. These days it’s nearly impossible not to find one organization or another that doesn’t have one, if not more, out there. After being awarded one, the only thing a student usually only has to do is keep their nose clean and maintain a pre-determined grade point average.
(2) Grants – Mainly are handed out due to financial need, although grades are a consideration. They require students and/or their parent(s) to fill out a FASFA form. This details income, expenses and any other important details. Better known grants include the Federal Pell Grant, the SEOG and the state of Georgia’s Hope Grant. Again, a student doesn’t have to pay the grant back.
(3) Loans – At least half of all students in college has one of these. They were supposed to be a low-interest loan of one form or another. They are also based on need, so a FASFA form has to be completed. The most common loans are the Stafford, PLUS and Perkins. Thanks to the initiatives President Obama signed into law last March, college loans are going through some major modifications shortly. Just remember, these are loans, so they must be paid back.
(4) Work-Study Programs – It helps students earn financial aid, and often academic credits, through a part-time job. They include the Federal Work Study program, whose funds can be had at 3,400 academic institutions in the U.S. Also, major corporations such as Blockbuster, McDonalds, Wal-Mart and others offer work-study programs for their employees, with beneficiaries getting as much as $10,000 a year in addition to their salaries. Like scholarships and grants, the student doesn’t pay this one back. He or she just has to work for it.
As said before, it’s a good idea to work with a financial aid officer for further advice when you want to get your on campus or online degree education. It’s also never hurts to get on the Internet and do some research on your own. Even a casual search on Google will find an incredible number of such college grants out there. For more information, the U.S. Board of Education is a great way to start. If you would like more information about online scholarships, check the internet.