Today, about two-thirds of college students rely on loans to finance their education. At graduation, an individual will owe an average of $30,100 in student loans. While accumulating some level of debt is unavoidable for most college students, there are many overlooked financial options that savvy students can use to lower the cost of their education. In this guide, we identify and explore financial assistance categories to help you find the one that best suits your needs. Let’s start with the important Free Application for Federal Student Aid (FAFSA).
Introduction to the FAFSA
All need-based financial aid, except scholarships and certain private grants, revolves around the Free Application for Federal Student Aid (FAFSA) . Individual states also use this application to determine the eligibility of resident students. Please note that all state and federal financial aid is contingent on the student attending an accredited institute.
Accreditation refers to a voluntary system by which schools and other institutions submit information about their programs to accrediting organizations, such as the agencies listed here. When an accrediting body verifies that an institution meets certain educational standards, it makes students at that institution eligible for state and federal financial aid.
It is important to note that since most loans are paid directly
to the school, failure to attend classes will generally result in revocation of financial aid. Students who have lost funding in this way may have to pay all university tuition costs for a defined period of time or a pre-agreed cancellation fee. This is an example of why it is important to fully understand the terms of a 직장인대출 and anticipate the consequences of certain actions (or inactions).
WHO IS ELIGIBLE?
Most students are eligible for some form of need-based financial aid. The evaluation of financial assistance depends on the income and available resources of the student, or his parents or legal guardians if the student is under 24 years of age. There are some exceptions to the age requirement, including some instances where both parents are deceased or the individual can show that they are emancipated.
The grounds for emancipation include:
- join the army
- to have married
- Have permission from a court
- You can learn more about state-specific emancipation laws and circumstances by using Cornell’s emancipation law table .
UNDERSTANDING THE OPTIONS
To fully understand the details of need-based financial assistance, let’s start by laying out the three types of financial assistance available: federal, state, and private.
