Free Grant Money
Taking the time to figure out how you're going to pay the high costs of your education can be intimidating. The high expense though, should not be a reason for you to not further your career and get the education that you need. What you can do is spend some time researching your other options such as free grant money for education; many of which are Federal free grants.
Federal grants do not have to be paid back after graduation, in essence they are free financial aid and can be used to cover any expense related to your college education. This free grant money is awarded based on the individual financial situation of each student, and takes special note of the "Expected Family Contribution" section of your Free Application for Federal Student Aid (FAFSA); so when filling out your application make sure that you are as honest and straight forward as possible and this will give you the best chance of receiving this federal free grant money. There are two types of federal student grants, one is the Pell Grant and the other is the Federal Supplemental Educational Opportunity Grant (FSEOG) both of which can either be deposited directly into your student financial account or paid to you by check, if you qualify they can even be deposited directly into your bank account.
There are other resources as well that may give you free grant money that does not need to be paid back, for example your college may have funds set aside specifically for this purpose in the form of college grants. You would need to check in with the administrative office often and early in the year to inquire about availability. It is recommended that you fill out your schools application for financial aid as early as possible because there are usually many students requesting it and it may run out before you can get it. In order to receive any type of financial aid, you must first fill out the FAFSA form, then find out if your school has any specific application forms for you to fill out which may grant you local or private financial aid as well. Grant money is reserved for students and families that truly need the financial help, so it is possible that if your family has the financial resources to pay for your education that you may not qualify for free grant money, there are still other forms of financial aid available such as student loans and work-study loans that will need to be paid back after graduation.
Financial Aid & Student Loans
For young adults and teens preparing for school in the present, financial aid and student loans are standard and expected . A large percentage of students apply for student loans and some type of financial aid or grants because not many parents can afford to fully cover the rising costs of a decent education. It wasn't always this way though, student loans are fairly new to the scene.
The first school ever to offer financial aid in the form of a loan was Harvard University back in 1840, these were not government loans but private loans that needed to be paid back soon after graduation. Indiana was the first state to actually organize and offer student loans to students which qualified by having high test scores in high school. This led to the formation of the Indiana State Financial Aid Association, or ISFAA, which was followed by the opening of the first Financial Aid office in Indiana University. Soon other colleges joined the ISFAA, and Indiana students had a new way to pay for school.
As odd as it may seem, the launch of the first satellite into orbit by the Russians back in 50's played a key role in the US government offering and supporting student loans and financial aid. They realized the only way they could compete against the Rusians in the Space Program was to ensure they had enough educated personnel, this meant more college graduates. Considering most families back then could not afford to pay for their childrens education, the government had to step in. They used the model developed by the ISFAA and with their help were able to launch the first government funded forms of financial aid for students.
After World War II, Congress passed the National Defense Education Act. This act introduced the Perkins Loan, a low-interest student loan that is provided to low-income students and has a 10-year repayment period. This was the first federally backed student loan, and more would soon follow. In 1963 the Health Education Assistance Act provided loans for students pursuing degrees in medical and health fields. This was followed by what is now known as the Federal Work-Study Program, a program that allows the federal government to pay the wages of working students.
By the end of 1965, Most of the student loan programs we use today, such as the Stafford Loan, Work-Study Program, and Perkins Loan, were in place. As the cost of education continued to rise, the government introduced the Parent's PLUS loan program in 1981, a program that allowed higher-income families to get assistance in paying for school. Today, these loan programs allow many students to pursue an education when they would otherwise be unable to, making them a valuable resource to our country as we strive to continue as a global leader.