In order to qualify for federal aid to help you pay for your education, there are various financial aid requirements that will determine whether or not you can receive federal funding. In recent news, the US Department of Education has been discussing the changing of financial aid regulations in the federal sector. According to statements the department has made recently, these changes should be in effect by July 2011.

The alteration of financial aid regulations are intended to protect both taxpayers and students borrowing money. These changes are also targeted at stopping universities from misleading students with financial aid information in order to financially benefit the schools themselves. According to statements made by the Department of Education, these changes to the financial aid process will also improve the information available to people about career college training programs and their effectiveness, as well as making sure that the students and programs receiving financial aid really are in need of it and eligible to obtain it. There will also be new guidelines pertaining to how schools will deem whether or not a student is worthy of financial assistance.

In lieu of these changing financial aid requirements in the federal government, the basic requirements for federal aid will most likely remain very much the same. If you are unsure about what is needed of you in order to ensure that you get the financial assistance you need, here is a list of some financial aid requirements that the government asks of those who seek aid:

  • First and foremost, you must show that you are in need of financial assistance
  • You must be a US citizen or an eligible noncitizen
  • You must have obtained some sort of GED or academic profiency test provided by the US Department of Education
  • You must have a working Social Security number
  • Once enrolled in the university or college of your choice, you must maintain satisfactory academic progress. Remember that the financial aid department can monitor your progress, so they'll know if you're slacking off.
  • You cannot be in default over a federal student loan nor can you owe money on a federal student grant while applying for financial aid.
  • Last but most certainly not least, you must certify that you will use the federal aid for educational purposes only. You'd be surprised at the amount of people that grossly misuse student aid money, putting themselves even further in debt.

Categories: Financial Aid | Grants | Student Loans
Tags: financial aid eligibility financial aid requirements us department of education

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