Understanding and Applying for Federal Grant Programs
Grants are the best type of financial aid out there. I mean really think about it. You never have to pay a grant back, you get a lot of money for your college education and you even use your receiving the money as an asset on future job applications. That’s a whole lot of benefit for one grant, don’t you think? Even so, you can’t exactly expect to get money in your pocket without putting in some effort, right?
Once you’re done reading this article, there will be no excuses. You will be prepared and ready to apply for a grant. But before you go into the details, let’s discuss grants in general for a moment.
Types of Federal Grant Programs
There are several different types of federal grants available for college students all across the country. Even if you aren’t an A student, you can still qualify for a grant. That is because the focus of federal grants is on helping students of all different skill levels afford college. There are three major types of federal grants, so let’s look at each a bit closer.
Federal Pell Grants
The Federal Pell Grant is probably the most well known of the federal grants. That is because it serves many, many students in the lower-middle class income bracket. Basically, any student with a family that earns $40,000 or less in a year can qualify. That is, of course, so long as the student maintains decent grades and remains a full-time student.
Supplemental Education Grants
The Federal Supplemental Education Opportunity Grants or FSEOG are meant for students that have an expected family contribution of zero on their Student Aid Report after filing out the FAFSA. It is meant for students with the greatest level of need. Even so, this grant is merely a supplement of other forms of financial aid and are usually awarded in the amount of $500 per semester, including summer should you enroll.
Work-Study Programs
The Work-Study Program is another excellent financial aid choice. If you qualify and enter into this program, you can get a job on your college campus and then use your wages to pay for tuition and expenses. Basically, the federal government pays a large portion of your income so that your employer can afford to pay you and so that you can afford to go to college. Make sense? However, this program is not open to just anybody and you will need to qualify by demonstrating financial need.
Do I Qualify?
Determining whether or not you qualify for a federal grant relies heavily on your income. Each program has it’s own requirements, however, you must acknowledge that only those with the highest levels of need tend to qualify.
In order to be put into consideration, however, you will need to fill out the FAFSA. The FAFSA can be completed online at www.fafsa.ed.gov. The deadline is March 2 each year and you should try to submit earlier than that. Once you submit, you will then receive a Student Aid Report in the mail, which will tell you how much you are expected to contribute to your education. Lastly, you’ll receive an award letter in the mail, which will tell you what forms of financial aid you have qualified for. If you have qualified for the Federal Pell Grant, the FSEOG or the Federal Work-Study Program, you will be notified in this letter. From there, it ‘s all a matter of selecting what form of financial aid you’d like to receive. If you find these sources do not cover all of your expenses, pursue other financial options such as student loans or scholarships. Remember: paying for college is doable!