The topic of financial aid technically includes more than just funds for students to attend a college or university. Some financial aid opportunities include the Short-Time Compensation (STC) Program, work assistance programs and the Work Opportunity Tax Credit (WOTC) Program.
Each of these financial aid assistance programs provides funds to help people.
FAFSA programs are financial aid opportunities for students who want to attend college or vocational school within the state. Often backed by the federal government, FAFSA student grants and loans are administered through participating universities.
Student financial aid assistance programs include Pell Grants and Carl Perkins loans. Those who wish to receive financial aid through FAFSA must fill out an application during the open submission period.
Student financial aid information is usually available through guidance departments in high schools and within financial aid departments in participating colleges.
One workplace financial aid assistance program, the Short-Time Compensation Program, offers partial benefits to workers who are working reduced hours.
The overall purpose of the STC program is to help employers avoid having to lay off valued and skilled workers. Employers can apply for this program, as well as the Work Opportunity Tax Credit (WOTC) Program, to cover the cost of hiring and keeping employees.
Both of these financial aid opportunities for businesses offer benefits for workers who have difficulty maintaining employment. Another type of aid for employees is work assistance programs, which help participants find employment.
By downloading our guide on these programs, you can discover the eligibility requirements and process of applying for financial aid. Find out more about these services below.
Understanding the FAFSA Application
The Free Application for Federal Student Aid (FAFSA) is how students apply for grants and loans from the government. The FAFSA application is part of the federal student aid program under the United States Department of Education. Most schools require it to determine a student’s financial eligibility for student aid.
Colleges and schools have financial aid advisors to help students learn how to apply for FAFSA, but the application is a simple process for most students and conveniently available online.
Students can discover comprehensive information about FAFSA grants and loans as well as other financial assistance programs available by downloading our free guide here. The application for federal student aid also helps determine eligibility for other school or program specific aid. Read More Here >>
Learn About Pell Grants
The Federal Pell Grant Program is a type of financial aid that is available for students who demonstrate a financial need. Pell Grants have various qualifying factors for eligibility.
The Pell Grant application requires petitioners to provide information to help determine if they are eligible for the federally funded grant. Unlike loans, students do not need to repay the funding from the program.
Students interested in the financial assistance can Read More Here >>
Information About Carl Perkins Loans
The Federal Perkins Loan Program is a low interest loan to cover postsecondary educational expenses for college students in need of financial assistance.
While Carl Perkins Loans in colleges and universities are under campus administration, the funding comes from the U.S. Department of Education. Students can apply for a Carl Perkins Loan by completing a FAFSA application.
Students will first need to verify that their school participates in all federal student aid programs. Eligibility for the Federal Perkins Loan Program is dependent on financial need and applicants must qualify to take advantage of the subsidized loan. Read More Here >>
What Is the Short-Time Compensation Program?
The Short-Time Compensation Program is a type of financial aid offered to qualifying businesses, which can use it to help their employees. This temporary compensation for employees allows employers to maintain employed workers rather than issuing layoffs.
Businesses can voluntarily apply for the Short Time Compensation Program to keep valuable staff members, but the law does not require them to do so.
Laid off employees who do not meet the Short Time Compensation Program eligibility requirements may still be eligible for other financial assistance programs. Read More Here >>
Understanding Work Assistance Programs
Work assistance programs are under the management of state labor offices. Workforce programs assist unemployed workers by helping them find work opportunities. Many types of workforce programs help specific groups that consistently struggle with obtaining long-term employment at wages sufficient to live.
These job seeker assistance programs offer incentives for employers to hire from within these designated groups. To find out about financial assistance programs available while looking for job opportunities, Read More Here >>
Learn About the Work Opportunity Tax Credit Program
The Work Opportunity Tax Credit Program is a federal tax credit initiative to create and maintain a stable economy.
The WOTC program recognizes that certain populations have difficulty finding jobs. To encourage businesses to hire within these populations, this program offers tax incentives to organizations and companies to do so.
Businesses must learn how to qualify for a work opportunity tax credit before applying for the program. Read More Here >>