Pay for School

Those who, after taking advantage of all federal loans, still needed money to pay for school often turned to private, more expensive student loans for assistance. Were these students more aware of different federal aid opportunities, they may have been able to save thousands. Myriad federal grants and financial aid programs have been created to help students pay for school. Before turning to student loans, or at least before repaying them completely, students should research the options below.

Federal Grants

Completing the FAFSA on the Web is one of the easiest ways for students to obtain the money they need to pay for school. Because the most commonly awarded government grant, Federal Pell Grants are based on financial need rather than grades, students can receive thousands just by filling out the form. Another option, the Federal Supplemental Education Opportunity Grant (FSEOG), is a Pell Grant adjunct that can help undergraduate students with exceptional need pay for school. Between $100 and $4,000 per year is available to those who are eligible.

Students who are interested in teaching and those who plan to major in the math and sciences may also receive assistance based on major. To help them pay for school, the government has developed the Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) as well as The National Science & Mathematics Access to Retain Talent Grant (National SMART Grant). Those who are not interested in the aforementioned fields but have demonstrated exceptional academic merit and have completed a rigorous high school curriculum may still find funding through the relatively new federal grant option, the Academic Competitiveness Grant.

Federal Loan Repayment Options

When students have used up all grants and scholarship awards, there may be no alternative but to pay for school with borrowed money. However, under certain circumstances, students may be eligible to have their loans discharged (canceled). Individuals who choose to take out student loans should familiarize themselves with their options. If all criteria are met, their loans may be sizably reduced.

Those who plan to teach math, science or special education at elementary or secondary schools deemed low income by the government may be forgiven up to $17,500 in Stafford Loans. Those who become full-time teachers for at least five years but do not teach the aforementioned subjects may still have $5,000 in student loan bills canceled.

Students who do not plan to enter the teaching field but are still interested in certain public service professions may still be eligible for a discharge through the Loan Forgiveness for Public Service Employees program (PSLF). If they serve the government, the military, the law enforcement, libraries and certain tax-exempt organizations, among others, student may meet the requirements for a partial loan cancellation.

Latest College & Financial Aid News

Convict Education 101: College in Prison funded through Pell Grants

August 4, 2015

by Susan Dutca

Is it possible to educate and correct inmates through quality, legitimate prison education? Discussions of social and educational reform, particularly within more decrepit and under-resourced environments are commonplace - but what about when it comes to educating incarcerated individuals? According to the Washington Post, proponents such as Education Secretary Arne Duncan plan to assist those [...]

80 Percent of College Students Drink

August 3, 2015

by Chris Bernardi

The disease of addiction has ravaged college campuses, evident by the fact that 80 percent of college students drink alcohol, 40 percent binge drink. College students make up one of the largest groups of drug abusers nationwide. Young adolescent’s ages 18-24 already have an increased risk of addiction- those enrolled in a full-time college program are twice as likely to abuse drugs and [...]

When Choosing A College, Weigh Wants, Needs and...Quirkiness?

August 2, 2015

by Christina Zhou

My name is Christina Zhou and as part of my duties as a virtual intern for Scholarships.com I will be writing blog articles each week. Writing is one of my passions and that, combined with the opportunity to help people, was what drew me to this position. Hopefully, the content in these articles will assist student readers everywhere in answering their questions about the college experience. [...]

Follow Us:

facebook twitter rss feed