The Federal government is one of the best sources for college

financial aid. From low interest loans to free grants, the

array of government aid is open to just about everyone. As long

as you have passing grades and financial need, you almost

certainly qualify for something.

The search for federal aid begins with the Free Application for

Federal Student Aid (FAFSA). This form can be filled out on

paper or submitted online. Once it is processed, the government

will make a judgement about the level and kinds of aid you are

eligible for. To receive funding, you must have a high school

diploma, GED certificate, or have met state standards to enroll

in a qualified higher education school. You must also be a U.S.

citizen or an eligible noncitizen, such as a permanent

resident. The key factor in determining how much aid you

receive will be financial need, not grades. Of course, if you

fail to maintain passing grades, you will lose all assistance.

However, it is not necessary to be an “A plus” student.

Undergraduates who meet the need criteria can receive Pell

Grants. These range from $400 to $4,050 a year. Students with

exception financial need may qualify for a Federal Supplemental

Opportunity Grant (FSEOGs), which ranges from $100 to $4,000 a

year. The amount you can receive may be reduced if you have

other sources of aid, such as a scholarship. These grants do

not have to be paid back.

Federal loan programs are offered to supplement grant awards,

and for those who were not eligible for a grant. For some

loans, you do not have to demonstrate need. The amount you can

borrow will depend both on your school expenses and your grade

level. Perkins loans are offered first to Pell Grant

recipients. Only a certain amount is awarded each year and when

that runs out, no more loans are given until the following year.

Stafford loans are available to both graduates and

undergraduates. You must be enrolled at least part-time.

Financial need is not a requirement for the Stafford, but for

lower income students, the government may award a subsidized

loan. This means that the interest will be paid for you while

you are a student, and during a six-month grace period after

you graduate. Finally, the parents of dependent undergraduate

students can take out a Plus loan to cover educational costs.

If you plan to take advantage of any of the programs, you can

apply between January 1st and June 30th and receive funds for

the following Fall semester. It is highly recommended that you

apply as early as possible, as some schools and states require

an application be submitted much earlier. In any case,

submitting the FAFSA is an essential part of college financial

aid. Many scholarships, private foundations, and other sources

of aid will require you to first exhaust all federal aid

possibilities before they will consider your application.