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Financial Aid

Financial aid refers to the funds that are available to assist students to pay their education expenses during their academic years at a college or university. Typically, students use financial aid to pay for their tuition fees, room and board costs, books, educational supplies, and overall living expenses during their academic tenure. Financial aid is available to students for all degree programs throughout the US. All colleges and universities in the US offer some form of financial aid to their students.

Types of Financial Aid

Primarily, financial aid is divided into two types. The first type is based upon the financial need of that particular student. And the second type is based upon the merit and academic performance of the student. The government promotes people to attend universities and colleges to further enhance their skill set. Well-educated community is a benefit to the entire nation. It is one of the reasons why a variety of different financial aid packages are available to students. In many cases, the University or College has their own financial aid packages that are offered to the students.

They are also a variety of different state and federal financial aid package available to students across the nation. The first step in receiving financial aid is to complete the free application for Federal student aid (FAFSA) electronically to the U.S. Department of Education. Simply visit the U.S. Department of education's website and submit the form after filling out the required parameters.

Students that do not have access to the Internet can also fill up the application and submit it to their financial aid departments of their respective university or college. The application would require the student to declare their assets, family income, and dependencies. Students have to be completely honest while submitting the form since this is checked by the U.S. Government.

Financial Aid Application Process

Each application is reviewed by the U.S. Department of Education and the applicant informed of the total amount of financial aid that can become available at a particular given time. Many factors come into play while determining the overall financial aid package that will be available to the applicant. The overall aggregate income of the family, tuition fees of the college that the student has applied and enrolled in and the state in which the applicant was born in play a very important role in determining the financial aid availability.

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