| Though cost of education in the US private colleges | | | | You can also submit your application through your |
| is high, many students can cut the cost by half or | | | | school that acts as the U.S. Department of |
| even more. This has been made possible through | | | | Education's agent. Grants are awarded based on your |
| financial aids made available to students by the | | | | financial requirement. Since there are chances that |
| Federal government as well as private financial | | | | your application for grant is rejected, you must have |
| institutions. The amount available as financial aid | | | | a back up plan for yourself. This means to say that |
| depends on many factors. Though maximum share | | | | you must not apply to one or two private colleges |
| of the financial aid is borne by the Federal | | | | but also apply to other colleges where education cost |
| government, the private financial institutions' share is | | | | comparatively less. |
| also not negligible. | | | | Another category of financial aid is the work-study |
| There are four types of Federal Grants available: | | | | programs. In such a scheme you will have to work |
| Federal Pell Grant, Federal Supplemental Educational | | | | for a set number of hours for the school or |
| Opportunity Grant, Academic Competitiveness Grant, | | | | approved public-service related company. This way |
| and National SMART Grant. While the first two grants | | | | you can earn as well. What you earn is yours. You |
| have been there for quite long, the last two types of | | | | will be paid on an hourly basis. Even for such |
| grants are relatively new. | | | | programs, you have fill out the FAFSA form. |
| The annual award limit is up to $4,000 at the time of | | | | Yet another category of Federal financial aid comes |
| getting this information. To avail these grants you are | | | | in the form of Federal Perkins Loans. |
| required to fill out the Free Application for Federal | | | | These loans must be repaid. However, the interest |
| Student Aid (FAFSA) form. The easiest and most | | | | rate is fixed as low a 5 percent. It is available to |
| convenient way of doing this is by visiting the FAFSA | | | | students with exceptional financial requirement. The |
| website. There is less chance of rejection as | | | | loan may go up to $4,000 annually for undergraduate |
| incomplete and incorrect forms are automatically not | | | | students. For availing this loan, you again have fill out |
| accepted on the web. In other words, you have to | | | | a FAFSA form. No original fee is charged on such |
| necessarily fill out all columns only then your | | | | loans. You must repay this loan to your school. |
| application is accepted on the web. | | | | |