what is a grant?
Grant: financial aid given to a student, often based on financial need, that a student does NOT have to pay back (unless you withdraw from the school during the semester/quarter) Grants and Scholarships can come from the federal government, your college, a private or non-profit organization. Must apply for FAFSA (show example) to be eligible to receive grants from the college of your choice.
Key terms:
- Merit-based Grant: Based on a student’s skills or ability (high cumulative GPA or talent in an extracurricular activity).
- Need-based Grant: Based on a student’s financial need (low income family).
- Scholarships:Money awarded to students based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.
- Pell Grant: money that the federal government provides for low income students.
- FSEOG: Federal Supplemental Educational Opportunity Grant, also called campus-based aid which means all schools don’t offer it. Offered to students who will receive Pell Grants first (financial need).
*Can receive $100-$4,000 based on your financial need, when you apply, the amount of other aid you receive, and the availability of funds at your college.
- Financial Aid Office: the office at a college that is solely responsible for preparing and communicating information on financial aid. This office helps students apply for and receive grants, loans, and scholarships.
- Financial Gap: also known as financial need, the difference between COA-Financial Aid.
- TEACH Grant: Teacher Education Assistance for College and Higher Education,provides grants of up to $4,000 a year to students who are completing or plan to complete course work needed to begin a career in teaching.
- Work-Study: a part-time work program to assist students with financial aid.
- Your total COA expenses (tuition and fee’s, room and board, personal expenses, books and supplies, and transportation) total $40,520. However, your total financial aid offered is only $32,200. How much is your financial gap? ______
- Imagine you are a freshman at Duke University and your financial aid check was not disbursed in time for you to buy your books. What are you going to do? ______
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- If you are a student living in poverty or have a low income, what grants are you eligible for? ______
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In your opinion, can a student from a low income household be able to afford college. Why? ______
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- Which type of financial aid will help students find a part-time job? ______
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- Based on the information we covered about grants, what questions do you still have about grants?
- What types of financial aid are available for student’s with high cumulative GPA or talent in an extracurricular activity? ______
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- Normally, grants do not have to be paid back. However, when do they have to be paid back? ______
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- What’s the maximum money you can receive from a FSEOG? ______
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