Need Based College Grants

23 Dec

Need Based College Grants Presently there are currently nine federally backed university grant programs obtainable in the nation, and over six hundred state backed programs. This particular article will briefly discuss the three most favored federal subsidized programs with need based qualifications. Federal merit based grants will be gone over in a future document. The process for application for the majority of them starts exactly the same way which would be to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA form has to be submitted on an annual basis if the student will be seeking aid for the forthcoming year. Grants are normally structured in one of two categories: Need based and merit based. Need based grants are the ones where the college student will have to fulfill certain financial disadvantages by which they might not have the ability to attend higher education because of lack of financial resources. Merit based grants are the ones where the student qualified based on one performance accomplishment or another. Below are a list of grants in the need based category along with a short description of each. Need Based Grants: Pell Grant Pell grants are granted based upon financial need because they are only obtainable to students whose family household income is $50,000 or less. While this sum appears low, The United States Government distributes millions of dollars each year via the Pell Grant program. Pell grants are paid out straight to the student’s university and if there is funds left over after tuition, room and board, and expenses are paid, the student may decide how the remaining money is designated. Federal Supplemental Educational Opportunity Grant (FSEOG) This specific need based grant is much like the Pell Grant with the principal distinction being that the school a student attends holds the authority to figure out how much money is assigned to the student. Because of this there is commonly a range in the household family income limit which decides eligibility for the grant. Academic Competitiveness Grant (ACG) The Academic Competitiveness Grant is based on financial need; but there is an academic performance aspect to it as well. Students who are eligible for the Pell Grant can also be eligible for the Academic Competitiveness Grant. As in the FSEOG Grant, the university chooses how much grant money awarded to the student but bases the calculation on the student’s performance. All of these grants need the student to submit the Free Application for Federal Student Aid (FAFSA) form which can be done on the U.S. Department of Education’s website or by simply printing out the forms and mailing them in. Once the forms have been submitted and reviewed the student will get the Student Aid Report (SAR) which enables them to figure out how much they could be eligible for and how much their Expected Family Contributions (EFC) is. Dependent on the data included in the SAR, each college you’ve expressed an interest in will prepare an award notice, a financial aid package they are prepared to provide you in return for gaining you as a student. Find out more about the TEACH Grant here at our website , then visit our site on how to choose the best source for all your needs. Click here to get all more info on the TEACH Grant.


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