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Federal College Grants

When it comes to funding for college, there are several different options that person can choose. Some of these, like student loans, require that a person repays the money borrowed along with interest. While this is a common method for paying for school, it is not the most favorable by any means. Students often get trapped in debt and spend several years paying back the cost of their tuition.

There are, however, two options for students that are looking to pay for college without taking on debt. The first thing that people think of when it comes to financing a college education is a scholarship. Scholarships can help out students, but can be challenging to attain since you are essentially competing against other students. Each applicant must meet a number of requirements, possibly write an essay, and prove yourself worthy of the scholarship. Essentially, scholarships are ‘merit-based’ meaning that recipients are chosen based on the candidates that most deserve it.

Scholarships are absolutely worth researching and pursuing but the first step in funding your college education is to start with applying for government grants. Grants, like scholarships, are another category of ‘gift aid’ for college. The U.S. Department of Education allocates funds, over 30 billion dollars per year, in order to help students pay for their college education. Federal grants should be the first type of funding to look into for helping you pay for college.State and college financial aid programs will usually require you to first apply for this ‘financial aid base’ layer before considering you for other grants. As opposed to scholarships, grants are awarded on a ‘needs-based’ criteria. The first very step for getting a college grant from the government is to fill out the Free Application for Federal Student Aid, also known as the FAFSA. It doesn’t cost you anything to apply and, conveniently, you can apply online.

The amount you will receive is based on your financial situation, the cost of attendance, and if you are studying full time or not. If you would like to know how much financial aid you can get from Federal Grants, you can enter your details in the FAFSA 4 caster and get a good idea of what you’d receive. Usually these federal grants are reserved for people from families earnings under $60,000 per year but since it’s free to apply, it never hurts to send in an application. Federal grants are more accepting of who can apply therefore there are lots of applicants so even though the pool of money is large, you still shouldn’t wait for the last minute, otherwise the funds allocated for the given year might run out. The deadline for filling out your FAFSA is June 30th of the year you are applying for so do not wait until the last minute, in order to ensure funding is not depleted.

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