The Federal government is one of the best sources for college financial aid. From low-interest loans to free grants, the range of government aid is available to almost everyone. As long as you have passing grades and demonstrate financial need, you almost certainly qualify for some form of assistance. The search for federal aid begins with the Free Application for Federal Student Aid (FAFSA). This form can be filled out on paper or submitted online. Once processed, the government will determine the level and types of aid you are eligible for. To receive funding, you must have a high school diploma, GED certificate, or meet state standards to enroll in an accredited higher education institution. 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 be financial need, not grades. However, if you fail to maintain passing grades, you will lose all assistance. It is not necessary to be an "A plus" student. Undergraduates who meet the need criteria can receive Pell Grants, which range from $400 to $4,050 per year. Students with exceptional financial need may qualify for a Federal Supplemental Educational Opportunity Grant (FSEOG), which ranges from $100 to $4,000 per year. The amount you can receive may be reduced if you have other sources of aid, such as a scholarship. These grants do not have to be repaid.
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 borrow will depend on both your school expenses and your grade level. Perkins loans are first offered to Pell Grant recipients. Only a certain amount is awarded each year, and when that runs out, no more loans are given until the following year. Stafford loans are available to both graduates and undergraduates. You must be enrolled at least part-time. Financial need is not a requirement for the Stafford loan, but for lower-income students, the government may award a subsidized loan. This means the interest will be paid for you while you are a student and during a six-month grace period after you graduate. Finally, the parents of dependent undergraduate students can take out a PLUS loan to cover educational costs.
If you plan to take advantage of any of these programs, you can apply between January 1st and June 30th and receive funds for the following Fall semester. It is highly recommended that you apply as early as possible, as some schools and states require applications to be submitted much earlier. In any case, submitting the FAFSA is an essential part of college financial aid. Many scholarships, private foundations, and other sources of aid will require you to first exhaust all federal aid possibilities before they will consider your application.