This is a great time to be a student. There are so many schools and colleges in operation that there is no dearth of options to choose from. Education has gone online and made it possible for you to sit at home and study. Then there is financial aid available through various media that can lower the cost of your education and sometimes make it absolutely free.

You just have to know where to look.

In this time of recession, when the economy of the world has nosedived, people are finding it hard scraping together enough money for food, let alone education.

Financial aid is a boon for those students who have the potential to excel at college but don’t have the resources. Getting financial aid is not simple. However, there are several forms of financial aid programs that can ease the burden of the cost of education on you.

Government Programs

There are several financial aid programs that are offered by the government to make education accessible to as many people as possible.

These programs cover a wide range of colleges and schools and are for different groups of people. There are government grants that cover the whole cost of tuition for the college, giving you the chance to get a degree for free. The under-privileged and needy students are given preference for grants, as they don’t have the resources to pay for even a part of the tuition fee of a college.

The government has special programs for single moms who are forced to quit education to raise their children and work. Single moms can pursue education with the government’s financial aid programs and get better employment. Scholarships are also given by the government to students who have accomplished feats in education. Financial aid in the form of scholarships usually covers a part of the college expenses, but not whole of it.

Colleges

Colleges themselves offer financial aid to their students. Students can obtain interest-free loans from the college which they can repay when they start working. This has often come under criticism as the student gets bound for a number of years having to pay off his debt. Colleges also offer scholarships based on academic merit and some for the students who really need financial aid desperately. For the career-oriented students, financial aid can be obtained in the form of scholarships.

These are fairly common in the fields of study that are related to public service professions.

Businesses

Some leading businesses also offer financial aid to students, especially those who are working for them. Having educated people in the workforce is important and it saves the cost of training. The students can go to college with the assistance from the companies and then work for them after graduation.

These businesses also provide student loans which can be repaid by working for the business for a prescribed number of years. This however, restricts the students from exploring other employment options that may have opened up for him after getting his degree.