Free student loans enable students with low incomes to pay for the cost of their college education. These loans are provided by the government and are based on the student's income. Interested parties must apply through their designated college or via the Internet. (see Resources).
Each state has a specific deadline by which you must apply before federal funds run out. Most forms must usually be filled out before July 1 of each school year. You can find the deadlines for your state on the federal student aid website (see Resources). Students must allow enough time when applying for aid. Be organized and ready to file by having at your side such information as your Social Security number, income-tax return, driver's license and any investing records. Complete each section one step at a time. You can always save your work and come back later. Always apply early.
Federal student aid allows students to receive an education they might not have because of their income status. Federal student aid does not have to be paid back, and is one of the best ways to pay for an education if your family is in a lower income bracket. Most colleges and universities have student-aid applications available to all students; they also can be accessed online. Federal student aid also benefits students who are living on their own for the first time and/or have no or very little income; such applicants are almost always eligible, since they do not have full-time jobs. Students can receive between $100 and $4,000 in assistance depending on their need, their choice of college and the time of the application.
There are a few types of free student loans available through the federal student aid program. Pell Grants are available to undergraduate students who have not earned a bachelor's degree. These monies do not have to paid back. The most a student can receive from a Pell Grant is $4,731. Another type of free student loan is the Federal Supplemental Educational Opportunity Grant. This grant is for students who are in great financial need. Those who have the lowest expected family contributions will be accepted first. One other type is the Academic Competitiveness Grant. A student who applies for it must be a U.S. citizen, must have received the federal Pell Grant the same year that he applied for it, and must be a full-time student. Students receive up to $750 the first year and $1,300 the second year.
No student should refrain from applying to college because of her income status. There is usually some type of government program that will allow her to attend. Be sure to check with any college you plan on attending and ask about financial-aid and loan programs. Most schools offer some kind of assistance for their students who are in need.