Every year, the U.S. Department of Education and the Federal Student Aid program provide above $80 billion financial aid to the needy students through their colleges and universities.
In 2006, U.S. Census Bureau reported that above half of all students obtain financial aid from sources other than their families. With the growing fast ways and advanced technologies, more students are enrolling in accredited online colleges that can provide financial aid for a large number of students.
1. Scholarship Chances
Scholarships are offered for various causes. Students do not need to repay the scholarships. The federal government is major source of scholarships to the students with academic, athletic, artistic or other fields of proved distinction. There are various sources as well to help search the scholarships and application procedures. Most of the scholarships are offered to students wanting to follow specific fields of study. There are chances to apply for many different scholarships regardless of one’s abilities or talent.
2. Federal Grants
Grants are offered to learners who want financial support to follow an undergraduate program. Students do not need to repay the grants as well. For example, Federal Pell Grants are offered to the colleges by the U.S. Department of Education.
3. Student Loans
Loans are offered to the U.S. citizens. Students are required to repay the loans, but usually do not need to repay until six months after completing the education. For student loans, interest rate is very low, and there are rational monthly payment processes after graduation. Private loans and parent loans are can also be obtained via banks or other private organizations.