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Student Financial Aid: sorting out the college money maze


There are many paths to student financial aid Student financial aid? It's the lifesaver that helps pay for tuition, books, supplies, fees and more -- for learning on-campus or online (in today's troubled economy, be sure to apply early so you're not left out). These are the key types of funding available:

COLLEGE LOANS: By far the best-known version of student financial aid, loans are later repaid with interest (many options are available online and offline). Example: the Federal Perkins Loan (currently up to $4,000 a year for undergraduates, and up to $6,000 for graduate and professinal degree students); the participating college itself is the lender. Student loans can also be browsed online from lenders such as banks; you may find goodies such as reduced interest rates upon graduation or completion of courses, and interest reductions for automated payments. For safety, banks often release the funds directly to the college at the start of the term, rather than to the student. Most student loans have a repayment grace period of at least 6 months after graduation -- and a comparatively low, variable interest rate which changes with economic conditions.

COLLEGE GRANTS: Essentially "free money for college", grants need not be repaid, so long as you maintain satisfactory criteria. They may be student-specific, subject-specific, degree-level-specific, or for-minorities. Not only are there different types of grants, but sub-types within those categories -- you may want to consult your financial aid office or an online search site for more info. One well-known example is the Federal "Pell Grant," for undergraduate students who haven't earned a bachelor's or a professional degree. The Pell Grant maximum for the 09-10 award year (July 1, 2009 to June 30, 2010) is $5,350; the maximum for the 10-11 year (July 1, 2010 to June 30, 2011) is $5,550.

COLLEGE SCHOLARSHIPS: Another form of free education money, scholarships are donated or provided by the college or other entities such as private companies, individuals, business and charitable organizations, religious groups, etc. Again, these need not be repaid if you maintain satisfactory criteria. There's a gazillion different college scholarship programs available -- which is great -- but it's also frustrating trying to locate them all, so you may want to use the online database sites that match you up with scholarhips.

COLLEGE MILITARY AID: One example of financing for military veterans and recruits is the Montgomery GI Bill, or MGIB, currently providing up to 36 months of education benefits to eligible veterans and can be used while on active duty or after a fully honorable discharge from active duty. Perhaps the best-known example is the ROTC scholarship, which in exchange for a service commitment, provides college money while you're in school.

COLLEGE TUITION REIMBURSEMENT: Find out if your employer offers tuition reimbursement for continuing education. Companies want (and are often required) to have personnel who know the latest in their fields, and many will help pay the cost of credit-bearing courses at accredited schools. Each company has their own criteria for education assistance, so ask.

COLLEGE WORK-STUDY PROGRAMS: Work-study may be on- or off-campus; ask your financial aid office what is available. Federal government programs are the primary funding source, with about 3,400 postsecondary institutions participating.



Getting student financial aid is easier with proper planning, preparation and organization. here are some pointers:

The sooner you apply for education funding, the better your chances. Each January or soon after the new year, complete and submit your FAFSA application form (Free Application for Federal Student Aid, at fafsa.ed.gov) for the next academic year. Applying early is important for loans and other college aid such as private scholarships and Federal Pell Grants. You may need to fill out separate applications for all the offerings available. But the FAFSA is the most important.

Watch the details. Your application can be delayed or disqualified by things like a wrong Social Security number. For males 18 or over, your FAFSA will be checked with Selective Service to make sure you have registered. Registration can be done at any post office.

Whenever your credit rating may play a role, consider getting a free credit report and credit score with a tryout of credit monitoring -- a lifesaver in this age of identity theft. Keep your credit in good shape with timely payments on any current educational loans so you'll remain eligible for college financial aid. A government database check will reveal your payment history.

Car Insurance for Young Drivers - How to save SCADS of cash

Student Credit Cards (also known as student rewards cards)

This has given you a basic idea of what's what in money for college students. Getting hold of it can seem daunting, with the forms to fill out and so many options available, between loans, grants, scholarships and more -- but your financialaid office and online resources can make things much easier, so make use of them. Good luck, keep your grades up, always look toward that college degree -- and apply early for student financial aid!








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