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 Although financial aid is primarily intended for lower income families who need assistance, government grants, state grants and college grants can definitely be a valuable source of funds to help finance a college education-even for families with yearly incomes of $75,000 or more. The paperwork involved, combined with obscure rules that seem to make no sense, can make applying for financial aid a frustrating experience. If you have a good deal of time and a great deal of patience, however, this could be an important option worth looking into. • U.S. Government Grants • State Grants • College Grants U.S. Government Grants The federal government provides financial assistance through a variety of programs. The most prominent are Pell Grants, Supplemental Educational Opportunity Grants and Stafford loans. • Pell Grants, by law, can provide up to $3,700 per year per student, although they generally don't exceed $2,400 per year due to governmental financial restraints. Awarded on the basis of college costs and a financial aid eligibility index (family income, size and number of college students in the family), students must reapply each year for Pell Grants. • SEOGs (Supplemental Educational Opportunity Grants) are awarded on the basis of severe financial need, and award up to $4,000 per year per student. Students with Pell Grants usually receive priority consideration for SEOGs. • Stafford Loans are low interest government loans to help finance a college education. Generally, Stafford Loans are not processed until after needy students have applied for Pell Grants. State Grants State grant programs differ from state to state and tend to be awarded exclusively to state residents, with special preference often given to students planning to attend an in-state school. The school's financial aid office can advise you as to the availability and requirements necessary to receive state grants. College Grants Today, many older, more established colleges and universities with many alumni and large endowments offer specialized grant programs based on need or scholastic ability. For more information on receiving these grants, contact the financial aid office at the college or university you are considering. |
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