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When You Need Both Student Loans and Financial Aid

Author — Tue, 06 Sep 2011 14:30:58 +0000

Financial aid and student loans are a major part of the college experience these days. Not many parents have the financial ability to foot the entire bill for their kids college tuition so these families fill out a FAFSA to apply for loans. It hasn't always been this way. Student loans were created in recent history.

Harvard University funded the first student loan ever recorded in 1840. In the beginning stages of student loans the government wasn't involved at all, they were privately funded. The state of Indiana's General Assembly voted into law in 1935 a bill that proposed student loans to those with high scores on their college entrance exams. Once this law passed Indiana formed the "Indiana State Financial Aid Association" (ISFAA) and the first Financial Aid office at Indiana University opened shortly thereafter. Indiana University was followed by other colleges and universities shortly thereafter who quickly joined ISFAA and allowed Indiana residents a new way to pay for a higher education.

Russia put the first successful satellite in orbit on October 4th, 1957. This fact made our government realize early on that we were in a race with Russia to put the first man into space. To win this race the government made sure they would put a plan into place that would make college affordable for every American. To that end the federal government, with the help of ISFAA, put into place the first ferderal financial aid program.

Following World War II, Congress handed down the National Defense Education Act. This act introduced the Perkins Loan, a low-interest student loan that is offered to low-income college students and has a 10-year repayment period. This was the first federally backed student loan, and more would soon follow. In 1963 the Health Education Assistance Act supplied loans for individuals seeking diplomas in medical and wellness career fields. That was succeeded by what is now known as the Federal Work-Study Program, a system that allows the federal government to pay the income of working students.

By the conclusion of 1965, Most of the student loan products we use these days, such as the Stafford Loan, Work-Study Program, and Perkins Loan, were in place. As the cost of education continued to increase, the government announced the Parent's PLUS loan plan in 1981, a program that permitted higher-income families to get assistance in paying for school. Today, these loan plans allow many college students to pursue an education when they would otherwise be unable to, making them a valuable resource to our country as we struggle to carry on as a global leader.

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Minority Federal Grants: The Mystery Unraveled

Author — Mon, 05 Sep 2011 01:22:21 +0000

There are a variety of minority grants available for those who qualify, you might qualify even if you don't think you do.Grants are financial awards provided to students who demonstrate financial need. While you must meet some qualifications to apply for grants, they're usually not awarded simply on the basis of scholastic merit. Minority grants are awarded based on minority status.

People often think of "minority grants" as being awarded to minority groups based upon their ethnicity. For example, people of minority ethnic groups like Native Americans, Hispanic Americans, and African-Americans can often get financial aid online minority grants specific to their particular ethnicity. These grants are given so that both professional fields and student bodies have a diverse ethnic mix, when they might not otherwise.

While it's true that ethnicity is often a qualifying factor to obtain a minority grant, it's not always true. Women, too, are considered a minority, with many grants specifically earmarked for them. Students with physical handicaps can also find grants established for them.

So where can you find minority grants? Mainstream sources for grants are those such as the Pell grant, but you can also contact minority foundations to find sources for minority grants. For instance, the United Negro College Fund provides grants for African-Americans. There is financial aid available for a number of ethnic groups, so make sure you explore all options.

Major corporations also often offer grants. Corporations promote diversity, and one of the ways they can do this is to have minority participants utilize their grant programs. While these are not minority specific grants, the chances of getting one as a minority are quite high.

So how can you begin the process of searching for college grants? First, you'll need to fill out the FAFSA. whether or not you can qualify for government programs is also going to determine in at least some capacity whether or not you can qualify for minority grants. Because grants are awarded based upon financial need, the FAFSA is one thing that helps determine whether or not you qualify based upon financial need.

Once you've filled out and submitted the FAFSA, you can begin looking for grants that target minorities. If you don't qualify for help as determined by FAFSA, it's also quite likely that you won't qualify for grants targeted to minorities, either. However, if you do qualify, there are many grants available to those with minority status, and you should pursue these options before you pay for your own college education. After all, college is expensive, and you can use all of the help available to you!

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College is Expensive, Let Uncle Sam Help with a Pell Grant

Author — Tue, 05 Jul 2011 10:14:34 +0000

One of the most widely available grant programs for students entering college is the Federal Pell Grant program. This program is one of the only ones that offers "free government money" so that you can go to college. Students who are eligible for Pell Grants do not have to pay back the money. Nor are Pell grants awarded based upon grades you've received. Solely a needs-based financial aid online program, the Pell grant determination is based upon your "Expected Family Contribution." If it's determined that you are qualified to receive Pell grant money based on need, you'll receive it.

The amount of money you can receive through a Pell Grant changes from year to year. The government decides how much money to put into this financial aid option, and that dictates the amount of the award. It's also based upon what an Expected Family Contribution will be, the cost of tuition, and whether or not you are a full-time student. For the 2008-2009 school year, the maximum amount a student could receive through the program was $4,731.

It's interesting to note that with the Pell Grant program, and with other federal loans, there is no lifetime cap. Programs that do have lifetime caps limit how much you can borrow. You're only limitations with the Pell Grant are determined by the number of students using the grant, and all it takes you to get your bachelors degree. For example, if you take the ears to get your bachelors degree, then you can be eligible for a Pell grant for eight years.

You'll need to fill out the FAFSA if you want to apply for the Pell Grant.Be honest on this form, because failure to report all income or assets will result in tough penalties, including possible jail time. This form is used to determine your Expected Family Contribution. If you think your family has too much money or too many assets, fill out the form anyway. The formula is complicated, and you may qualify for some help that you do not know of.

The FAFSA is also used to determine eligibility for federal loan programs, so you should fill it out. After you do so, the form goes on to your college or university, and they'll take out the Expected Family Contribution from attendance costs, and determine what you'll be expected to pay for attendance. If you are going to receive Pell Grant money, you will receive an award letter. You can't do anything else to increase your chances of getting this money. While you wait, pursue other financial aid options. The amount given to you in a Pell grant will likely not pay all of your schooling expenses, so you'll still need other financial aid.

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Is there somewhere online where I can take General Ed classes and get credit for them?

Author — Mon, 17 Jan 2011 02:33:09 +0000

I know the semester has probably already started in most community colleges and I missed it because I didn't get my financial aid straight in time (thanks to my husband). Is there somewhere I can do some general ED classes online until the new semester starts? I really need something to do these next 3 months!

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I take my high school courses online,how early should I start applying to universities?

Author — Fri, 17 Dec 2010 13:56:19 +0000

I'm 16 and I already know what my major would be and I've been checking into universities already. I would like to major in business management and more specifically,entrepreneurship. I know I have to take the SAT or ACT and I've already started looking at dates and times. Since I would like to start my freshman year of college in the spring of 2011,I would like to know how early I should start contacting the colleges since I am doing everything online? I also have to apply and set up my financial aid too.

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Can I attend two different colleges at the same time?

Author — Tue, 07 Sep 2010 21:42:57 +0000

Currently, I am seeking my Associates Degree in Early Care & Education at a local Community College..I have about 6 more semesters before I graduate. However, I want to get my Bachelor's Degree in Business at the same time so that I can open a ChildCare Center not to long after graduating. I want to take these these courses for business online with Strayer College. Can I attend both schools and get financial aid for them both? Or should I wait until I graduate on course? Any advice anyone?

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How much will financial aid pay? Will it cover a second college?

Author — Wed, 01 Sep 2010 07:24:17 +0000

I know this is an unusual question but bare with me. I am currently going to college online at full sail university. However, I have had plans to go to regular college for my business administration degree. What I want to do is go to both at the same time. I know I can handle it, I currently spend less than 5 hours a week doing all of my full sail course work. Both degrees complement each other, and I own my own business so its more for me and my business than for anything. My questions is will stafford loans be allowed at 2 different colleges at the same time or not? I know that I will have Georgia Hope to pay for the some of the second college, but it will not cover all of it. So is there a way to pay for the second college or at least a bigger portion of it through pale or financial aid? or would I just have to pay it all out of pocket?
Thank you, I thought that was the case.

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Can I use Scholarships or Financial Aid for Online Courses?

Author — Sat, 14 Aug 2010 20:41:44 +0000

I want to take an online course and at the end of it I'd have certification and everything, so i wouldn't be taking anymore classes. I was just wondering if you can use Scholarships or Financial Aid for that.

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Can I use Scholarships or Financial Aid for Online Courses?

Author — Sat, 14 Aug 2010 09:43:59 +0000

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Can you get financial aid, specifically grants for online courses?

Author — Sat, 24 Jul 2010 02:25:29 +0000

I planned to return back to college in January but due to health related issues decided to wait till the fall. I would like to get started now working towards my bachelors degree. I have 1 year under my belt and would be a sophomore when I return? I have not been in school in years and I thought online courses would also get me into the groove of things better. Any advice would be greatly appreciated.