Financial Aid - Federal & State Aid
For many families financial aid is an important part of the enrollment decision. There are hundreds of beautiful colleges and universities across the country but many of them come with hefty price tags that can place a financial burden on families for years to come. There are many ways families can alleviate the cost of attending college but one of the best places to start looking for funding is from federal and state financial aid programs.
Federal Student Aid
"Federal Student Aid, an office of the U.S. Department of Education, ensures that all eligible individuals can benefit from federally funded financial assistance for education beyond high school." - Federal Student Aid
1. FAFSA - (Free Application for Federal Student Aid):
Students who are planning on applying for financial assistance should start with completing FAFSA. The FAFSA document is required to be eligible for any federal or state financial aid. Some families believe they may not be eligible for federal or state financial assistance but are hoping to be considered for financial aid from the college or university, be aware that FAFSA is required by most colleges and universities in the United States if you are applying for any type of financial aid. To complete FAFSA, please visit: www.fafsa.ed.gov.
After you complete FAFSA it takes about 3 days for the application to be processed. After is is processed you will receive a Student Aid Report (SAR).
You will notice that your Student Aid Report will contain an "Expected Family Contribution" (EFC). Please be aware that the EFC that FAFSA calculates may be significantly different than the EFC your college or university calculates. FAFSA and most state institutions use a "federal methodology" while many private institutions use a combination of "federal methodology," and "institutional methodology" when calculating an expected family contribution.
2. Federal Grants Available:
- Federal Pell Grants: The Federal Pell Grant does not have to be repaid. In order to receive the Federal Pell Grant students must complete FAFSA. Generally distributed to the families of low to middle income undergraduate students. Awards vary based on cost of attendance and financial circumstances of the student and family. The maximum Pell Grants for 2010-2011 is $5,500.
- Federal Supplemental Educational Opportunity Grants (SEOG): Need based grants for low income-undergraduate students. The SEOG is awarded in addition to the Pell Grant. Students can receive between $100 and $400 per year.
- Academic Competitiveness Grants (ACG): Reserved for Pell eligible students who have completed a rigorous secondary school program. Usually only available for the student's first and second year of college. Students are eligible for $750 their first year of college and $1,300 the second year of college.
- National Science and Mathematics Access to Retain Talent (National Smart): Available for 3rd and 4th year students majoring in physical, life, or computer sciences. mathematics, technology, engineering, or critical foreign languages, or non-major single liberal arts programs. Students must maintain a 3.0 GPA in course work required for the student's major. It is awarded in addition to the Pell Grant. Students can receive up to $4,000.
- Teacher Education Assistance for College and Higher Education Grants (TEACH): This program provides assistance to students who are completing or plan to complete course work needed to begin a career in teaching. In exchange for the grant, a student must sign an Agreement to Serve as a full-time teacher under certain specific conditions. Students can receive up to $4,000 per year.
- Leveraging Educational Assistance Partnership (LEAP): These formula-based programs make federal funds available to states to assist them in providing student assistance programs for individuals with substantial financial need.