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Financial Aid Requirements

Financial Aid Requirements

The term financial aid refers to the financial support that is provided by the government to young students in recognition of their merit and scholastic ambitions. In order to gain such aid, college students have to meet certain requirements mentioned here. Keep reading...
Scholasticus K
Education, which is among the basic needs of any man, has become rather costly, all over the globe. In most of the nations, higher education is exceptionally costly due to which, students have to take the help of different financial and credit creation programs.

Student loans, government grants and scholarships are examples of such financial aids. However, every student, who wishes to avail such facilities, has to fulfill certain requirements to be eligible for aid. Financial aid in different countries, especially in the United States, is provided with the help of a program that is known as Federal Student Financial Aid.

This program consists of different scholarships, grants, secured loans and unsecured loans for students. Some of the notable aids that are included in the Federal Student Financial Aid include Federal Pell Grants, Federal SEOG Grants, SMART Grants, Federal Work-Study Program, Federal Stafford Loans etc.

Financial Aid Requirements

As mentioned above, all the students applying for any of the above mentioned programs have to fulfill, the eligibility requirements for financial aid. If you are planning to apply, for the Federal Students Aid, then, first have a look at the Free Application For Student Aid guidelines that are issued by the United States Department of Education. These guidelines will cater to most of your practical queries, such as how to complete and where to submit a Pell Grant application or any other such application. It will also enlighten you with most of the programs and aids, run by the government.

The following are some of the common requirements which are applicable for most of the financial aid programs too.
  • The applicant must be a student of the United States of America or must be of a qualifying citizenship, if he is a foreign national.
  • The applicant must also have a authentic social security number.
  • The applicant must also have a high school diploma or a General Education Development Certificate. He may also have the passing certificate of any examination that is similar, and recognized by the United States Department of Education.
  • The applicant (for males only) must be registered with Selective Service, if he is within the age bracket of 18 to 25 years of age.
  • The student must also, not be convicted of the usage of the banned and illegal drugs while he/she was receiving financial aid in the past.
College aid requirements, also include the disclosure of information regarding the income of the applicant's parents, family or guardians. In some cases, the income of the student is also taken into consideration. The amount of the financial aid depends on this disclosure and its verification. The expected family contribution, also tends to be a part of the verification process for student financial aid. There are several other factors that are often taken into consideration such as academic excellence, sports achievement etc.

Amount of Financial Aid

Out of all the different financial aids that are provided by the Department of Education, you will qualify for one of the grants. The grant that you qualify for is basically, derived on the basis of different parameters such as your academic performance, the expected family contribution (the amount provided by you and your family), the university and course that you wish to attend. The following formula is also used to determine the amount of aid that you are eligible for.

Cost of Aid = Expected Family Contribution (-) Federal Pell Grant Eligibility (-) Aid From Other Sources

The requirements such as Pell Grant requirements and eligibility criteria is described in full by the Department of Education. It is advisable that you go through the requirements, before you apply for the aid.