Julia Anderson
Are you looking to go back to school because you’re unhappy with your current career path or want to increase your earning potential? Well, congratulations, as it takes a lot of guts to become a student again. What does it also take? A lot of cash, as college can be pretty expensive.
Unless you’ve been working and saving all these years to put yourself through college, you’ll probably need some help in financing your dream of getting that degree. And federal student aid is one form of help you should look into.
2023
Tax Forgiveness
We know how challenging it can be to pay off your tax debt.
The IRS just announced the 2023 Fresh Start Program, to qualify more people for tax relief!
Let’s discuss how federal student aid works and what to look for when applying.
The Types Of Federal Student Aid
As you start searching for federal student aid, you’ll likely come across these three categories: Grants, work-study programs, and loans. Out of the three, grants are your most ideal option since they give you cash for school that does not have to be paid back. Work-study programs are also beneficial, as they let you work campus jobs to earn cash for school. And loans, while helpful, should be last on your priority list, as they must be paid back with interest.
Restrictions On Federal Student Aid
Contrary to popular belief, you don’t have to be below a certain age to qualify for federal student aid. In other words, it’s not reserved for kids fresh out of high school, as you can be in your 70s and still get it.
What does it take to be eligible for federal student aid? Various factors, but it’s primarily based on financial need. As a side note, you won’t have to worry about credit checks, which is worth mentioning since some are worried that a poor history will prevent them from getting such aid.
As for how you can use federal student aid, that’s usually up to you, as it can be applied to a wide range of school-related expenses, such as tuition, fees, housing, books, laptops, transportation, and more.
Applying For Federal Student Aid
There’s no cost to apply for student aid from the government. As noted in its name, the Free Application for Federal Student Aid won’t cost you a penny to fill out and submit. So if you’re looking to get cash for college from Uncle Sam, be sure to fill out that form as quickly as possible, as it’ll tell you what types of aid you qualify for.
The Best Type Of Federal Student Aid
If you want to focus on one type of federal student aid, you can’t go wrong with the Pell Grant. Here are several reasons why:
- It can give you as much as $6,895 per year for school, which does not have to be paid back.
- It’s based on need, so if you struggle with a limited income, your chances of getting it are even higher.
- You can use Pell Grant money for tuition, books, housing, dependent care, childcare, etc.
- You can use Pell Grant money for online schooling, which is ideal if you have kids to care for.
- Your age, grades, credit score, or other student aid are not considered when applying for a Pell Grant.
- Getting a Pell Grant is as simple as filling out and submitting your FAFSA.
