Every year, the federal government spends more than $86 billion to help young people go to college. As the single largest provider of student aid in the world, the US federal government offers grants, fellowships, loans and work study programs. Your key to this massive treasure chest is the FAFSA, otherwise known as the Free Application for Federal Student Aid. The application, which can be filled out on paper or on-line, calculates your family’s ability to pay for your college degree. Calculations are based on income, assets and other factors, such as the number of additional dependents in college. The FAFSA is used not only by the federal government to determine your aid eligibility, but also by your college or university to allocate its own scholarships, plus state and private a...

One assumption made by financial aid recipients that needs clarification is the belief that loans are not considered financial assistance. In fact, the vast majority of financial aid dollars are disbursed to students in the form of loans. While federal and state governments do dish out plenty of grant and scholaship aid, loans (often termed “self-help aid, along with work study) are the cornerstone of the modern financial aid industry. This is an important distinction to make, particularly if you enter a post graduate program. As a graduate student, you will no longer be eligible for a Pell grant or any other federal grant aid. Aid eligibility for graduate students usually falls into three categories: loans, assistantships and fellowships. From the Department of Education, the only...

For students looking to find funds for their higher education, federal work study should be a consideration. According the the Federal government’s Department of Education, work study “provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses. The program encourages community service work and work related to the recipient’s course of study.” In short, if your award letter indicates that you have “need” you are most likely eligible for work study. Although work study is a form if financial aid, it is administered like a regular form of employment. In other words, you will not be handed work study funds on disbursement day like your student loans and grants. You will,...