Federal Financial Aid for StudentsFederal money in the form of Grants, Loans, Scholarships, and Fellowships can help you pay for college, technical, or career school. Check out the list of available federal programs benefiting students.
Federal Student Grant Programs
The federal government provides grant funds for students attending colleges, career schools, and universities. Grants, unlike loans, are sources of free money and do not have to be repaid.
Federal Student Loan Programs
A federal student loan is made through a loan program administered by the federal government. Federal student loans are borrowed funds that must be repaid with interest.
Federal Scholarships Programs
The US federal government provides many scholarship opportunities typically offered by federal agencies. Most importantly scholarships are gifts. They don’t need to be repaid.
Federal Fellowships Programs
Federal fellowships provide funding for professional training, research, or graduate and doctoral study. A fellowship is merit-based specific funding that does not have to be repaid.
Who Gets Federal Financial Aid for Students?
Basic Eligibility Requirements
Who is a U.S. citizen or an eligible noncitizen;
Who has a valid Social Security number;
Who can demonstrate financial need;
Who is not in default on a federal student loan;
Who does not owe money on a federal student grant;
Who will use federal student aid only for educational purposes.
The Federal Financial Aid for Students term refers to the various forms of financial assistance that the U.S. Federal Government provides to help students pay for the costs of attending college or career school.
This financial aid is intended to help students from low – to moderate-income families who may otherwise not be able to afford the costs of higher education in the U.S.A.
According to the U.S. Department of Education Federal Student Aid: Applying for federal grants, loans, and work-study costs nothing! More than 21 million students used the Free Application for Federal Student Aid (FAFSA) last year. Many of the Federal Student Aid applicants apply online at the official FAFSA on the Web.
The Main Types of Federal Financial Aid for Students
Federal Pell Grants: These are need-based grants that are awarded to undergraduate students who have not yet earned a bachelor’s degree.
Federal Direct Subsidized Loans: These are low-interest loans that are available to undergraduate students who demonstrate financial need.
Federal Direct Unsubsidized Loans: These are low-interest loans that are available to undergraduate and graduate students regardless of financial need.
Federal Work-Study Program: This program provides part-time jobs to undergraduate and graduate students who demonstrate financial need.
To be eligible for federal financial aid, students must fill out the Free Application for Federal Student Aid (FAFSA), which is available at https://studentaid.gov/ online. The FAFSA takes into account a student’s financial situation, including income, assets, and family size, to determine eligibility for financial aid.