Having money is one of the most important components in order to survive and fund the basic necessities of life such as food, clothing, accommodation and education. When it comes to funding higher educational expenses, however, many college students across the United States find it virtually impossible to pay for education. Such education costs can rise up to more than $30,000 per year, where students hustle to balance full- or part-time jobs and studies.

Financially struggling college students have turned to government grants to fund their educational expenses since it’s the only way they can afford to go to a college or university. And it’s not only fresh college students who benefit from a slew of government programs designed to finance education costs, but also those who are completing baccalaureate or masters degrees.

The federal government offers various types of education grants to help students and their families experiencing financial shortage. These types of grants are also geared for outstanding students who have excelled academically.

For students who have huge dreams and career goals but are financially lacking can benefit from government education grants to provide them the support and mentorship they need in order to make them successful. Students can count on funding opportunities such as federal grants, scholarships, loans and other work-study programs.

Grants

The U.S. Department of Education provides many federal grant programs to students who are attending four-year colleges or universities, community colleges, career and trade schools.

These grants include Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Service Grants.

Almost all of the grants are given to those students with uttermost financial need.  If you are interested in applying for grants, you can start by completing and submitting a Free Application for Federal Student Aid (FAFSA).

Scholarships

Scholarships are in monetary form that is awarded to students based on their academic achievements and financial status. These scholarships help students pay for their education expenses and are not generally repaid.

There are thousands of scholarships, which are not hard to find. They’re available from all different types of organizations. Students may be able to obtain a scholarship for being an excellent student, a great athlete, or a member of a certain church or faith-based community, or because parents work for a particular company. You may also try to avoid scholarship scams.

Loans

The U.S. Department of Education offers two federal student loan programs that include

• The William D. Ford Federal Direct Loan (Direct Loan) Program: the largest federal student loan program, where the U.S. Department of Education is the lender. The loan program offers four kinds of direct loans: Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans.
• The Federal Perkins Loan Program: focuses on financially backing undergraduates and graduate students. It’s a school-based loan program, where the school is the lender.

Before taking out a loan, ensure that you understand that loans are legal obligations and you are accountable for repayment with interest rates. You might not have to repay your federal student loans just yet, but bear in mind your responsibilities as a borrower and keep track of the amount you are borrowing and whether you’ll be able to make due repayments.