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Financial Aid for College Students
By
Max Stein
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The bad news about attending
college is that it costs more than ever to attend. The
College Board estimates the average four-year public
college costs almost $5,000 per year to attend and a
two-year public college is almost $2000. And that’s not
counting the skyrocketing cost of textbooks or other class
fees. The good news is there is more than $105 billion
dollars available in student financial aid. Some of this
money is available for free…in the form of college
grants.
While there are many options to consider financing your
college education, this article will discuss specifically
grants for college.
The most common form of Federal grant money is the Pell
Grant. The amount awarded is based on your financial need
and it is for undergraduate study only. Pell Grants can be
awarded to part-time students. The maximum amount of a
Pell Grant is $3000 per year and it can be combined with
other grants or financial aid.
Another common federal grant is the Federal Supplemental
Educational Opportunity Grant or SEOG. Like the Pell
Grant, the SEOG is awarded based on financial need and is
for undergraduate study. This grant can be combined with
other school grants or financial aid, but the cap is $1000
per year.
Colleges and Universities often provide their own grants
for students. The amount of the school grant varies, but
they do take into consideration a number of factors in
issuing these types of grants including: financial need,
grades, merit or program of study. Please check with the
college you’ve been accepted to for more information.
To be considered for any of these types of grants for
college, you must complete a financial aid form known as
the FAFSA. Your college will help you with this process
and you can get information online. There are time
deadlines in completing this application, so be sure to
take that into consideration when planning your education.
Even though college costs are trending upward, there are
many financial aid options for students. College grants
are one of the best options since they don’t need to be
repaid, however, not everyone qualifies for them. Complete
a FAFSA application to determine whether you can qualify
for a college grant.
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