A Summary of College Financial Aid Information

A Summary of College Financial Aid Information
  • Opening Intro -

    If you are looking at ways of financing your college education, you need to give college financial aid more than a cursory glance.

    From the outset it is important to understand that financial aid may come in various forms: scholarships, fellowships, and even work programs...

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The beauty about all financial aid is that unlike a student loan, financial aid is not repaid at a later date. In the same vein, it is important to understand that college financial aid is not to be mistaken for government financial aid.The latter is granted by the federal state whilst the former is granted by individual colleges.

Any recipient of college financial aid has to meet a given criterion prior to be granted some leverage financially. Based on needs assessment, the following parameters are normally considered:

  • Income level(s) of the individual or family in question
  • Academic aptitude (GPA Rankings)
  • Skill set of the intended recipient

Coverage

Financial aid could cover the entire cost of tuition as is the case of a full scholarship. Financial aid could similarly cover a students cost of tuition for just an academic year. Keep in mind also that such aid might not cover 100% of the tuition. The percentage covered will typically depend on the governance of the endowment fund in question. Simply translated, this means that if the aid in question covers 25% of the tuition, then the student has to top up the remaining 75% from their pockets.

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Cost

Apart from different degrees of coverage, recipients of financial aid will be required to meet their end of the bargain. This means that if a student is on the scholarship award, then they might be required to maintain their GPA at a certain level; if a student is on a work program, then they might need to fill a certain number of hours to meet their quota; if a student is on a sports scholarship, then they might need to do everything in their ability to avoid being jettisoned from their sports team.

The hardest part about being a recipient of financial aid is the screening process that individuals are subjected to.Typically, a student will sit before a board that might interrogate them on their suitability. However, this mode of operation is being discarded by many progressive institutions because of the real fact that some people feel debased sitting before a panel talking about their financial needs. A good chunk of colleges presently gift the recipients with grants based on the data that they have processed from the paper work collected from the students themselves.

Conclusion

Financial Aid is a godsend to anyone who desires to finance their college education using minimum debt. Such grace extended has been known to birth the seeds of giving for recipients have been known to establish endowment funds or contribute to existing aid programs when they get on their feet financially. You can also spread the word on this noble way of financing college education by forwarding this message across different social media platforms. For more details on such programs you can visit the following website: http://www.finaid.org/fafsa/

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Last update on 2019-11-12 / Affiliate links / Images from Amazon Product Advertising API

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Categories: Finance