Cost of Knowledge

By Ruben Lawrence

College can be pretty costly and the only thing that’s on your mind more than grades is probably loans and getting aid. It can get a bit confusing; here is some information to help you.

Did you know that 78 percent of FMCC student receive financial aid? Also check with financial aid to see what grants and scholarships are offered.

Here are so loans and grants students can receive:

Federal Pell Grant –A Federal Pell Grant is awarded to eligible full- and part-time undergraduate students. The amount of the award is determined by the student’s financial need. The Federal Pell Grant may be used for any college related expense and, as a grant, does not have to be repaid

Federal Supplemental Educational Opportunity Grant- A Federal Supplemental Educational Opportunity Grant (FSEOG) is for students with exceptional financial need. Defined as those students with the lowest Expected Family Contributions (EFC). Awards range from $100 to $400

William D. Ford Direct Loan Program – The three types of Direct Student Loans:

Direct Subsidized Stafford Loans – A Subsidized loan is based on financial need. Interest will be deferred while the student is in college.

Direct Unsubsidized Stafford Loan – An Unsubsidized loan is not based on financial need. Interest starts accruing at the time the loan is disbursed and continues until it is paid in full.

Direct Parent PLUS loan – A PLUS loan is for parent(s) of eligible dependent students to assist with their child’s educational expenses. Repayment begins 60 days after the loan is disbursed.

But if your problems is manage loans after graduating you check out this websites that can help you:

You can apply for an income-based repayment plan at http://ibrinfo.org/

Make sure to also check the schools you’re applying for Net Price Cost on their websites to get estimate on how much school will cost for you after grants and scholarships. To check the FMCC Net Price Cost go to http://www.fmcc.edu/admissions/financial-aid/welcome-to-the-suny-net-price-cost-calculator/

There are various programs that will forgive all or some of your federal student loans if you work in certain fields or for certain types of employers. To learn more about Loan Forgiveness visit https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

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