There are ways you can lessen the amount of student loans you need. Once you are accepted at an accredited university, college, or community college, talk to the financial aid department. There are several scholarships and grants that are based on income and may make it possible not to need as high a student loan.
The Pell grant is one of the federal programs most schools automatically file for students. The maximum award is over four thousand dollars. However, not all students will get the maximum amount. Many factors are considered when a student applies. With few exceptions, a part time student must be carrying at least a half time load. Another factor that is considered is the actual college costs for both tuition and books.
Unlike a student loan, a Pell grant is just that, a grant. It is never repaid. It is up to the individual institution as to how the money is applied. You may either receive a check or have it applied directly to your school expenses. The various options will be discussed between the student and financial aid officer. Federal law required payments to be made a minimum of twice per academic year.
Another issue to consider when applying for a Pell grant is the type of institution. State colleges and universities are often less expensive than private colleges. Pell grants are available to Universities, private colleges and community colleges. The community college system is often the least expensive and can be used to earn Associate degrees and have many of the credits then be applied to a four-year institution. By using the Pell grant to pay many of these expenses the student can thus earn a degree that can be used to secure employment that can then be applied to the continuing education process.
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