College Financial Aid Resources For High School Students

Many individuals worry that tuition coupled and the other costs of higher education may be out of reach. Scholarships and financial aid are just a few of the resources of college financial aid available to assist them in pursuing their dreams, and it is important to keep in mind that higher education is an investment and there are numerous college financial aid resources that can help make your dream a reality.

Filling out the FAFSA form is the first step in finding out what type of college financial aid is available. Roughly $150 billion is awarded annually in grants, low-interest loans and work-study assistance. Additional college financial aid resources include scholarships from schools, state governments, private companies, employers, individuals, non-profits, professional organizations and religious groups.

Grants
Grants are awards that do not need to be repaid and are based on financial need. Grants from the federal government and individual colleges.

Federal grants include:

Pell Grant - These are federal grants awarded to undergraduate students
FSEOG - The Federal Supplemental Education Opportunity Grant is commonly awarded to undergraduate students with exceptional college financial aid needs
ACG - The Academic Competitiveness Grant is for freshmen and sophomores who are eligible for Pell Grants and also took "rigorous" high school classes

Loans
Loans allow you to borrow money and over-time repay it, with interest. In the case of a majority of federal student loans, you do not need to start repaying your loans until several months after you graduate from college or are no longer enrolled.

More than $70 billion in federal student financial aid is awarded annually in the form of low-interest loans. Some financial institutions and banks also offer student loans. These loans commonly have variable interest rates and may not provide the benefits associated with federal student loans.

Work-Study Assistance
The Federal Work-Study program provides qualified students with college financial aid who needs part-time jobs to help pay for their college education. This program is administered by participating colleges.

Scholarships
Scholarships are also awards that do not need to be repaid. There are thousands of scholarships available offered by schools, professional and social organizations, employers, individuals, non-profits, private companies and religious groups.

Scholarships may be awarded based academic achievements or a combination of academic achievements and a special talent, interest or trait. Other scholarships are based on college financial aid needs.

It may seem that the cost of higher education is out of reach but there are numerous college financial aid resources available to individuals who are serious about pursuing a college degree. Remember to keep in mind that a college degree is an investment and there are college financial aid resources available including grants, loans, work-study assistance and scholarships.