Federal Aid For Your College Education
By Chris Davis, Sat Dec 10th

The Federal government is one of the best sources for collegefinancial aid. From low interest loans to free grants, the arrayof government aid is open to just about everyone. As long as youhave passing grades and financial need, you almost certainlyqualify for something.

The search for federal aid begins with the Free Application forFederal Student Aid (FAFSA). This form can be filled out onpaper or submitted online. Once it is processed, the governmentwill make a judgement about the level and kinds of aid you areeligible for. To receive funding, you must have a high schooldiploma, GED certificate, or have met state standards to enrollin a qualified higher education school. You must also be a U.S.citizen or an eligible noncitizen, such as a permanent resident.The key factor in determining how much aid you receive will befinancial need, not grades. Of course, if you fail to maintainpassing grades, you will lose all assistance. However, it is notnecessary to be an "A plus" student.

Undergraduates who meet the need criteria can receive PellGrants. These range from $400 to $4,050 a year. Students withexception financial need may qualify for a Federal SupplementalOpportunity Grant (FSEOGs), which ranges from $100 to $4,000 ayear. The amount you can receive may be reduced if you haveother sources of aid, such as a scholarship. These grants do nothave to be paid back.

Federal loan programs are offered to

supplement grant awards,and for those who were not eligible for a grant. For some loans,you do not have to demonstrate need. The amount you can borrowwill depend both on your school expenses and your grade level.Perkins loans are offered first to Pell Grant recipients. Only acertain amount is awarded each year and when that runs out, nomore loans are given until the following year. Stafford loansare available to both graduates and undergraduates. You must beenrolled at least part-time. Financial need is not a requirementfor the Stafford, but for lower income students, the governmentmay award a subsidized loan. This means that the interest willbe paid for you while you are a student, and during a six-monthgrace period after you graduate. Finally, the parents ofdependent undergraduate students can take out a Plus loan tocover educational costs.

If you plan to take advantage of any of the programs, you canapply between January 1st and June 30th and receive funds forthe following Fall semester. It is highly recommended that youapply as early as possible, as some schools and states requirean application be submitted much earlier. In any case,submitting the FAFSA is an essential part of college financialaid. Many scholarships, private foundations, and other sourcesof aid will require you to first exhaust all federal aidpossibilities before they will consider your application.

About the author:By Chris Davis. Learn more about college grants, scholarships,and alternate sources of college financial aid athttp://www.educationwebresources.com