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Financial Aid For Part Time Students
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Article on Financial Aid For Part Time Students
Students earning fewer than twelve credits per semester are categorised as part-time students. However, these students need not feel left out or frustrated for fear of not having any financial aid or funding assistance because there are many options still available. In order to acquire federal loans, grants and scholarships, all government financial aid for part-time students must be requested through the submission of a FAFSA form. Most if not all of the aid that full time students are entitled to, can be enjoyed by part-time students (proportionately).
Federal Loans and Grants
Providing the student fulfils the requirement of a minimum of six credits per semester for part-time students along with any other necessary requirements, there is the possibility of qualifying for the Stafford loan. Part-time students can qualify for the Pell Grant. The only difference between part-time and full-time acceptance is that the loan is calculated on a pro rata basis, according to the credits per semester.
A parent can apply for the Parent Loan once the student has a minimum of six credits per semester. Providing sufficient funds are available for disbursement to students, there is hardly any reason why a part-time student meeting all the requirements will not succeed in obtaining the Perkins Loan. The same applies for the federal work study program.
State Funding of Part-Time Students
Different states may have their own programs to assist with financial aid for part-time students. In the state of New York there is a program known as the Tuition Assistance Program, this program was initially open to students attending schools full time, however an exception was made for any part time student with a disability. The student had to be registered with the participating school and an additional TAP form had to be filled out after submission of the FAFSA form.
Currently all part-time students upon meeting the requirements, having been registered with the school in semesters gone by are entitled to apply for TAP. Another program available in the state of New York is the Aid for Part Time Study. This form has to be filled out and submitted to the Student Service Center. The funds are not distributed until grades are reviewed upon closing off of the semester.
Private Loans
Private loans are a well known source of financial aid for part-time students. A student is always advised to exhaust the non repayment options of grants and scholarships before applying for a private loan. These loans may be competitive among private lenders because they are student related; however the fact is that the amount has to be repaid and it has to be repaid with interest. The advantage of a private loan is that there is a good chance of qualifying for the loan, while a grant and scholarship is purely on who will be awarded or chosen based on the necessary requirements.
There are many options available in the area of financial aid for part-time students. The biggest tip available is to maintain a high grade standard and apply as early as possible. In addition, remember to apply to many different financial aid avenues to maximize the chances of being accepted.
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