The cost of a college education has become unaffordable for a large number of students. By the time a student has to pay for tuition, fees, textbooks, room and board, and other incidental expenses, they may see that they just don't have enough money to cover it all. Even if they have savings set aside, which many students don't, they will more than likely need an additional source of funding to cover everything.
The cost of college has continued rising over the last several years, much faster than the consumer price index, which tracks the rate of inflation. Over the last thirty years the cost of a college education has increased by over 300%. That's an astronomical figure by anyone's standards. The gigantic increase in tuition costs has created a situation that leaves many students from low-income families at a disadvantage when it comes to paying for school.
Fortunately, there is hope for students who find themselves in a financial situation that leaves them unable to pay for all or even part of their school expenses. They needn't give up their dreams of getting a college degree and improving their lives and the lives of their families. There are a large number of programs designed to help students who need financial help pay for school.
Many of these financial assistance programs are in the form of a grant. A grant is a financial aid tool that gives money to students who need help paying for school. Grants are offered by a number of organizations, from the government to private foundations and educational institutions. There are also a number of private corporations that offer grants to students.
Grants are an ideal tool for students who have limited financial means, because they are essentially gifts. Unlike a student loan, they never need to be paid back. That means that students who receive grant money will not graduate with tens of thousands of dollars in student loans that need to be repaid over a certain period of time after graduation. Grants will allow a student to pay for tuition and other costs as they are incurred without racking up debt.
If a student is interested in receiving grant money, they should first fill out the Free Application for Federal Student Aid (FAFSA). This application calculates a student and family's expected family contribution (EFC), and determines how much federal grant money a student may be eligible to receive. Many other grant programs besides the government also use the FAFSA as a means of determining grant awards.
There are a number of different government grants, but the most well-known government grant is the Pell Grant. The Pell Grant award may be as much as $5,550 per academic year, depending on the applicant's financial status. For the first time this year, the Pell Grant may now be used to cover tuition expenses incurred during summer sessions, allowing students to complete their coursework sooner than if they didn't take classes in the summer.
Students who want to apply for grants should remember that grants are available for students in almost every family, financial, and student status. There are numerous grants available for students of various racial, cultural, and ethnic groups. There are also grants available for single parents, or parents who are returning to college after being in the work force for a number of years. Many college institutions and alumni groups also offer grants to students who have shown academic achievement and improvement. There are hundreds of grant opportunities available for disadvantaged students that can help them achieve their college degree, improving their lifetime earning potential and offering an opportunity for a better life.
Those who wish to utilize these funds many have to search a bit for online grant and scholarship opportunities that apply to their individual situation. Fortunately, nearly every one of these can be used for both traditional and online school classes. Those who take that little bit of time will find their educational needs being met in a way that doesn't burden them after graduation.
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