Federal funding programs provide millions of dollars every year to people who want to go to college or start a business. The funds can come from government grants, government scholarships, student loans, low interest loans and loans that charge no interest. If you want to apply for a grant, you would apply to one of the federal funding programs like Pell Grant. To get the Pell Grant, you need to fill out an application called FAFSA (Free Application for Federal Student Aid). There are also federal grants targeted towards women.
Federal funding programs are open to just about everyone who wants to go to college. You can apply for a low or no interest loan; some federally backed student loans don’t require a cosigner. You can apply for the Federal Perkins loan or the Stafford Loan. The Perkins loan comes from school and government funds. This is a low interest loan that is available to undergraduates and those who want to attend graduate school. You must start making payments on the Stafford Loan 6 months after you graduate or otherwise leave school.
Your ability to get a low interest student loan may depend on your credit rating. If your credit rating is less than perfect, you might consider getting a parent or family member cosign the loan for you. However, if you are in college, it would be to your advantage to access other federal funding programs that don’t require you to pay the money back, such as the federal grants. Federal funding programs are designed to ensure that no person has to be deprived an education due to lack of funds.
Nowadays, federal finding programs make it much easier for students to get a good education. Just a couple of decades ago it was much more difficult for some people to get enough government aid to assist with college costs. Many people had to work full-time jobs and go to college part time, because they had no other choice. Now, things are different; federal funding programs have made life a lot easier for struggling students.
Prior to applying for one of the federal funding programs it is important that you analyze what your needs are. You will need to assess whether you will need assistance with housing and travel expenses. The amount of help you will need will depend on the amount of federal aid you will need. Whether you are working toward an Associate’s, Bachelor’s, Master’s or Doctorate degree, you can get all kinds of assistance through federal funding programs, if you qualify, so that you can finish your education.