Financial aid wiki

Student Financial Aid is a financial assistance routed to help the students by paying their educational expenses including tuition and fees, room and board, books and supplies, etc. for graduation and under graduation at college, school and university level. The financial assistance provided by the government authorities to the group of people is not called as Financial Aid. If it is provided to some inviduals based on their eligibility criteria is called as Financial Aid. Financial Aid Wiki is an encyclopedia of Financial Aid.

Various types of Financial Aid:

Financial Aid is categorized in to types of awards. They are:

Merit-based

Need-based

Merit-based

Merit-based scholarships are awarded by the particular college and university and some individual organizations also awards these scholorships. These organizations awards based on the students talent, outstanding academic achievements, leadership potential and other personal characteristics. Once the admission process is completed, the students are automatically eligible for the process of merit scholarships. Athletic scholarships are a form of merit aid that takes athletic talent into account.

Need-based

Need-based Financial Aid is awarded on the basis of the financial need of the student. The eligibility factors determined by filling the Free Application for Federal Student Aid (FAFSA). Some private institutions required a supplemental application to apply for institutional need-based aid.

Debt vs. grants

No loan financial aid

Currently few schools of United States removed some of the loans from the particular colleges Financial Aid Packages. The offered loan amounts may vary with the college to college. The colleges are coming with special packages to attract lower income background people and to reduce student debt loads.

Some of the No Loan financial aid programs are:

Loan cap:

Some universities like University, University of chikago,Duke university and Emory university offers loan cap program either per year or for the four years combined was designed to reduce the cost of attendance (COA) for low-income and middle-class students. Some universities have opted to have a "loan cap" program, which is a maximum loan either per year or for the four years combined designed to reduce the cost of attendance for low-income and middle-class students.

In The United States:

Federal government of United States offers need-based federal aid called Federal Student Financial Aid. It is a combination of different programs, grants, and scholarships, work and loan programs including Federal Pell Grants, Federal SEOG Grants, SMART Grants, Academic Competitiveness Grants (ACG Grant), Federal Work-Study Program, Federal Stafford Loans, Federal Perkins Loans, State Student Incentive Grants and Federal PLUS Loans. The process of Federal Financial Aid starts with filing the Free Application for Federal Student Aid (FAFSA).Based on the Expected Family Contribution of a student, the eligibility will be determined. State governments also assists various types of need- and non-need-based aid, consists of grants, loans, work-study programs, tuition waivers, and scholarships.

Out side of United States:

Many of the governments like Canada, the United Kingdom, Germany, and Scandinavian countries provide student financial aid subsidies and benefits for the students of those particular country colleges.

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