If you were thinking about getting your degree but are worried about your age, here’s some great news: Most federal student aid has no age limit. In other words, it doesn’t matter if you’re in your forties and are going back to school, as you can still get financial help as if you were twenty years younger.
Even better than the lack of age limits is the fact that you can apply for federal student aid without paying a thing, as all it takes is a bit of time to fill out your Free Application for Federal Student Aid (FAFSA) to get the ball rolling.
Lastly, there’s no need to worry about your financial past, either. Nobody will check your credit when applying for federal student aid, so any fears about a low score or missed payments should dissipate.
The Types of Student Aid Offered by the Government
Federal student aid falls into three main categories. The one you may be most familiar with is student loans. You’ll have to pay these back with interest, so they do come with a cost.
After loans come grants, which may be the best of the bunch since you do not have to pay them back. They act as free money to help finance your education.
Last but not least are work-study programs. These are jobs you can work during school to help pay for your college expenses.
Applying for Federal Student Aid
As mentioned, it doesn’t cost a thing to apply for student aid from the government, and you can kick start the process by completing your FAFSA form. Pay close attention to the submission deadlines on the page. If you miss them, you could be left out in the cold when it comes to college cash.
Why is the FAFSA so important? Because it’s what determines your financial need, a factor that ties in greatly with student aid. States and schools will use your FAFSA info to determine what assistance, if any, you qualify for.
Using Federal Aid To Pay for Your Student Expenses
Federal student aid can come in handy in various ways, as it can help pay for your:
- Tuition
- Books
- Fees
- Housing
- Transportation
- Computer equipment
- Dependent care
- Disability-related costs
- And more
As you can see, there are plenty of costs when going to school, which is why you should prioritize completing your FAFSA form as soon as possible.
Other Ways To Cut College Costs
While the government can help you make college more affordable, you can do some other things to keep more money in your pocket while pursuing your education:
- Look for scholarships and grants from your state, schools, private organizations, and nonprofits.
- Go to community college to reduce tuition costs.
- Ask your employer if they offer tuition assistance.
- See if you have any federal tax income credits for expenses linked to education.
- Enroll in school as a part-time student so you can work as well.
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