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Uncle Sam offers a number of programs to help relieve
some of the burden of paying for higher education, from Pell grants
to Perkins loans.
Here's a rundown of the programs and how you can take advantage of them:
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| Grants and loans |
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As noted earlier, the first step to receiving federal
aid is filling out a FAFSA
form, which can be obtained online, from a high school counselor
or by calling (800) 4-FED-AID.
The U.S. Department of Education administers
federal college aid programs. To be eligible for federal student
aid, you must:
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Demonstrate financial need (not part of the criteria
for some loans). |
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Be a U.S. citizen or eligible noncitizen with
a valid Social Security number. |
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Show, by any of the means below, that you're
qualified to obtain a post-high school education:
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Have a high school diploma or a General
Education Development, or GED, certificate. |
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Pass a test approved by the Department
of Education. |
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Comply with any state standards the Department
of Education approves. |
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Complete a high school education through
a state-approved home-schooling program. |
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Be enrolled as a regular student (that is, you
have to be working toward a degree or certificate) in an eligible
program. |
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Register with the Selective Service, if required. |
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Not be in default on a federal student loan or
owe money on a federal student grant. |
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Not be convicted of selling or possessing illegal
drugs. |
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Maintain satisfactory academic progress once
in school. |
After you've proved that you fulfill all these requirements
and you submit your FAFSA, the government will consider you for
the aid programs they offer.
Federal student aid comes in two flavors: gift aid
and self-help aid. You don't have to pay back gift aid, and the
self-help aid programs allow you to earn money or to borrow money
for school. Borrowed money, as it implies, must be repaid.
Pell grants
and FSEOGs
Gift-aid programs include the federal Pell grant program and the
Federal Supplemental Educational Opportunity Grant program. These
grants are generally available only to students who do not yet have
bachelor's degrees. In some cases they might be awarded to students
enrolled in post-baccalaureate teacher certification programs.
Pell
grants come in varying amounts -- depending on your need and
the cost of attendance and whether you attend full time or part
time -- from several hundred to several thousand dollars.
FSEOGs
go to students with exceptional financial need. As with Pell Grants,
FSEOG-award amounts range from several hundred dollars to several
thousand a year, depending on the student's financial need. Students
who receive Pell grants also are at the top of the priority list
for receiving FSEOGs.
FSEOGs have a few limitations that Pell grants don't.
For one, the amount of your FSEOG can be reduced if you receive
other forms of student aid. Also, each school receives a limited
amount of FSEOG money; when it's gone, it's gone. That's why it's
very important to apply for financial aid as early as you can. You'll
have a better chance of obtaining FSEOG money if you're eligible
for it.
Work-study
The Federal
work-study program is a key form of self-help aid. Work-study
allows undergraduate and graduate students to work part time and
earn money while they're in school. And more money earned equals
less money needed in loans.
Work-study jobs are usually on campus, but some schools
make arrangements for private, non-profit organizations or public
agencies to provide work-study jobs, too. These jobs pay undergraduates
by the hour and at least the minimum wage. Graduate students may
earn an hourly wage or a modest monthly salary. Students aren't
allowed to work more than the number of work-study hours awarded
to them in their financial-aid package.
Like FSEOGs, work-study funds at each school are limited,
and are doled out on a first-come, first-served basis. Students
who apply for financial aid early have a better chance of getting
work-study funds -- and a campus job they might actually like.
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