How to Apply for Free Government Grants, Loans & Scholarships

Series Summary

Like all debt instruments, a loan involves the redistribution of financial assets over time, between the lender and the borrower. The borrower initially receives an amount of money from the lender, which they pay back in regular installments to the lender. This service is generally provided at a cost, referred to as interest on the debt. Acting as a provider of loans is one of the principal tasks for financial institutions. In this free video series on student loans, a guidance counselor offers advice about student financial aid. Find out how to get student loans from the government and from private lenders. Get information on credit scores, interest rates and cosigners, all of which greatly impact student loans, and consider loan consolidation to lower the interest rate and get them paid off faster. As a young freshman or as a returning student, get federal and private funding to further education.

Video Transcript

"Hello. I'm Cheri Ashwood. I'm a guidance counselor and I'm going to tell you how to apply for free government grants, loans and scholarships. The place that you need to start is your free application for federal student aid. That is an online application and you can find that at this website: www.fafsa.ed.gov. In your high school guidance counselor's office, you'll be able to access a worksheet. Or maybe your college or university's financial aid office that will help you enter information that you're going to be asked on the FAFSA. But it is an online only application. This is the starting point for most government grants, loans and scholarships. And this helps determine your EFC or your estimated family contribution, which is basically your need. How much is the government going to give you in a grant, loan or a scholarship? Everyone is considered to have something to contribute to their education. And so, they're going to balance your family need with how much they're going to award you. In addition to the standard Pell grants, Stafford loans, Perkins loans and such, you can also do an Internet search. The Internet is always going to be your best resource when looking for financial aid to further your education. Once again, I'm Cheri Ashwood. I'm very proud of you for continuing to look towards your future. Your future starts today."