07 05

What financial aid for college

Glossary Federal Student Aid. Financial aid from the federal government to help you pay for education expenses at an eligible college or career school. Completing the Free Application for Federal Student Aid. Ask the financial aid office at your college or career school if you can file it there. Let’s face it, qualifying for college financial aid is complicated. Colleges use formulas that are opaque and hard to understand. There are lots of. Choosing the best college to attend is hard, but paying for college is an entirely new test. Our tips, tools, and expert advice can help students navigate.

Paying for College - What is Financial Aid? - UHCC - Home

Merit-based aid and need-based aid have been linked together for many financial aid scholarships. This relationship is beneficial as it underlies that one form of financial aid, particularly merit-based, is not completely taking over need-based aid. Statistics do show results of studies performed from 1992-2000 that the increase in financial aid awarded was based entirely on merit.[17] However, when viewing numbers of both merit-based and need-based aid closely, the differences are not significant.

Graduate and professional students[edit]

The following types of federal financial aid are available to graduate and professional students. Aid for these students is primarily loans.

  • The William D. Ford Federal Direct Loan (Direct Loan) Program: Eligible students may borrow up to ,500 per school year. These loans are unsubsidized; Congress has determined that subsidized loans (no interest while enrolled) are only available to undergraduates.

As defined in The Higher Education Opportunity Act of 2008, the net price calculator’s purpose is:

“…to help current and prospective students, families, and other consumers estimate the individual net price of an institution of higher education for a student. The net price calculator shall be developed in a manner that enables current and prospective students, families, and consumers to determine an estimate of a current or prospective student’s individual net price at a particular institution.”

The law defines estimated net price as the difference between an institution’s average total Price of Attendance (the sum of tuition and fees, room and board, books and supplies, and other expenses including personal expenses and transportation for a first-time, full-time undergraduate students who receive aid) and the institution’s median need- and merit-based grant aid awarded.[26]

Elise Miller, program director for the U.

While we found some positive practices that were not evident at the time of our previous report, net price calculators are still not reliably easy for prospective college students and their families to find, use, and compare”.[30]

After the requirement came into effect, the free website CollegeAbacus.org began creating a system that would allow students to enter the personal information once, and then use and compare net-prices of multiple schools.[31] The Gates Foundation's College Knowledge Challenge announced College Abacus as one its winners in January 2013; the $100,000 grant from the Gates Foundation will enable College Abacus to expand from its beta version with 2500+ schools to a fully comprehensive version with all the colleges and universities in the United States.[32]

Debt vs. grants[edit]

No-loan financial aid[edit]

In 2001, Princeton University became the first university in the United States to eliminate loans from its financial aid packages.

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