Government Grants Help To Make College More Affordable
Every student thinking of going to college has heard of the Pell Grant. It cuts the cost considerably for those who are pursuing traditional and online degrees. At the same time, even though President Obama pushed through a raise on the Pell, it's currently only good for less than $6,000 at max, and that might not cover the entire cost of tuition, much less living expenses.
What many don't realize is there is another federal grant, one that was actually created before the Pell. Since 1966, the Supplemental Educational Opportunity Grant, or the SEOG, has been handing out grants. Those who receive it can get as much as an extra $4,000 per year. In fact, last year the federal government gave out $700 million SEOG grants. The only program that gave out more was the Pell.
Like the Pell, the first thing that must be determined is entitlement. The FASFA is the primary instrument to decide that. One must give out their financial situation in incredible detail, although it might soon be replaced with one's IRS filing. The thing is the document can be used to determine both the Pell and the SEOG.
Where things start to differentiate the Pell from the SEOG starts now. The SEOG applicant must meet some additional factors. For starters, U.S. citizenship is mandatory. Next, that what the Pell Grant hands out still doesn't meet basic school costs. It should also be noted that the SEOG are only for Associate's or Bachelor's degrees. Another thing is the applicant has to have acceptable grades both before and during their college years.
If the student somehow manages to be overpaid by the Pell, then he/she automatically loses the SEOG. On the other hand, if a student drops out for a time, he can still get SEOG money if deciding to go back. Another way to lose the SEOG is, after dropping out, the student winds up in default of any college loans they may have had.
Another thing is the money never goes directly to the student. Instead, the college sets up an account where the check is deposited. Where it gets fancy is when a term (whether it's a semester or trimester) starts, the Board of Education issues a check through the college. Upon receipt, the applicant goes to the school's bursar office and signs over the check. It is deposited to the account and provides the tuition payment in this manner.
Understandably, there can be a bit of confusion about all this. That's why it's always a good idea to do this with the assistance of a financial aid officer. They are quite proficient about the entire financial aid process, particularly when it comes to navigating the sea of paperwork and explaining it all as clearly as possible.
What's important is when the Pell Grant doesn't meet your educational needs; there is another grant program that can be an incredible supplement towards obtaining on campus or online degrees. Of course, just because the SEOG is there with the Pell Grants for college doesn't mean one shouldn't look for more. They are out there if you look for them.
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