Paying for College

Paying for college can be a daunting prospect. The expense of this endeavor can seem overwhelming to the prospective student. Fortunately for today’s student there are a broad range ways to pay for your college education.

Typically a student will combine two or more of these options to finance their goal of a higher education. The following information will introduce you to these types of financial aid, and to the processes of obtaining this available funding.

With the exception of student loans, applications for financial aid must be submitted well in advance of the start of your course work. Typically this is done approximately six to nine months prior to the beginning of classes. While a late start will not automatically disqualify you from aid, it may limit your choices to the types available to fund your educational goal. Irregardless to when you are going to start taking classes, it is advised that you apply for all types of financial aid. This will give you more options if one type of aid is not available to you and may result in the unexpected surprise of a grant or scholarship.

GRANTS are financial aid that does not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, school cost, and enrollment status. Pell Grants for the 2002-2003 school year ranged from $400 to $3,300. Federal Supplemental Educational Opportunity Grants ranged from $100 to $4,000. Applications forms for grant money will be available from the colleges you applying for admittance.

Pell Grants: The federal Pell Grant is a grant for undergraduates to help start paying college costs. Since this grant is based on financial need, every undergraduate should apply for it. Once you have applied, the federal processor will send you a Student Aid Report (SAR) indicating whether you qualify for a federal Pell Grant. Federal Pell Grants range up to $3,300 for the school year. Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is for exceptionally needy undergraduate students. These are awarded for amounts ranging from $100 to $4000 per year. The Bureau of Indian Affairs (BIA) grants: The BIA offers federal grants to undergraduate full-time students. You must be at least one-quarter American Indian to apply. These grants are based on financial need and supplement other financial aid. Grants range from $50 to $3,000 or more each year. Further information on BIA grants can be obtained from the BIA office in your area.Other Grants: Additional grant money may be available from your state of residence,