Financial Aid For Students - Read More About It
Almost every student will need financial aid at some point or another during their college career.
Most of this aid comes from the Federal Department of Education.
Federal aid comes from collected tax money.
In the 2008-2009, students across the United States of America received $110 billion in federal grants and low interest loans.
The most popular federal grants are the Pell Grant and the Academic Competitiveness Grant but there are others such as the TEACH grant, and the SMART grant as well.
Grants are usually the types of federal aid that students really hope for.
This is because grants are basically like free money, meaning that it does not have to be paid back, provided that the student meets all the criteria of the grant.
As far as loans for federal aid go there are the Federal Direct subsidized loan, the Federal Direct Unsubsidized Loan, the Perkins Loan, the Parent PLUS loan and the Graduate PLUS loan.
Loans, unfortunately, are not free money.
These, unlike the grants, must be paid back.
The good news is that these loans generally come with a very low interest rate and a pay-back date that does not start until a student finishes school.
It is because of this low interest rate and pay-back terms that these loans are much preferred over standard loans from commercial financial institutions.
Due to these low rates and appeasing terms, many students and parents have more than one loan, that normally get consolidated into one large loan at the end of the student's education.
Should the student decide to pursue any further education, such as graduate school, these loan re-payments can be postponed until the end of graduate school.
At the end of their college career, a student must complete an exit exam to ensure that they understand the terms of their loans, so that there are no surprises in the future.
Most of this aid comes from the Federal Department of Education.
Federal aid comes from collected tax money.
In the 2008-2009, students across the United States of America received $110 billion in federal grants and low interest loans.
The most popular federal grants are the Pell Grant and the Academic Competitiveness Grant but there are others such as the TEACH grant, and the SMART grant as well.
Grants are usually the types of federal aid that students really hope for.
This is because grants are basically like free money, meaning that it does not have to be paid back, provided that the student meets all the criteria of the grant.
As far as loans for federal aid go there are the Federal Direct subsidized loan, the Federal Direct Unsubsidized Loan, the Perkins Loan, the Parent PLUS loan and the Graduate PLUS loan.
Loans, unfortunately, are not free money.
These, unlike the grants, must be paid back.
The good news is that these loans generally come with a very low interest rate and a pay-back date that does not start until a student finishes school.
It is because of this low interest rate and pay-back terms that these loans are much preferred over standard loans from commercial financial institutions.
Due to these low rates and appeasing terms, many students and parents have more than one loan, that normally get consolidated into one large loan at the end of the student's education.
Should the student decide to pursue any further education, such as graduate school, these loan re-payments can be postponed until the end of graduate school.
At the end of their college career, a student must complete an exit exam to ensure that they understand the terms of their loans, so that there are no surprises in the future.
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