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The federal government provides a lot of help for deserving students in the form of federal aid. But wait, do you know what kinds of student aid you can get from the government in the first place?

Types of Aid

Federal aid is broken up into three categories: grants, work-study and student loans.

First up are the Federal Grants. These are monetary donations to students with varying needs and abilities, from those promising students with financially challenged backgrounds to those with an inherent gift for math and science. Students that are given grants don’t need to pay back the money to the government, which is always a plus point in anyone’s book.

Next up is the Federal Work-Study Program. This program assists students in finding on or off-campus work to finance their own education. It entails a bit more effort on the part of the student, yes, but at least the student will be able to graduate free from any financial worries. The jobs also provide an opportunity for the students to build networks and start sharpening work skills as well.

And we finally move on to the Federal Student Loans. These loans come in two flavors: subsidized and unsubsidized. Subsidized federal loans handle the interest rates of students still studying, while a student will be responsible for paying all necessary amounts of money in unsubsidized federal loans. These loans have typically low interest rates, though, so it is still a good idea to go first to the government before private lenders.

Qualifications

There are a certain set of criteria that you need to meet if you want to be eligible for most kinds of federal aid. These include:

• Being a U.S. citizen/eligible noncitizen with a legit Social Security Number
• A visible financial need
• Completed high school education
• Qualified to participate in postsecondary (aka undergrad or graduate) education
• Pass certain tests or standards

Do note that these are general criteria for most people to be eligible for federal aid. Each specific program has its own unique requirements for eligibility, so read up on the specific aid you want to acquire.

Application

Some people, however, are more confused on how to gain access to federal aid. But fret not! Here are some practical steps you can take to secure federal aid:

• Consult your school counselor on available programs – preferably one that specializes in financing. This is the first step you can take, and your counselor can address your questions and concerns in real-time.
• Visit http://www.fafsa.ed.gov/ and scope out your options between January and July, but it is advisable you finish these ASAP to the Federal FAFSA Deadline which is June 30 each year. You will be given a Student Aid Report afterwards. Review this to see where you stand as a potential aid recipient.
• Contact the financial aid office of the school or schools you might be eligible to attend. They will give you more details on the aid you have qualified for.

These are the basic steps to acquire student aid, so start from here and work on what you need to do next.