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Eligibility Criteria For Financial Aid Every Student Must Know

Financial Aid Services helps students and their families pay fees towards college. It covers higher education expenses such as tuition fees, books, stationery, transportation, room, and boarding, etc. There are many types of financial aid and these include scholarships, work-study, grants, federal and private loans. A financial aid award generally includes a combination of the various types of aid for most of the students. Financial aid offices are found on the campus of every school or college that has professionals to assist students and their family and offer advice on the financial aid and scholarship opportunities available for the students.

Every student must meet the basic requirements to qualify for financial aid and we have listed the basic eligibility criteria below:

  • You must be a U.S. citizen or an eligible non- citizen(including a U.S. National or Permanent Resident) bearing a valid Social Security Number (SSN)
  • Must possess a High diploma or a GED certificate (General Education Diploma). It is an internationally recognized test.
    Before applying for a financial aid loan, every student must submit FAFSA (Free Application for Federal Student Aid). In this application, you describe the details of the financial situation and family circumstances, in order to verify your need and eligibility for the financial aid you are seeking.
  • Must be enrolled or qualified as a student for an eligible degree or a certificate program.
  • Maintain a good or a satisfactory academic record
  • Must not apply for a financial aid loan at two different schools during the same semester
  • Must not be in default on a Federal Family Education Loan Program (FFELP), or Federal Direct Loan, or owe a Refund of a Federal Grant.
  • The information given in your FAFSA application is used and verified so as to determine your financial need and check for the type of loan you may receive.
  • You must have knowledge of non-need based student loans too. You may be eligible for other federal student aid loan even if you don’t receive need-based financial aid. But in the case of federal student loans, it has a cap on the total amount of federal loan that you can borrow.

Conclusion: Applying and qualifying for a financial aid loan can be overwhelming for students, but exploring a little about the financial aid loan and understanding the basic requirements to be met can ease your application process and you can be successful in getting awarded by the financial aid for your higher education.