Money

What federal grants are available for undergraduates?

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ShareTweetFlipEmailPin11 SharesThere are four major federal grant programs available for undergraduates: Federal Pell Grants Federal Supplemental Educational Opportunity Grants (FSEOG) Teach Education Assistance for College and Higher Education (TEACH) Grants Iraq and Afghanistan Service Grants All programs require students to complete the FAFSA. The Pell and FSEOG grants are need-based programs. The maximum amount you … Read more

What’s the difference between average net price and cost of attendance?

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ShareTweetFlipEmailPin0 SharesThe Cost of Attendance (COA) and Average Net Price (which for some reason never gets abbreviated) are actually defined by the government. Basically, the COA is the total cost to attend college for one year, Fall through Spring. This includes tuition, room and board, books and schools supplies, fees, equipment and room materials, and … Read more

What are 529 plans?

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ShareTweetFlipEmailPin0 Shares529 Plans are college savings plans operated by the state or educational institution. The main advantage of a 529 plan is that earnings are not subject to federal tax when used to pay for qualified education expenses. Contributions to the plan are not tax deductible. There are two kinds of 529 plans, pre-paid tuition … Read more

My parents are divorced. Which parent do I use for my FAFSA?

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ShareTweetFlipEmailPin0 SharesFor students with divorced parents, the custodial parent is the one the parent they lived with the for the previous 12 months. This isn’t necessarily the parent who has legal custody or who provides the most financial support. If your lived with both parents for the same amount of time, then the custodial parent … Read more

What are the Federal Supplemental Educational Opportunity Grant requirements?

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ShareTweetFlipEmailPin0 SharesThe Federal Supplemental Educational Opportunity Grants (SEOG) program is a campus-based aid program. The school’s financial aid office receives a certain amount of SEOG funds each year and then distributes the money to its students based on financial need. The school sets the Supplemental Educational Opportunity Grant requirements, the deadlines, and the award amounts … Read more

Is there a limit to the number of years I can get financial aid?

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ShareTweetFlipEmailPin0 SharesThere are specific limits for federal financial aid programs. Since July 1, 2013, first time borrowers of subsidized loans are limited to a maximum time of 150% of the length of the student’s program. This means that those in a four-year program are limited to six years of loans while those in two-year programs … Read more

FAQ: Do I have to report outside scholarships to the financial aid office?

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A student stands on a pathway with a large building in the background. A note reads, "College FAQ: Do I have to report outside scholarships to the financial aid office?
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Note asking Do I have to report outside scholarships to the financial aid office?An outside scholarship is one that is not part of the financial aid package awarded to you by the college. You need to report any outside scholarships to the financial aid office because it will affect your need-based aid. Schools are required by Federal rules to adjust financial aid package so that the total of all of your aid does not exceed the school’s cost of attendance by $300.

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FAQ: What is college average net price?

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student standing in front of college asking what is average net price
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postit note asking what is average net priceIn the most general terms, Average Net Price is the price that students actually pay for college as opposed to the “list” price or Total Cost of Attendance. The government defines average net price “by subtracting the average amount of federal, state/local government, or institutional grant or scholarship aid from the total cost of attendance. Total cost of attendance is the sum of published tuition and required fees, books and supplies, and the weighted average for room and board and other expenses.”

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What is financial aid preferential packaging?

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ShareTweetFlipEmailPin0 SharesPreferential packaging is the practice of changing the type and amount of financial aid awarded to a student based on the desirability of the student relative to the applicant pool. This policy is common among private colleges but not by public institutions. Since most colleges have a finite amount of aid available, they have … Read more