Know the Routes to Finance Your Studies (PART II)

This article is the continuation of PART I of the article Know the Routes to Finance Your Studies. In the first part, we discussed about the federal aids available to students to pursue higher education. In this article, we will continue with more such aids that facilitate higher education in the US.

Also, we will focus on other types of financial aids available to students from various sources including the state government, educational institutions, and private organizations. Read on to know more and some tips on how to fund your education costs on your own through clever strategies.

Federal Student Loans

The US Federal Government also offers repayment of loans to the students who need financial support to pursue higher education.
Direct Loan (from the federal government):

• Direct Subsidized Loans – for eligible undergraduate students who reveal financial need


• Direct Unsubsidized Loans – for eligible undergraduate, graduate, and professional students who need not demonstrate financial need


• Direct PLUS Loans – graduate or professional students who do not avail any other financial aid


• Direct Consolidation Loans – to eligible students who can combine all the available financial aid under one loan provider

Apart from these financial aids, there are number of scholarships available for students to utilize.

Aid from the State Government

If a student is not eligible for federal student aids, he or she can apply for financial aid from the state government, to which the student belongs.
Some of the financial aids by state governments are offered with the support from the federal government.
Following are the financial aids awarded by the state governments:

• Byrd Scholarships
• LEAP (Leveraging Educational Assistance Partnership) Grants

Aid from the College or School

Students can avail financial aid from the college or university in which they are planning to take admission. A student can visit the official website of the college or enquire the financial department of the college to know more about the process. Also, he or she can check the academic department for any scholarships or grants available.

Aid from a Not-for-profit Organization or a Private Institution

Students may also try to source financial aid from many not-for-profit organizations or private institutions that offer scholarships or grants for students who posses excellent academic skills or purely based on the economic status of the student.

Reduce, Save, and Fund Your Education

Apart from the scholarships, grants, and loans, students can fund their education with proper planning and financing strategies:

College and their Location: Student can opt for colleges that require less tuition fee and offer high quality education. Students can also prefer colleges that are located in areas where the living expenses are reasonable.

Excellent Academic Performance: Excellent academic performance of a student in the first year can earn a student some waiver in the tuition fee in the following years of study.

Accelerated Programs: Students can opt for courses in community colleges if the credits can be transferred to the regular college. Also, students can take one additional course per semester or online classes or summer classes.

In this 2 part article, we have discussed about the various financial aid sources available for US students. In the next article, we will discuss about the FAFSA and how to apply for financial aid. Keep checking this space to clear your doubts about the process involved in getting the necessary finances for your dream education in the US.