It's not too late to seek aid for college costs
You might weep the day you leave your son or daughter in a college dormitory for the first time, but wait until you take a look at the first bill for tuition, room and board.You could be moved to a different kind of tears.About this time of year, that bill arrives.
And it's a shocker: Maybe $20,000 for some schools, to be paid right then and there. And that's just half of it.
Around New Year's, its mate will arrive.But there are ways to get through this trauma--to break it down into more manageable pieces.-- Discovering free moneyLast spring, when the financial aid offer arrived empty--or small--you might have thought the matter was settled. You knew what you were going to have to pay, it wasn't pleasant, but that was that.Many people believe the financial aid letter is the last word on whether you will get any kind of help paying for college.
But you'd be making a mistake to assume the door is shut--even now. That's especially true if your family income is low, and your child has qualified for a Pell grant.
Typically, these grants--or free money--from the federal government are available to people with incomes under about $40,000. If you qualify and haven't sought a Pell grant, you can still go to the financial aid office and ask for one.
But if you've already been offered a Pell grant, you may be able to obtain even more aid.
The federal government is introducing two new scholarships this year. Students entering their first year of college can receive up to $750 in an Academic Competitiveness Grant. And students in their second year may land up to $1,300 if they have maintained at least a 3.0 grade point average.
Students in their junior and senior years may quality for another $4,000 each year through a National Science and Mathematics Access to Retain Talent Grant, or SMART grant.Both new grants go to strong students, and are provided in addition to a Pell Grant of up to $4,050 a year. The higher the cost of a school's tuition, the higher the Pell Grant.
To qualify for the Academic Competitiveness Grant the first year, a student had to go through a "rigorous high school program." There are guidelines at www.studentaid.ed.gov, but colleges are still interpreting them, said Carl Buck, vice president of college funding solutions at Peterson's. He suggests students assume they are eligible, request a grant from their college financial aid office, and --if necessary--ask a guidance counselor from your high school to state you've had a rigorous education.
To get the SMART Grant, you need to study math, science, computer or engineering, or a foreign language that's national-security related, Buck said.
Souce: http://www.chicagotribune.com/business/sns-yourmoney-0813college,1,3505891.story?coll=chi-business-hed
And it's a shocker: Maybe $20,000 for some schools, to be paid right then and there. And that's just half of it.
Around New Year's, its mate will arrive.But there are ways to get through this trauma--to break it down into more manageable pieces.-- Discovering free moneyLast spring, when the financial aid offer arrived empty--or small--you might have thought the matter was settled. You knew what you were going to have to pay, it wasn't pleasant, but that was that.Many people believe the financial aid letter is the last word on whether you will get any kind of help paying for college.
But you'd be making a mistake to assume the door is shut--even now. That's especially true if your family income is low, and your child has qualified for a Pell grant.
Typically, these grants--or free money--from the federal government are available to people with incomes under about $40,000. If you qualify and haven't sought a Pell grant, you can still go to the financial aid office and ask for one.
But if you've already been offered a Pell grant, you may be able to obtain even more aid.
The federal government is introducing two new scholarships this year. Students entering their first year of college can receive up to $750 in an Academic Competitiveness Grant. And students in their second year may land up to $1,300 if they have maintained at least a 3.0 grade point average.
Students in their junior and senior years may quality for another $4,000 each year through a National Science and Mathematics Access to Retain Talent Grant, or SMART grant.Both new grants go to strong students, and are provided in addition to a Pell Grant of up to $4,050 a year. The higher the cost of a school's tuition, the higher the Pell Grant.
To qualify for the Academic Competitiveness Grant the first year, a student had to go through a "rigorous high school program." There are guidelines at www.studentaid.ed.gov, but colleges are still interpreting them, said Carl Buck, vice president of college funding solutions at Peterson's. He suggests students assume they are eligible, request a grant from their college financial aid office, and --if necessary--ask a guidance counselor from your high school to state you've had a rigorous education.
To get the SMART Grant, you need to study math, science, computer or engineering, or a foreign language that's national-security related, Buck said.
Souce: http://www.chicagotribune.com/business/sns-yourmoney-0813college,1,3505891.story?coll=chi-business-hed
posted by bradley at 6:53 PM
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