Loans–noun.  Money borrowed for college education expenses which will be repaid upon completion of a degree program.

Education loans come in two types:

• Federal Student Loans.  Federal loans are those that students are considered for after completing the FAFSA.  These loans are sponsored by the government and often the interest is taken care of while you’re in school.  Repayment begins 6-9 months following graduation, depending on the loan.  Commonly known government aid includes the Stafford loan, Perkins Loan and Parent PLUS Loan (taken out by the student’s family).
• Private Student Loans.  Usually students turn to this type of aid after exhausting all financial aid options (not that it isn’t a worthwhile source, mind you).  These student loans are applied for and supplied through your bank.  The reason for the “last resort” stigma is because private bank loans usually have higher interest rates attached, increasing student loan debt later.

Grants–noun.  Funding given to students with no strings attached.  Such financial aid need not be repaid after the completion of one’s education.

Again, this aid falls into various categories.  Grant money comes from all over.

• Federal Grants.  Like the loans, federal grant money is what you are considered for upon completion of the FAFSA.  The money is provided by government agencies, and it’s FREE!  Well-known federal grants include the Pell Grant (up to $5550 per year) and the FSEOG Grant (for exceptional financial need, up to $4000 per year).
• Institutional Grants.  This type of grant comes directly from the college and university a student is attending, and helps balance out attendance costs. Various academic awards recognize academic excellence in the form of institutional grant money.
• Private Grants – These grants come from the private sector.  Private and community organizations offer grant opportunities to students for a variety of reasons, including: community involvement, academic achievement, and membership to the organization.

Scholarships–noun.  Financial aid typically awarded on the basis of merit.  More free money for college.

This type of financial aid is highly competitive and is awarded through a variety of means and criteria.

• Essay Contest Scholarship.  Writing about a particular subject for an organization (global warming, pollution, economic crisis, etc etc) is a great way to earn scholarships ranging from the $100s to the low $1000s.  You may even get to have your work published in the organization’s journal!
• Academic Scholarship.  Students earning a high GPA or performing well in their major may qualify to apply for such financial aid.  To verify the validity of claims and to gain a better understanding of why a student is deserving, professor recommendation letters may be a part of the application process.

Understand that this list is not all-inclusive.  If we discussed every financial aid option, no one would ever leave the computer!  Nevertheless this should get you on the right track.  Need more guidance on financial aid?  Maybe you’re starting out smaller and want to know what’s offered for Community College Financial Aid.  Check out the other types on the Go Financial Aid website.  If you find yourself getting stuck anywhere along the way, we have the solutions to your financial aid problems!

• Check your FAFSA status.  To do this, navigate to the application status check page of the FAFSA website.  A short table should appear where applicants must enter personal information.  Enter your Social Security Number, last name, first name and date of birth (DOB) with the secure onscreen keyboard.  Once all information is entered accurately, press “Submit.”  Should any additional information be required, follow the provided instructions (this is unknown because this author does not have a current FAFSA to check on).  Information you may encounter includes whether or not the application has been processed, if your SAR has been sent, etc.
• Check Stafford Loan Status.  One way to check up on the Stafford is to access the Stafford Loan site.  Personal FAFSA information should be on-hand before sitting down to do this.  Borrowers are required to log-in with both a FAFSA PIN number and Social Security Number.  If you lost your PIN, don’t panic!  People have all sorts of things to keep track of in life, so there is a sort of forgiveness in place here.  On the site, simply request a duplicate number by entering Social Security Number, first two letters of last name and DOB.  As with the FAFSA, follow any additional instructions given for the status check.
• Check Private Loans.  To retrieve information on these kinds of loans, you must go through your bank.  The process should be relatively easy, and can also be done online.  Citi Bank, for example, has set up a website for their loans called studentloans.com.  The Financial Aid Status check is pretty simple, and all that’s needed is date of birth, last name and application ID.  Ta-Da!  Be sure to verify this process with your personal bank.
• Check Pell Grant Status.  To know this, you must have received the FAFSA SAR already.  If you have it nearby, get it out now and we’ll take care of this together.  Look for anything on the report that talks about the Pell Grant.  Do you see it?  At the very least the SAR should indicate your eligibility for this grant, and will often have an estimated amount (i.e. “Up to X amount”) if you did qualify.

Keep in mind that all of these resources lead students to basic financial aid status information, or what’s available shortly after submission of forms.  For specifics on final aid amounts, wait until your school has awarded your financial aid and discuss this with the financial aid office.  And if you need more help filling in the blanks on the road to gaining college money, hire a financial aid consultant!  Go Financial Aid will be glad to help!

Thankfully, more websites are stepping up to provide financial aid help for families struggling with the process of finding ways to get money for school.  The FAFSA site is obviously a good place to start, as this form is certainly one of the most important documents you’ll fill out in the process of obtaining financial aid.  However, federal loans are certainly not the only form of financial aid out there.  Other websites allow people to compare the different private student loan offers.  The College Board is also a highly regarded non-profit organization that provides people with countless financial aid options all online.  Whatever your preference of aid, the College Board will help you find it all right at your fingertips.

To further assist you in the financial aid process, getting help from a financial aid advisor or consultant is certainly something to consider.  While this does require a fee, it will take an extensive amount of the burden of hunting for college funding off your shoulders, as well as provide you with an experienced professional who will guide you step-by-step through the process.  Go Financial Aid offers these services, and you can set it all up online, by choosing a solution that is right for you and your current financial status.

Getting financial aid help does not have to be an overly stressful process.  It is important to know that there are many options out there to help you get the amount of funding you need to enhance your education and improve your future.

Private loans can not only be used for tuition, room, and board, but for other college expenses such as books, supplies, school fees, and transportation costs. These loans can cover up to the full cost of your education and can applied for year round.

Private loans generally require a credit check and in most cases on co-signer is required on the application. As a student, adding a co-signer with good credit will help to increase your chances of approval and possibly even lower the interest rate. Repayment is not required until after graduation. Often times, lenders will lower your interest rate if you have your payment automatically debited monthly.

Companies such as SallieMae, Wells Fargo, and Discover Financial Services, all offer private student loans with low interest rates, no upfront fees, and other incentives.