Incoming freshman and current students can oftentimes be overwhelmed by the high costs of college, including tuition, room and board, spending money, and unexpected expenses or fees. More and more students are dissuaded from continuing their education by the ever-increasing costs associated with attending a college or university. However, there are many options to explore that can substantially decrease many students’ payments and future debt obligations. When you’re searching for ways to cut the costs of going to college, grants and scholarships offered by the federal government can be an important method for financing your education.
Many federal departments and agencies offer government grants and scholarships for students entering a specific field of study, but the largest source of funding comes from the U.S. Department of Education. Over $100 billion per year is provided to students through financial aid, grants, work-study programs, low-interest loans, and more. In order to determine your eligibility for federal aid, the first step you should take is completing the Free Application For Student Aid (better known as “FAFSA”).
The FAFSA consists of questions regarding your family’s assets, household income, dependency, and so on. The government will then determine your eligibility for nine different federal loan, grant, and scholarship programs, such as Pell grants, Stafford loans, and TEACH grants. Further, the FAFSA is commonly used by state and local institutions for allocating funds from their own various loan and financial assistance programs. Completing your FAFSA either online or through the mail is absolutely necessary in order to take full advantage of government grants and scholarships, and you should complete it before considering any other options.
Pell grants are the major source of federal aid for low-income students in need of assistance. These grants do not have to be repaid and are available to students who meet the government’s standard of being in “financial need.” Completing your FAFSA will inform you and your school about your eligibility and whether any funds are available to go towards the cost of tuition or housing.
Stafford loans are another important avenue for funding your education. Because the interest rate of the loan is fixed at a relatively low number, these federally-backed loans are some of the cheapest ways to make college more affordable. Your FAFSA is again used to determine what aid you can receive.
Check your particular area of study or interest to see what government grants or scholarships may be available from the relevant agency or cabinet department. For instance, the Department of Health and Human Services offers aid for students entering the health profession. The Department of Veterans Affairs provides loans and subsidies for veterans and military personnel. NASA has programs for students of the sciences. These are just a few examples of the many opportunities available to you when deciding how to lower your college costs as much as possible.
You don’t have to feel overwhelmed about the costs of college; there are many government grants and scholarships available. Take the initiative and explore all federal financing options before turning to private loans or other ways of payment. With some hard work, you just might find college to be affordable than you thought.
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