Financial Aid is money that is given or loaned to college students so they can afford their schooling. Student loans are one form of financial aid that must be paid back, although they generally don't become due until after the student leaves college.https://www.studentloan.com/ Scholarships are another form of financial aid, but they do not have to be repaid; they are grants.http://www.scholarships.com/
In the US, Federal student aid is available through the Free Application for Federal Student Aid (FAFSA). This is an online form. The site for the form also has detailed information on how to see if you are eligible for Federal student aid.http://www.fafsa.ed.gov/ The FAFSA form is also used to apply for other sources of financial aid for college students, such as state grants and scholarships through specific colleges.http://www.fafsa.ed.gov/before003a.htm There is a different deadline each year for filling out the FAFSA in order to get financial aid for the next school year. The 2010 deadline is June 30, 2010. This is to apply for financial aid for the school year that ends in 2010.http://www.fafsa.ed.gov/before003a.htm The FAFSA form deadline to apply for financial aid for the school year that ends in 2011 is June 30, 2011.http://www.fafsa.ed.gov/before003a.htm
Each state in the US also has its own online form, similar to the FAFSA. This form should be filled out in addition to the FAFSA. It is not a substitute for the FAFSA. Each state has its own deadline for when the form must be received. High school guidance counselors have the duty of explaining these forms and their deadlines to high school students.http://www.fafsa.ed.gov/before003a.htm
Private foundations, individuals and charities also are sources of financial aid. Many employers give scholarships to their employees and their children, for qualified fields of study. Families with members in the military are sometimes granted scholarships through the military itself or through veterans. Some scholarships and loans are given or loaned based on financial need and others are given based on merit as determined by the student's grade point average and test scores.http://www.actstudent.org/finaid/sources.html
References
Fast Facts
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How to Apply in the US
Fill out the FAFSA as soon as possible.
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The First to Apply
Some forms of financial aid are given out to the first students who apply, so apply as soon as possible.
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Founded
The first US Federal financial aid payouts were made in 1964.
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Annual Federal Aid
In 2002/2003 the US Government paid out a total of $11,840,000,000. in financial aid.
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Rationale
The US government believes that an educated workforce is a more productive workforce.
