Financial Aid For College

It's a known fact, college costs are rising. According to a study done by the College Board, more students and their parents should expect to pay up to two thousand more dollars for college costs than they did last year. Future students should not be afraid because there is more financial aid available in forms of scholarships, grants, work-study programs, and college loans than ever before.

"A scholarship is an award given to a student and/or a financial aid award for the purpose of furthering his or her education". A scholarship is usually awarded based on certain criteria such as: financial need, academic achievement, athletic accomplishment, public service, nationality or ethnicity. Scholarships are the most popular and most prestigious form of financial aid.

Grants are mainly given by the United States Department of Education. About two billion dollars are given to students to further their post secondary education. The only downside to receiving a federal grant is that under certain circumstances the recipient is sometimes asked to repay the amount awarded.

Work-study programs help students fulfill the American tradition of working his or her way through school. Pay is based on federal minimum wage standards, but varies with job requirements, skill, and experience levels. Work-study programs provide jobs for undergraduates and graduate students with financial need attending eligible postsecondary schools. This program allows students to earn money to pay educational expenses.

A college loan is the riskiest form of financial aid for college. Loans are a very popular method for paying for college but can leave you in serious debt upon graduation. Getting a loan for college is just like getting any other loan except for the fact that you can defer your payments. As with all the other forms of financial aid you have certain requirements.

There is good news and bad news about college costs.