Applying for financial aid can be difficult if you don’t know where to begin, so it is imperative to conduct research regarding the options that are available to you.  When applying you must meet certain requirements to receive aid and they are as follows: You must be a U.S. citizen; you must have a high school diploma or GED; be enrolled full-time in an eligible program at a school that participates in the federal student aid programs and a clean criminal background specifically for the dates receiving federal aid. Your eligibility for aid depends on your Expected Family Contribution (EFC), your year in school, your enrollment status, and the cost of attendance at the school you will be attending.

Financial aid consists of federal grants, loans, and scholarships.  You must know and understand each of these options in order to secure the best aid for your situation.  Grants do not have to be repaid and there are three (3) grant programs that include:  The Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Work-Study (FWS) and Federal Perkins Loan Program.  Not all schools participate in all three (3) of these programs; therefore, you must consult your school financial aid representative.

In addition to the grants, loans are especially beneficial to the student applying for financial aid.  The U.S. Department of Education administers the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program.  They both consist of the Stafford Loans (for students) and PLUS Loans (for parents).  Schools participate in either one of these programs, sometimes participating in both.  The main difference is that the Direct Loan comes from the federal government, while the FFEL comes from a bank, credit union or other lender that participates in the program.

Scholarships are most important to any student because it affords them the opportunity to directly influence the end result.  Most scholarships are merit-based.  Merit-based scholarships are those monies awarded to students by the individual college or due to outstanding academic achievements, special talents, leadership potential and other personal characteristics.  Like grants, scholarships do not have to be repaid.  Scholarships mostly require that a written essay be submitted in order to review your eligibility for the award.  This means that in addition to researching for your financial aid, you must also prepare your multiple essays.  Make sure that you choose scholarships according to your abilities as an individual and student.  You will have to submit several essays over the course of applying for aid, but it can be fun!

When it comes down to funding your education there are always options.  Make certain that you do your research and remember that you must choose the option that is best suited for you and your current circumstances.  Financial aid is provided to students due to the fact that everyone should have the equal opportunity to further their education.  Most federal grants are awarded in a first come first serve basis; please remember to start your application process as soon as possible.