For lots of students, covering their college education could be a truly serious problem. Besides education costs and fees, there are more other expenses to think about such as books, materials, and even, transportation. The federal government provides funds, available as grants or loans, open to students who will be looking for financial aid.
A need-based grant is literally a certain amount of funding awarded to students from the U.S. Department of Education based upon their specific situation or need. This isn’t a loan because the grant money doesn’t need to be paid back.
After you submit a FAFSA (Free Application for Federal Student Aid) form and it’s processed by your school’s financial aid office, you will realize exactly how much grants money you can get. Some top criterias which could be taken into consideration when it comes to figure out how much money you will be awarded are:
Expected Family Contribution (EFC) : this amount shows how much your household are able to afford to contribute to your education costs. It’s dependent on the size of your family, household bills, earnings and savings.
Cost of Attendance (COA): this accounts for not only college tuition and fees but also other costs such as books, materials or transportation.
Amount of time enrolled in school: this talks about if you are a full-time or part-time student and whether you’re enrolled for the whole academic year or less.
A few of the more popular need-based grants include:
Pell Grants
Federal Supplemental Educational Opportunity Grant (FSEOG)
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