Financial assistance may be specifically available for individuals who are unemployed and are either attempting to return to school and earn their education. Also, as part of retraining efforts for furthering their knowledge in a specific industry where they previously worked, there are some scholarships and grants that may be available to help students who are attempting to overcome the burden of unemployment by educating themselves or furthering any current college degrees they may have so that they stand a better opportunity at finding employment. However, there are students who may be facing unemployment but have recently graduated and, in cases where a student loan may be in place as an example, there are repayment assistance options for graduates as well.
Primarily, students who are unemployed are often prompted to first start by simply filling out a FAFSA form. Federal financial assistance through the Pell Grant Program can be greatly helpful for unemployed individuals who are attempting to take classes at a university or community college, and information on these resources has been made available by the governmental website Opportunity.gov. Many individuals who are unemployed may have either never had the opportunity to explore financial assistance, as some may have entered the workforce directly out of high school, while other students may need a refresher on how they can go about seeking scholarships or grants that may be helpful when it comes to meeting college costs while they are out of work.
While, the Pell Grant is one of the more sought after forms of assistance, it’s also been advised that students look into work-study programs that can help meet college costs or be beneficial when it comes to either continuing their education and training as it relates to a former career field or future job opportunities. Yet, simply filling out a FAFSA form in the hopes of acquiring a Federal Pell Grant is not the only opportunity that unemployed students may have, and for those who are fervent about earning their education so that they can reenter the workforce, some states and schools may have specific programs to help students who are jobless.
Obviously, contacting a community college or university to inquire about these programs will be one of the quickest routes to find the information that may be needed about unemployment financial aid, but some students have turned to college loans as a way to finance their college education when they are unemployed, and while they can be helpful, this should be a last resort for those who are without a job. While, again, there are numerous opportunities that could be available for unemployed men and women who are attempting to return to school, college loans have been not only used by these men and women, but traditional students as well.
However, when it comes to repaying student loans, many have found that when they are unemployed this is problematic, if not impossible, for their current situation and if students have federal loans, for example, there are opportunities for either repayment assistance or forbearance that can be helpful. Students need to research these options as well if they feel like borrowing a loan will be necessary, as the ability to take advantage of student loan consolidation, income-based repayment, forgiveness and forbearance plans should all factor into the type of loan that a student chooses. Typically, these options are available from federal loans, and there are some private loans that can offer financial assistance as well, but they need to be researched as they may not be as gracious and helpful when it comes to repayment.
Yet, students should, once more, avoid student loan debt at all costs if they are in a position where unemployment is a factor, as even students who have attended major universities are finding it difficult to gain employment that will allow them to easily repay excessive student loan debts. While student loans can be beneficial for some, exploring federal grant options, scholarships, or institutional financial assistance directly from a college or university should be the primary focus of an unemployed student’s financial aid search when they are planning to return to or begin their college career.