When you start applying for federal student aid you may realize that you need bad credit no cosigner student loans. The perfect replacement or panacea for this is the College Federal Work-Study (FWS) Program. It’s really an alternative to student loans and guaranteed once your accepted into the program. This program is actually considered to be federal student aid, as the money that you earn is used to pay for your education. If you qualify for the FWS, then you will have no need for no cosigner student loans anymore because you can pay your college tuition through the FWS. This is actually better because upon graduation you will have no student loans to pay off like 90% of students. Let’s take a closer look at how the FWS and see if you qualify.
The Federal Work-Study (FWS) Program is available to all graduate and under graduate students, whether they are full time or part time students, and if they have a financial need. Typically, if you qualify for other federal grants and loans, you will also qualify for this program.
The FWS program essentially means that you will work part-time at a job provided by the school either at the school or in the community. Full time employment is not allowed, and the type of work that you do will ideally be related to your degree program, or be community service type work. These jobs may be on campus or off campus. Additionally, the FWS Program is only available through schools that opt to participate in the program.
Often, you do not go ‘job hunting’ for a FWS job. Instead, the jobs are assigned to you – typically through the financial aid office. Furthermore, the FWS job that you have will be tailored around your class schedule in most cases. For example, if you work in your school’s library, or for a non-profit organization, your work schedule will not interfere with your class schedule.
When you participate in the Federal Work-Study (FWS) Program, you will be paid at least the minimum wage of your state. In some cases, you may be paid more. FWS jobs are not available for all students that qualify for the program, and these jobs are typically awarded to the students with the greatest financial need first. Your school has a certain amount of money for the program – to pay you and other FWS students – and that money is provided by the federal government.
Undergraduate students are usually paid by the hour, and graduate students are either paid a set salary or by the hour. Your school will pay you once a month in most cases and you are paid directly unless you request the school to apply the amount of money that you have earned in the program to your school expenses.
When you are accepted into the FWS program, you will be told what your award amount is. You cannot work hours that would exceed the amount of your award money, in terms of your salary. Furthermore, while your class schedule is considered, your academic progress also matters. If your grades start slipping, your school may decide to lower your award amount, or cut your work hours until your grades improve. This is not the case if you had a no cosigner student loan program. Lower grades will not affect your loan status.
When it comes to the Federal Work-Study (FWS) Program, you don’t have to worry so much about the number of jobs that are available, as you do about the amount of money that your school has received to cover the program. If there are funds to pay you, the school will find or create work for you either at the school, or with a non-profit agency in the community.
A FWS; a sort of alternative guaranteed student loan, is a great first option to substitute for no cosigner student loans, and you won’t have any student loans to pay off upon graduation like most do. If you don’t qualify for a Federal Work Study Program and you have bad credit, then you may have no choice but to go with bad credit no cosigner student loans.
*More on Student Loans without Cosigner and FWS
No Cosigner Student Loan first Steps
Here Are Alternative Student Loan Programs
TEACH GrantProgram is a No Cosigner Student Loan
Federal Supplemental Educational Opportunity Grant (FSEOG)
Federal ACG Grant for Student Loans without a Cosigner
SMART Grant an Alternative Student Loan Program