Not all people can afford college education. For most students, financial assistance is indeed an important part of the whole college experience. The good news is that students can apply for the need-based grants to fund the mounting educational expenses on colleges and universities. Eligibility is based on several parameters, including family’s expected contribution, the number of dependent family members, student status, etc. Students who can show the greatest need for money or those who have incomes below a set level have good chances to qualify for the need-based grants.
Some of the most common government funded need-based grants are the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG). For the Federal Pell Grant, families who earn less than $40,000 on annual basis are eligible to receive the grant money to fund college education of their children. Conversely, students whose families earn higher than the given amount may no longer qualify for the program. The FSEOG is a work-study program that works nearly the same with the aforementioned program.
Unlike scholarships, the need-based program does not require awardees to maintain excellent grades nor rely on grades for approval but rather is solely based on one’s financial status. Even if you have a hard time in school, the program still supports your education as long as you are eligible to qualify for it. Nevertheless, you have to make sure that you read all the guidelines of each and every grant that you are applying for to ensure full financial support.
Whilst you may qualify for the grant money, your eligibility will still be dependent on your financial status in the future. That is, if you make better income while you’re at school, you may lose the federal grant. You may also need to enroll full time to enjoy free educational funding until you finish college. Nevertheless, school grants such as this one is considerably better than student loans as you are not required to pay back the grant money that has been given to you.
When you want to apply for the need based grant, you need start by filing that FAFSA form first. This will determine your eligibility for the award money. You will be notified through a letter once your application is successful. If you would like to pursue studies using the grant, simply return the letter stating your interest to receive college funding as you pursue your college dream. The grant money is directly sent to your student account, making it more convenient for you to enjoy the program.