A guide to the college financial aid process

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Now that you’ve been accepted into the University of Maryland, you may be in the process of getting financial aid or wondering what you could have done differently. One thing we all know for sure – the grant process is overwhelming and daunting. College comes with a high price.

In the past three decades, college tuition fees have skyrocketed. At the four year public schools classes has grown from around $ 4,000 per year to over $ 10,000, according to the College Board.

The Maryland University System sentences Tuition fees for all institutions in the higher education system, including this higher education institution. They approve increases in domestic and extra-state tuition fees, such as recently announced Top up for the academic year 2021-2022. Outside of the state tuition fees will rise 5 percent, rising from $ 34,936 to $ 36,683. State tuition will increase 2 percent from $ 8,824 to $ 9,000.

But don’t worry – here’s a breakdown of the different types of grants and some tips to help you become a seasoned scholarship applicant.

Federal and State Aid

By now, you may already know what FAFSA is and why it matters. But as a refresher, FAFSA, also known as the Free Federal Student Aid Application, allows students seeking a Bachelor’s or Master’s degree to apply for state funding. This can be applied to tuition, fees, room and board, textbooks, and other school-related expenses.

Some states also have financial assistance programs for citizens attending college in the state and outside of the state, as well as for students outside of the state. Maryland has MDCAPS, which handles government-sponsored scholarship applications. Programs like this usually use the information you entered on your FAFSA application to determine what type of state aid you are entitled to.

Regardless of how you or others view your financial situation, it is still important to apply for both federal and state grants because You can continue to be offered federal aid or your application can be used for state awards.

Now you are probably curious about the types of help and how they work. Below is a breakdown of each one.

Breakdown of different types of help

Grants

Scholarships come in all shapes, shapes, and sizes. You don’t have to repay the amount either. Scholarships can either be performance-based or based on a student’s financial need. You can find thousands of scholarships online to apply for, but don’t forget to apply for smaller, local scholarships in your area as well.

If you already know what you are studying, I strongly recommend that you look for professions related to your major that fund scholarships. If you live in Maryland, you can also apply for delegate and Senate scholarships.

grants

Scholarships are also a great way to finance your education. You don’t have to worry about paying them back either. Most scholarships are given to students on a financial needs basis, but that shouldn’t stop you from applying when you can. The federal government offers several grants through the FAFSA, such as the Federal Pell Grant. Sometimes universities also offer scholarships.

Loans

When it comes to credit, things get really tricky in the financial aid world. A loan is money that you borrow from the government, bank, financial institution, or other organization that you must pay back with interest. Personal loans can be harder to find, but federal student loans usually have more advantages, according to the Department of Education. The two most common types of federal student loans are directly subsidized or directly unsubsidized. Direct promotional loans are based on financial need and only have to be paid out after graduation. However, direct unsubsidized loans are not based on financial need and students are responsible for paying interest.

Work study

Last but not least, the federal work program offers students with financial need a part-time job. The part-time course is open to both full-time and part-time students. The money earned is intended to help students cover education-related expenses.

Resources for transfer students

If you are a transfer student, you may be wondering what type of allowance you are entitled to. You should still apply for FAFSA and any state aid you are eligible for, but as a transfer student, you will also have access to additional scholarships or financial assistance programs specifically designed for transfer students. At this university, transfer students are automatically screened for some merit scholarships, while other scholarships require an application. To learn more about these options, visit this page.

Resources for Undocumented Students

It’s hard enough navigating the financial assistance process, but as an undocumented student it can be even more daunting. While some grant programs require students to be U.S. citizens, you can also find scholarships or other programs that provide financial assistance to undocumented students.

The Immigrant and Undocumented Student Life Program at this university also offers a extensive online list scholarships and other financial resources available to undocumented students.

source https://collegeeducationnewsllc.com/a-guide-to-the-college-financial-aid-process/