Federal Education Grant
For those children that are entering college after high school whose parents are at or below poverty, they qualify for special federal education grants. The first well-known is the Pell Grant that is solely awarded based on need, therefore, if the child is entering college at the age of 18, the Pell Grant award is based on the parent’s previous year’s income. This helps provide much-needed assistance for those that would otherwise not be able to afford to attend school.
The Pell Grant is given by the federal government after the parent or student applies for the Federal Student Aid, which can now be completed at www.fafsa.ed.gov. Another need-based federal grant is the Federal Supplemental Educational Opportunity or the FSEOG, the Student Aid Report is also used to determine the eligibility of this grant as well as the Pell Grant. In addition, there is state grants that are often awarded based on need.
Pell Grants vary in the amount, but the maximum for the 2010 – 2011 academic school year is $5550, but depending on the Expected Family Contribution, which means your Student Aid Report will determine based on the past year’s income of the parents or student in order to calculate the amount of Pell Grant to see what the student is eligible for and how much. The FSEOG, on the other hand, is typically calculated after the Pell Grant since it is on a first come first serve, but the grant is typically between $400 and $4000.
Many students without the help of federal education grants would never be able to afford to pay for their education. Other students without the federal grants for education would be forced to take out large student loans, which of course must be paid back and it can mean graduating students are heavily in debt. Therefore, the federal grants make it possible for many people to receive their education that may not have otherwise had the opportunity.
Federal education grants, such as the Pell Grant and the FSEOG are only available for the undergraduate degree; they are not available to students that are seeking master’s o doctoral degrees. Students continuing on for more education typically do take out student loans and work in order to help pay for their education. Student loans are low-interest and can help pay for graduate degrees or pick up the slack of what the federal grants do not pay in an undergraduate degree program.
The federal education grants should be explored fully by all entering college students because the grant is free money, meaning you never have to pay it back. Always take the time to apply for the Student Aid Report each academic year to see if you continue to qualify for the federal grants.
Federal Education Grants
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