There are ways you can lessen the amount of student loans you need. Once you are accepted at an accredited university, college, or community college, talk to the financial aid department. There are several scholarships and grants that are based on income and may make it possible not to need as high a student loan.
The Pell grant is one of the
federal programs most schools automatically file for students. The maximum
award is over four thousand dollars. However, not all students will get the
maximum amount. Many factors are considered when a student applies. With few
exceptions, a part time student must be carrying at least a half time
load. Another factor that is
considered is the actual college costs for both tuition and books.
Unlike a student loan, a Pell grant is just that, a
grant. It is never repaid. It is up to the individual institution as to how the
money is applied. You may either receive a check or have it applied directly to
your school expenses. The various options will be discussed between the student
and financial aid officer. Federal law required payments to be made a minimum
of twice per academic year.
Another issue to consider
when applying for a Pell grant is the type of institution. State colleges and
universities are often less expensive than private colleges. Pell grants are
available to Universities, private colleges and community colleges. The
community college system is often the least expensive and can be used to earn Associate
degrees and have many of the credits then be applied to a four-year
institution. By using the Pell grant to pay many of these expenses the student
can thus earn a degree that can be used to secure employment that can then be
applied to the continuing education process.
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