Financial Aid covers a variety of expenses and bills for college. Some students may need more money than others to afford school. There are many sources from which a student can receive financial aid, including scholarships, grants, work study, loan, and grants. There are also many work study options in which a student can receive money for hours worked. In addition, most colleges offer some type of financial aid program.
Does Financial Aid Cover Housing?
Yes, financial aid does cover housing. It is really up to the student to find and apply for the best deal. This includes the type of federal loans they receive, how much they pay back each month, and any work-study opportunities they participate in. However, keep in mind that there are limits on how many student loans a person can have. Also remember that federal loans are not refundable, which means the applicant must repay their loan whether they have or do not have a job at the time of graduation.
What about financial aid covers the room and board? I get an offer for a subsidized room and board and need some help figuring out how to qualify for this. Also, how about financial aid covers the housing itself? Are there any choices here? How about federal loans? And are there any options for off-campus housing?
All financial aid covers housing. That includes Room and Board, Transportation, Books and Supplies, Consumer Electronics, Homecoming Items, Personal Hygiene, Movies and Concert Tickets, and Food. Each of these areas will need to be examined individually to make sure a student is meeting their financial need.
When discussing financial aid covers the housing, remember that a family who receives a Federal Direct Plan can receive money to pay for their house payment, mortgage, and interest, as well as other miscellaneous expenses such as food, movies, etc. The family must be receiving Direct Loans from the Government or a Student Loan is being repaid at the time of graduation. For students who do not qualify for the Federal Direct Plan, or are not eligible for federally funded student loans, then they may want to explore other sources for funding their housing costs.
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As a last resort, your state may also provide funding to help with housing costs. In order to apply for this, you will need to submit a completed FAFSA. Each year the Department of Education will evaluate your financial aid status, your Expected Family Contribution, and your Tuition and Fees along with finding out your net income. Based on those variables, they will determine if you qualify for the funds. Please contact your financial aid office for more information.