By Bill Johnson
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 provided dependant upon financial need because they are only accessible to students whose family household income is $50,000 or less. While this sum would seem to be low, The U.S. Government distributes millions of dollars yearly with the Pell Grant program. Pell grants are paid out straight to the student's college and if there is funds left over after tuition, room and board, and expenses are paid, the student may decide how the rest of the money is allocated.
Federal Supplemental Educational Opportunity Grant (FSEOG) This need based grant is similar to the Pell Grant with the major distinction being that the college a student attends retains the authority to figure out how much money will be allocated to the student. Because of this there is often a range in the household family income threshold which determines eligibility for the grant.
Academic Competitiveness Grant (ACG) The Academic Competitiveness Grant is based on financial need; however there's an academic performance component 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 school decides how much grant money awarded to the student but bases the calculation on the student's performance.
All of these grants require the student to complete the Free Application for Federal Student Aid (FAFSA) form which can be done on the U.S. Department of Education's website or by printing out the forms and mailing them in. Once the forms have been submitted and reviewed the college student will receive the Student Aid Report (SAR) which enables them to figure out how much they may be eligible for and how much their Expected Family Contributions (EFC) is. Dependent on the information contained in the SAR, each university you've expressed an interest in will prepare an award notice, a financial aid package they are willing to provide you in return for gaining you as a student.
Need Based Grants:
Pell Grant Pell grants are provided dependant upon financial need because they are only accessible to students whose family household income is $50,000 or less. While this sum would seem to be low, The U.S. Government distributes millions of dollars yearly with the Pell Grant program. Pell grants are paid out straight to the student's college and if there is funds left over after tuition, room and board, and expenses are paid, the student may decide how the rest of the money is allocated.
Federal Supplemental Educational Opportunity Grant (FSEOG) This need based grant is similar to the Pell Grant with the major distinction being that the college a student attends retains the authority to figure out how much money will be allocated to the student. Because of this there is often a range in the household family income threshold which determines eligibility for the grant.
Academic Competitiveness Grant (ACG) The Academic Competitiveness Grant is based on financial need; however there's an academic performance component 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 school decides how much grant money awarded to the student but bases the calculation on the student's performance.
All of these grants require the student to complete the Free Application for Federal Student Aid (FAFSA) form which can be done on the U.S. Department of Education's website or by printing out the forms and mailing them in. Once the forms have been submitted and reviewed the college student will receive the Student Aid Report (SAR) which enables them to figure out how much they may be eligible for and how much their Expected Family Contributions (EFC) is. Dependent on the information contained in the SAR, each university you've expressed an interest in will prepare an award notice, a financial aid package they are willing to provide you in return for gaining you as a student.
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