Financial Aid for College Students
The government sets aside billions of dollars in financial aid for college students, many nonprofit organizations listed here also provide support for college education.
Financial aid for college students is available in the form of government grants, scholarship programs offered by business houses and non profit organizations. The Obama administration has recently increased the funding for federal education grants by billions of dollars. Financial aid received in the form of a grant need not be repaid and hence, is a viable option for eligible students from low income families.
Under the American Recovery and Reinvestment Act of 2009, the government has set aside 275 billion dollars as grants and a substantial percentage of this number is earmarked as education grants. Knowing how to apply for financial aid is also very important. To avail government financial aid for students you have to fill the Free Application for Federal Student Aid (FAFSA) form. Some of the education grants are
Pell Grants
The federal Pell grants are for undergraduate study programs and can be used in over 5,000 participating institutes across the nation. A student needs to enroll full-time, or at least part-time in a program, to be eligible for this grant. For the year 2010-11 the maximum grant amount awarded was $5,500 for each year. The grant amount depends on the expected family contribution (EFC) of the student and the cost of education.
TEACH Grants
Students looking to make a career in teaching can apply for the Teacher Education Assistance for College and Higher Education (TEACH) Grants. A student can expect up to $4,000 per year under this program. Financial aid requirements of this grant include teaching for at least 4 academic years in schools catering to low income family students.
SMART Grants
The National Science and Mathematics Access to Retain Talent Grant (SMART) is known as a continuing education grant as it is for the third and fourth year of undergraduate study program. It is also applicable for the fifth year of study for five year programs. Eligible students can get up to $4,000 every year and are required to maintain a grade point average (GPA) of 3.0.
Financial Aid for College Students with Disability
Ethel Louise Armstrong Foundation (ELA)
Women with physical disabilities are eligible to apply for this scholarship, the financial award can range between $500 to $ 2,000 per year. This is a merit based scholarship and the applicants are required to fill a medical verification form, submit college transcripts, academic recommendation letters, and write an essay.
Anne Ford Scholarship
This scholarship is awarded to one student with a learning disability, the scholarship amount is $10,000. The Anne Ford Scholarship is an initiative of the National Center for Learning Disabilities.
Many colleges have a policy to fund the education of students with disabilities, so also check with the financial aid office of the college you wish to enroll. The financial aid office will also have information pertaining to financial aid for college students. When applying for financial aid with divorced parents, make sure the parent you have lived the most with, in the past 12 months, fills the FAFSA form. If the time spent, is same with both the parents then the one who has claimed you as a dependent on their tax return should fill the form.
There are many avenues for financial aid and many colleges will have a counselor to assist you with your financial aid questions. Filling out the application correctly is very important, so make sure you invest some time in doing this if you want your application to be successful.
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