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## College Grant Money – How Financial Aid Works to Help Pay For Your College

In the US, there is a strong belief that everyone should have equal access to higher education. This is why college grants exist and their purpose is to bridge the gap between what you can pay for yourself. Therefore, the lower your income, the more financial aid you may qualify for.

Currently, more than half of college and university students receive some form of financial aid. The process works in a simple way:

– You pay what you can to attend your college.

– You get financial help to cover the deficit.

So, who decides how much money your family can afford? Well, first of all, the amount you can contribute is often called the Effective Family Contribution, also known as the EFC. This number will be calculated by whoever will help you. Usually, it will be the federal government and possibly the college or university you are applying to.

You will be asked to provide them with certain information such as your inventory and your income and family size will also be taken into consideration. A formula is used to calculate this and compare your needs with someone else’s needs. In most cases, people are unable to pay the full fees when this formula is used. Unfortunately, there is little money available, so it is distributed equally according to the EFC.

The main types of financial aid available are scholarships and grants, loans and employment. Grants do not need to be paid and come from the federal and state governments. Scholarships are usually based on merit. Loans are repayable, some with interest and some without interest. Work schemes are available to help cover costs. Usually jobs are around campus or in the community.

While you’re at it, why not apply now for a $10,000 scholarship? Because it’s lottery based, it requires very little information from you and it’s free to enter. Apply now.

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