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Most students have financial concerns when it comes to paying for a college education. One of the first resources you should tap in your search for college funding is the federal government, which offers grants based on financial need and other qualifications. Grants, unlike federal student loans, are gifts of money to be used towards your education and do not have to be repaid. Check to see if you are eligible for these great funding opportunities!
Federal Pell Grants are grants awarded to undergraduate students with demonstrable financial need. You may receive only one Pell Grant each year. Your school is responsible for applying this money towards your tuition, disbursing it at least twice per academic year. The maximum amount you can receive for the 2011-2012 period is $5,550, which depends on your need, the cost of your particular school, your full or part-time commitment to your studies, and the length of time you plan to be in school.
Students who have a parent or guardian who died in Iraq or Afghanistan as a result of military service following September 11, 2001 are given the maximum Pell award. Students must have been 24 years of age or younger at the time of the parent's death and enrolled as at least a part-time student.
Students who experience extreme financial need be eligible to receive an FSEOG grant. This stands for Federal Supplemental Educational Opportunity Grant. You can receive between $100 and $4,000 per year in an FSEOG grant. These awards are limited, however, and are awarded to the students with the lowest Expected Family Contributions, or EFCs. Applying early is essential to receiving the FSEOG funding you need, as resources run out quickly.
If you are interested in becoming a teacher, perhaps you are eligible for the federal TEACH grant. These grants offer up to $4,000 per year to students, even those without financial need, who plan to teach in communities that serve underprivileged families. You can teach elementary or secondary education in a private school, as long as the school meets the requirements of serving low-income families.
A TEACH grant comes with a stipulation, however. Within eight years of receiving your degree, you must complete four years of full-time teaching in a high need area. If you fail to do so, your TEACH grants will be converted to Unsubsidized Federal Stafford loans. You will then be required to pay back the grant in addition to all interest that accrued since disbursement.
Federal grants offer many funding opportunities to benefit students for whom the costs of higher education might otherwise be out of reach. To see if you are eligible for a grant, you must complete the FAFSA application in a timely manner. The FAFSA, or Free Application for Federal Student Aid, is available on the first of each year. Applying on time is important, as grants can run out.
It can be tough to come up with the money to pay for school. Fortunately, you have some resources you may be able to count on, such as grants, in your pursuit of your necessary college education. To cut some costs, you may want to consider some online classes that you can take from home.
