Financial Aid: How to pay for school
Source: cec.sped.org/Content/NavigationMenu/SpecialEdCareers/Financial_Aid_Specia.htm?from=tlcHomePursuing a higher-education degree can be quite costly, and many students are unable to pay for full tuition and other expenses up-front. Fortunately, many resources exist to help you secure financial aid, thereby reducing the cost of your education and/or allowing you to pay for it over time.
Explore every opportunity for financial aid! This article primarily addresses federal aid programs, but you may also be able to get financial assistance from your state government, your school, or a private scholarship. You can also apply for private student loans from companies such as Sallie Mae or from your local bank.
Federal Student Financial Aid
The United States government provides need-based financial assistance through the Department of Education’s Office of Federal Student Aid. Federal student aid covers school expenses such as tuition and fees, room and board, books and supplies, and transportation. This aid can also help you pay for a computer and dependent childcare expenses.
There are three categories of federal student aid: grants, work-study, and loans.
Grants: A federal grant is an award of financial assistance from a federal agency to a recipient to carry out a public purpose of support or stimulation authorized by a law of the United States. Federal grants are not federal assistance or loans to individuals; they do not need to be repaid. Click here for a list of grant programs available for eligible students pursuing a postsecondary education. Grants.gov is another useful resource for locating grant opportunities.
Teach Grant Program: Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program, which provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. Read more about the TEACH Grant Program, and contact the financial aid office at the college where you will be enrolled if you are interested in learning more.
Work-Study: This form of assistance provides jobs to undergraduate and graduate students, allowing them to earn money to pay for education expenses while enrolled in school.
Loans: Loans are borrowed money that must be repaid with interest. Federal loan programs include Stafford loans, PLUS loans, and Perkins loans.
To see if you are eligible for one of these categories, fill out the Free Application for Federal Student Aid.
Note: Not all schools participate in all federal student aid programs. Check with your school’s financial aid office to find out which programs you can qualify for.