Federal Assistance - Federal Government Free Grant Money To Pay For College

"Federal Assistance - Federal Government Free Grant Money To Pay For College" submitted by SchoolGrantsfor Editorial Team and last updated on Monday 9th January 2012

Money provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants and scholarships) and self-help aid (loans and work). Grants are Financial aid awards that do not have to be repaid. Grants are available through the federal government, state agencies, colleges, and private sources. Federal financial aid comes in three forms: grants, work and loans.

Grant Programs

Federal Pell Grant

Federal Supplemental Education Opportunity Grant (FSEOG)

Granted to qualifying full and part time students based on each school’s eligibility criteria; ranging from $100 to $4,000* per year; not available on all campuses Amounts are subject to change. Check with your financial aid administrator for current amounts.

Know more about FSEOG.

Scholarships

Offered for academics, sports and special skills—are applied to schooling costs. To find out what’s available to you look: Scholarships as financial aid

Gifts From Family and Friends

You may be lucky enough to have family members or close friends who have expressed an interest in contributing to your college fund. A contribution of as little as $20 per week from Great Aunt Sarah or Grandpa Ned can go a long way toward reducing your financial needs. Just remember to express your appreciation with a thank-you note or phone call.

If your Expected Family Contribution (EFC) to your education is less than the actual cost of attendance, you are deemed to have a financial need. But to be eligible for financial aid, you must also meet the following requirements:

Federal Government Free Grant Money To Pay For College

  AWARD AMOUNT HOW TO APPLY: ELIGIBILITY IS BASED ON:
Federal Pell Grant From $976 to $5,350 a year (award amounts for 2009-10) FAFSA Your EFC and COA

Whether attending full or part time

Must not already have a bachelor’s degree*
Federal Academic Competitiveness Grant (ACG)   Up to $750 for first-year students, up to $1,300 for second-year students FAFSA Receiving a Pell Grant

Successfully completing a rigorous high school program At least half-time attendance

3.0 cumulative college GPA (for college sophomores)
Federal Supplemental Educational Opportunity Grant (FSEOG) From $100 to $4,000 a year (funds are limited and there’s no guarantee you’ll receive one) FAFSA Your EFC and your financial need

Whether attending full or part time

Priority given to Pell Grant recipients with the lowest EFCs
National SMART Grant Up to $4,000 for third- and fourth-year students   FAFSA Receiving a Pell Grant

Majoring in physical, life or computer sciences, technology, math or engineering, or certain foreign languages

Must have at least a 3.0 cumulative college GPA in the courses for your program

Must be enrolled in at least one course required for your major
Federal TEACH Grants Up to $4,000 a year FAFSA Must sign an agreement to serve as a paid full-time teacher in a high-need field serving low-income students Must agree to teach at least four academic years within eight years of completing your program of study

If you fail to complete your obligation, grant converts to an unsubsidized Stafford loan you must repay

Must be enrolled in, or plan to complete, coursework to begin a teaching career

Must maintain a cumulative GPA of at least 3.25
Robert C. Byrd Honors Scholarship Contact your state’s higher education agency. Find it at www.ed.gov/programs/iduesbyrd/state-contacts.html   $1,500 a year for up to four years   @ Each high school can nominate two graduating seniors @ Individual school deadlines vary @ Applications available from your state’s higher education agency Academically outstanding high school seniors who show promise of continued achievement in college

Can be used at any accredited college nationwide

Work Programs

Federal Work Study

Loan Programs

Once you have examined—and exhausted —your “free money” and employment options, it’s time to consider loan programs. Loans must be repaid with interest, which will begin to accrue either at the time you receive the money or six months after you graduate or cease to be enrolled in school at least half time.

Low Interest Rates

Interest rates on student loans are typically lower than those involving other types of credit. Clearly, you’ll pay less interest funding your textbooks with a student loan than you would if you paid by credit card.

Federal Stafford Loan

Federal Perkins Loan

Federal PLUS Loan

In all cases, your school's financial aid office will determine your eligibility for the above sources of assistance. However, you are free to select your lender (except for schools that participate in Direct Lending)

The Department of Education has more information on programs available to students. I strongly encourage you to visit: The U.S. Department of Education

6 other ways to pay for college

1. Private scholarships

Ask your high school counselor and use the free scholarship directories and search engines on the Web to look for scholarships. See “Scholarships” on the back cover.

2. National merit scholarships

Taking the Preliminary SAT/National Merit Scholarship Qualifying Test in the fall of your junior year will enter you in the competition for a National Merit Scholarship. See your high school counselor to learn more or go to www.nationalmerit.org.

3. Volunteer service

By becoming a volunteer with one of the AmeriCorps programs, you can earn up to $4,725 a year for college. Learn more at www.americorps.gov.

4. Start at a community college

Look into starting at a community college. You could save thousands of dollars in tuition and get your general education requirements behind you.

5. The military

Learn about the education benefits at www.todaysmilitary.com. If you’re a veteran, check out www.gibill.va.gov.

6. Part-time work

A part-time, summer or holiday job can also help.

Finding Free Money

Before you apply for a loan to fund your education, it’s smart to explore other possibilities that don’t require payment. These include grants, scholarships and gifts from family and friends.

Federal Student Aid, an office of the U.S. Department of Education, plays a central and essential role in the nation’s postsecondary education community. Worried about the application process? Don’t be. This year the online application is shorter and simpler. You will view and answer questions that apply only to your situation. The Financial aid administrator (FAA) is a college or university employee who is involved in the administration of financial aid. Some schools call FAAs "Financial Aid Advisors" or "Financial Aid Counselors". Federal Student Aid office of the U.S. Department of Education will help you online, on the phone, or in person and and help manage the student's funding once a financial aid package is approved. FAAs work for educational institutions. They also have access to a centralized source of information and financial aid guidance concerning programs, processes, and resources. Your College Financial aid office (FAO) is dedicated to provide you with useful information about financial aid programs offered through college or university and the process to apply for and receive funding by providing the most comprehensive financial assistance possible to current and perspective students. Check the services available to you upon request. If you ever have any questions, you can always call our toll-free number 1-800-4-FED-AID (1-800-433-3243) or visit our Web site at www.FederalStudentAid.ed.gov.

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