Federal Work Study programs offer jobs to undergraduate and graduate students to allow them to earn the money they need to pay their educational expenses. Federal Work Study programs are designed to encourage community work, and work related directly to the student's major. The income you can earn will be at least minimum wage, and may be higher depending on the nature of the work performed.
The total amount of your Federal Work Study award depends on when you apply, the level of need, and the funding level of the school. You are not allowed to earn money in excess of the award under the program. You may of course earn money elsewhere. Undergraduates earn money on an hourly basis, and graduate students may be paid hourly or be placed on a salary.
Your school is obligated to pay you directly, unless you request that they apply payments to your tuition bills, other fees, or room and board. Work may be on campus or off. Off-campus work will usually be with a private non-profit agency or public agency where you can find work in the public interest. Some schools do have arrangements with private for profit organizations where you perform work directly related to your programs of study.
Source: The Student Guide, published by the US Department of Education. Note that federal financial aid programs are subject to change. Check with the school(s) of your choice to get the very latest information.
http://www.education-online-search.com/articles/financial_aid/federal_work_study
Monday, July 30, 2007
Graduate School Financial Aid
Looking for financial aid to go to graduate school? Join the club. There are lots of people that need financial aid in order to take on the expense of going to graduate school. But take heart, there are lots of ways that you can find financial assistance. This brief article will discuss some of them, and point you at other resources that can help you explore your options further.
The first step is to determine what the schools you are interested in attending charge for tuition, and what financial aid options they offer. You should do this as part of the initial application process. Getting accepted to a graduate school that you can't afford to go to is not very helpful. Make sure that you calculate your return on investment (you can use our ROI calculator) to see when you can expect to have recouped your investment in graduate school, and begin to see a return.
So find our about all their internal options even before you look at outside options. Make sure you get all the required applications in on time. Some schools are able to offer forms of gift aid (also known as institutional aid). This is the most sought after form of aid, as it does not need to be repaid. However, it usually has additional stipulations related to scholarship merit, need, or other very specific criteria.
Graduate schools may offer employment opportunities as a form of financial aid as well. This can include working as a teaching assistant or other forms of on-campus employment. For example, internships that provide degree related experience are an interesting form of aid. All of these opportunities can be explored through the financial aid office of each school that you are considering.
There are many forms of federal financial aid programs as well. You can request a Free Application for Federal Student Aid at http://www.fafsa.ed.gov. You can also get FAFSA forms from your graduate school. This will help you get access to many federal programs, including Federal Supplemental Educational Opportunity Grants, Federal Subsidized Stafford Loans, Federal Unsubsidized Stafford Loans, Federal Perkins Loans, Federal Pell Grants, and Federal Work-Study Programs.
If you submit your FAFSA application to a school, it usually needs to be received by the school after January 1 and before March 1 for applications for the following school year beginning in the Fall. However, FAFSA applications can still be submitted on the web until June 30. FAFSA processes your application and determines your financial need level and sends the graduate school a financial aid report.
It is up to the school to determine what they consider your financial need to be, and how much you will be granted. You will need to cover the remaining amounts by other means, most likely by private loans. This can include money from individuals, corporations, or foundations. The terms under which money can be received vary greatly and will require some research. It may require some research on your part to determine which private financial source is best for you.
Some of these private sources include Sallie Mae, CitiAssist, and Access Group. These companies offer varying terms based on the available information on the student's credit history. Contact each of these groups to find out what the best terms you can get to cover your remaining expenses.
If you are part of a minority group, or a veteran, there may be other types of financial aid options available to you as well. Veterans Educational Benefits is a program for veterans who have had at least one year of active service and you can find out more about this program from the Veterans Affairs Department in Washington D.C. If you are part of a minority, and don't know where to go, ask your candidate college's financial aid officer bout options for minority based benefits.
As you can see, there are a lot of different options for paying your graduate school expenses. However, with diligent effort to explore these options you can find the best path for you.
http://www.education-online-search.com/articles/financial_aid/graduate_school_financial_aid
The first step is to determine what the schools you are interested in attending charge for tuition, and what financial aid options they offer. You should do this as part of the initial application process. Getting accepted to a graduate school that you can't afford to go to is not very helpful. Make sure that you calculate your return on investment (you can use our ROI calculator) to see when you can expect to have recouped your investment in graduate school, and begin to see a return.
So find our about all their internal options even before you look at outside options. Make sure you get all the required applications in on time. Some schools are able to offer forms of gift aid (also known as institutional aid). This is the most sought after form of aid, as it does not need to be repaid. However, it usually has additional stipulations related to scholarship merit, need, or other very specific criteria.
Graduate schools may offer employment opportunities as a form of financial aid as well. This can include working as a teaching assistant or other forms of on-campus employment. For example, internships that provide degree related experience are an interesting form of aid. All of these opportunities can be explored through the financial aid office of each school that you are considering.
There are many forms of federal financial aid programs as well. You can request a Free Application for Federal Student Aid at http://www.fafsa.ed.gov. You can also get FAFSA forms from your graduate school. This will help you get access to many federal programs, including Federal Supplemental Educational Opportunity Grants, Federal Subsidized Stafford Loans, Federal Unsubsidized Stafford Loans, Federal Perkins Loans, Federal Pell Grants, and Federal Work-Study Programs.
If you submit your FAFSA application to a school, it usually needs to be received by the school after January 1 and before March 1 for applications for the following school year beginning in the Fall. However, FAFSA applications can still be submitted on the web until June 30. FAFSA processes your application and determines your financial need level and sends the graduate school a financial aid report.
It is up to the school to determine what they consider your financial need to be, and how much you will be granted. You will need to cover the remaining amounts by other means, most likely by private loans. This can include money from individuals, corporations, or foundations. The terms under which money can be received vary greatly and will require some research. It may require some research on your part to determine which private financial source is best for you.
Some of these private sources include Sallie Mae, CitiAssist, and Access Group. These companies offer varying terms based on the available information on the student's credit history. Contact each of these groups to find out what the best terms you can get to cover your remaining expenses.
If you are part of a minority group, or a veteran, there may be other types of financial aid options available to you as well. Veterans Educational Benefits is a program for veterans who have had at least one year of active service and you can find out more about this program from the Veterans Affairs Department in Washington D.C. If you are part of a minority, and don't know where to go, ask your candidate college's financial aid officer bout options for minority based benefits.
As you can see, there are a lot of different options for paying your graduate school expenses. However, with diligent effort to explore these options you can find the best path for you.
http://www.education-online-search.com/articles/financial_aid/graduate_school_financial_aid
PLUS Loans
PLUS Loans are loans that your parents can get to pay for your undergraduate degree expenses provided that you are enrolled at least half time. A key requirement of this is that your parents must have no adverse credit history. Your parents can apply by filling our a PLUS Loan application. While it is not required, having the student fill out a FAFSA form enables their parents receive the maximum amount of financial aid for which the student is eligible.
One of the most attractive parts of PLUS loans is that there is no need to determine your "Expected Family Contribution" (EFC) as must be done with other form of federal financial aid. This makes the process simpler. However, you are still limited to the amount of money required to pay your tuition, fees, room and board.
After filling out the loan application, one of the first steps is a credit check. If they do not pass the credit check, your parents will need to get someone with better credit history to co-sign the loan, or demonstrate that there were extenuating circumstances leading to the past credit problems.
Under Direct Loan programs, it will not be necessary to find a lender, as the federal government will be the lender. Under a FFEL Program, your parents will need to find a participating lender. Contacting your school or your state's education agencies is a good place to start
The amount your parents can borrow is equivalent to the amount you need to pay in educational expenses (tuition, fees, room and borad) minus the amount you receive in other financial aid. So if your educational expenses are $5000, and you receive $3000 in other finiancial aid, your parents could then borrow an additional $2000 as part of a PLUS loan.
Your school first received the funds, and then may require your parents to immediately endorse a check back to the school. The amounts received will first be applied to tuition, fees, and room and board, and any leftover amounts will be sent to your parents, unless they authorize the release of the funds back to you.
Your school is required to notify you in writing of each deposit to your account (or to send you a check). You may cancel the loan at any time by providing a notice in writing to your school. Once you provide such notice, you will receive no more funds, and if you provide such notice within 14 days of the last deposit to your account (or the date of the last check), you may return that last deposit (or check). All other funds you may have received prior to that, however, still constitute a loan and still need to be repaid.
The interest rate is variable, but will not exceed 9 percent. For the perdio from July 1, 2003 to June 30, 2004, the interest rate was set at 4.22 percent. Interest rates are adjusted every year on July 1. Your parents will have to pay a fee of up to 4% of the total amount of the loan.
PLUS Loans do not come with a grace period. Repayment must begin within 60 days of the initial receipt of funds. Under certain circumstances your parents can obtain additional deferrments, but these types of deferrment must be applied for, and are not automatic. The federal government subsidizes the interest during any deferrment.
Source: The Student Guide, published by the US Department of Education. Note that federal financial aid programs are subject to change. Check with the school(s) of your choice to get the very latest information.
http://www.education-online-search.com/articles/financial_aid/plus_loans
One of the most attractive parts of PLUS loans is that there is no need to determine your "Expected Family Contribution" (EFC) as must be done with other form of federal financial aid. This makes the process simpler. However, you are still limited to the amount of money required to pay your tuition, fees, room and board.
After filling out the loan application, one of the first steps is a credit check. If they do not pass the credit check, your parents will need to get someone with better credit history to co-sign the loan, or demonstrate that there were extenuating circumstances leading to the past credit problems.
Under Direct Loan programs, it will not be necessary to find a lender, as the federal government will be the lender. Under a FFEL Program, your parents will need to find a participating lender. Contacting your school or your state's education agencies is a good place to start
The amount your parents can borrow is equivalent to the amount you need to pay in educational expenses (tuition, fees, room and borad) minus the amount you receive in other financial aid. So if your educational expenses are $5000, and you receive $3000 in other finiancial aid, your parents could then borrow an additional $2000 as part of a PLUS loan.
Your school first received the funds, and then may require your parents to immediately endorse a check back to the school. The amounts received will first be applied to tuition, fees, and room and board, and any leftover amounts will be sent to your parents, unless they authorize the release of the funds back to you.
Your school is required to notify you in writing of each deposit to your account (or to send you a check). You may cancel the loan at any time by providing a notice in writing to your school. Once you provide such notice, you will receive no more funds, and if you provide such notice within 14 days of the last deposit to your account (or the date of the last check), you may return that last deposit (or check). All other funds you may have received prior to that, however, still constitute a loan and still need to be repaid.
The interest rate is variable, but will not exceed 9 percent. For the perdio from July 1, 2003 to June 30, 2004, the interest rate was set at 4.22 percent. Interest rates are adjusted every year on July 1. Your parents will have to pay a fee of up to 4% of the total amount of the loan.
PLUS Loans do not come with a grace period. Repayment must begin within 60 days of the initial receipt of funds. Under certain circumstances your parents can obtain additional deferrments, but these types of deferrment must be applied for, and are not automatic. The federal government subsidizes the interest during any deferrment.
Source: The Student Guide, published by the US Department of Education. Note that federal financial aid programs are subject to change. Check with the school(s) of your choice to get the very latest information.
http://www.education-online-search.com/articles/financial_aid/plus_loans
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