Financial support for the college consists of loans, grants, scholarships, and a job study. Scholarships and grants are worth looking for because they don’t have to be paid back, unlike student loans that require an ongoing financial commitment or work study that requires a professional commitment. In general, there are three sources of study grants; Federal government, state universities and colleges.
To be eligible for any type of grant, you or your child should apply for federal grant application, the FAFSA. In addition, private universities usually require the CSS profile form or their own individual grant form. The FAFSA and CSS profiles can be completed and submitted online (the FAFSA is free, but the CSS profile is chargeable). While these forms take some time to fill out, it is well worth the time. Not only are these forms a requirement for various types of scholarships, but some colleges may require them in order for students to be eligible for college merit scholarships. Remember that students have to apply for financial support again every year.
US Government Grants
There are two main federal grants for college; Pell Grants and Federal Supplemental Educational Opportunity Grants (FSEOGs). Both are based on financial need.
The Pell Grant Program is Uncle Sam’s largest grant program. Pell Scholarships are available to undergraduate students with exceptional financial needs and are the foundation of the financial aid package for every student (for those who qualify). Graduates are not eligible. Pell Grants are administered by the federal government and are awarded on the basis of college costs and a financial need. Financial need is based on factors such as family income and assets, family size, and the number of college students in the family.
The FSEOG is the second largest program of the federal government. An FSEOG is available to undergraduate students who have the greatest financial need. (ie the students with the lowest expected family contributions). Pell Grant recipients have priority. The FSEOG is a campus-based program, which means that the financial aid office of the respective university manages it. Each college receives a certain amount of FSEOG funding from the federal government each year, and when the funds are allocated, there is no more until the following year. Even if a student is eligible for an FSEOG due to their financial needs, the funds for that year may already have been spent. The federal maximum FSEOG award is $ 4,000 per academic year, and awards can range from $ 100 to $ 4,000.
Government grants
Many states also offer scholarship programs. Each state has different scholarship programs, with many having a special preference for residents of the state who wish to attend a state school. You can obtain further information from the higher education authority in your state.
College scholarships
Finally, many universities offer special scholarship programs. This is especially true for older schools with many alumni and large foundations. These scholarships are usually based on financial need or academic abilities. You can obtain further information from your student finance office.
Source: US Department of Education
Courtesy of Broadridge Advisor Solutions by Shane J. Duhe, a financial representative at Duhe Financial Strategies. © 2021 Broadridge Financial Solutions, Inc. © 2020
source https://collegeeducationnewsllc.com/what-about-financial-aid-for-college-lobservateur/
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