Can You Use Grants To Pay Off Student Loans

Can You Use Grants To Pay Off Student Loans – Tuition is rising, so you need every free college dollar you can get. Read about Pell Grant and eligibility and other ways to help pay for college.

Many bright and talented students come from backgrounds where paying the ever-increasing cost of college is almost out of the question.

Can You Use Grants To Pay Off Student Loans

Despite qualifying for federal grants and low-interest loans, some students still fall short when their families don’t have enough to cover the rest.

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This is why the federal Pell Grant program was created. This helps students with clear financial need pay for their degree while reducing their debt burden.

In this article, we’ll explain how the Pell Grant works, the eligibility requirements, and how to apply. Then we’ll go over some other federal grants and alternative sources of aid.

Grants are a form of need-based financial aid. This means that they are awarded based on the student’s financial situation, not merit.

The Pell Grant is one of the most well-known grants. This is federal aid that you can qualify for if you file the FAFSA and meet certain requirements.

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Like a scholarship, you generally don’t have to pay it back while you finish your studies. This makes it easier to cover costs and reduce the student debt burden.

As tuition costs and student loan debt rise each year, students, especially those with low incomes, are faced with a choice:

The Pell Grant has helped solve this problem for a large portion of students. About 34% of college students receive Pell Grant awards, and 51% of Pell Grants go to families earning less than $20,000 a year.

In 1965, President Lyndon B. Johnson signed the Higher Education Act as part of his Great Society Initiative.

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As the name suggests, the Higher Education Act was designed to make higher education more accessible, especially for low-income students. It established several educational policies and aid programs, including a grant called the Basic Education Opportunity Grant.

In the following years, the program was modified. In 1980, the BEOG was renamed the Pell Grant in honor of Claiborne Pell, Democratic United States Senator. that Senator from Rhode Island – to honor him for his work to improve access to higher education.

For several decades, Pell Grant awards have slowly increased each year to adjust for inflation and the rising cost of college. It increased dramatically between 2006 and 2010, probably due to the financial crisis.

You can use Pell Grant money for educational expenses, not just tuition. First, your school will receive your money and apply it to your student account to cover tuition, fees and other expenses.

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After that, they pay you money to use on textbooks, room and board, and transportation if you travel to class.

A federal Pell grant is one of the best ways to help if you qualify for several reasons:

The maximum Pell Grant award changes each year due to inflation and tuition increases. In the 2021-2022 academic year. The maximum grant amount was $6,450 per year and the minimum was $650.

However, getting a Pell Grant depends on your financial need, so there are limits based on income and finances.

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In addition, students may receive additional aid if their parents have died in the line of duty when the student:

The Department of Education details how Pell Grant awards and your eligibility are calculated on its website.

The FAFSA allows you to see your eligibility for all types of federal financial aid, with the Pell Grant being one of the most important.

Fortunately, applying for the FAFSA doesn’t take long. You can probably knock it out in a day (or faster, if you have a few cups of coffee to fuel the writing). You’ll need your parents’ financial information, or your own if you’re self-employed, and you’ll create an FSA ID to apply for it.

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After submitting the FAFSA, you will eventually receive a Student Aid Report that tells you your eligibility and award amount for a Pell Grant, along with other forms of federal financial aid.

The Pell Grant is a well-known federal grant, but it is not the only one. There are others designed for students in special situations.

The good thing about these scholarships is that after completing the FAFSA, there is a little extra work involved. Filling out the FAFSA will give you an idea of ​​your eligibility for each.

The federal Supplemental Educational Opportunity Grant program is designed to assist Pell Grant recipients with financial need.

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You can earn between $100 and $4,000 if you qualify for this grant. However, funds are more limited and not all schools have them. So check with your school’s financial aid office to see if and how much FSEOG funds are available.

Iraq and Afghanistan Service Scholarships provide increased financial aid for students whose parents died as a result of military service in Iraq or Afghanistan after 9/11.

Students must be under the age of 24 and enrolled in college at least part-time at the time of the parent’s death.

To qualify, you must exceed the Pell Grant EFC limit and meet all other Pell Grant eligibility requirements.

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As for the award amount, it is generally equal to the Pell grant amount for that year. For 2022, this translates to a maximum award of $6,435.

However, the Budget Control Act of 2011 reduces any support for services in Iraq and Afghanistan that was first paid on or before October 1, 2020. 1, 2022, for 5.7% of the amount you would normally earn.

Students in eligible teaching degree programs can receive free money through the College and Higher Education Teacher Education Assistance Program.

You must be enrolled in a TEACH-eligible program, meet GPA requirements, and pass TEACH grant counseling each year to qualify and remain eligible for a TEACH grant.

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Students can earn up to $4,000 per year. However, there are many details about the program that you need to know to understand if you qualify. You can find them on the Federal Student Aid website.

Pell grants are an excellent foundation for financial aid, but for H students they are only part of the college funding package.

For example, students living in New York who also attend college in New York State may qualify for a scholarship through the Tuition Assistance Program (TAP). This year, eligible students can get up to $5,665 in TAP aid.

As you can see, combining federal and state scholarships can go a long way toward covering your educational costs.

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In addition, grants can be applied for through private entities. Organizations such as Kiwanis and Rotary award scholarships to eligible students and applicants.

Scholarships are another form of aid that you don’t have to pay back. However, unlike scholarships, they are generally merit-based.

This means you have to work harder to earn, but at the same time, you won’t be limited to helping out as needed. In theory, you could win enough scholarships to cover all your expenses.

Some bags are on the lighter side of things. They just ask you to fill out a short application and answer a question or 2.

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Others involve a lot more work, like long essays or videos, but the prize money can be huge.

Scholarships are also aimed at all kinds of niches, such as certain seniors or minority groups. For example, the Ron Brown Scholarship provides up to $10,000 annually to black high school students who demonstrate exceptional commitment to community service.

Your financial aid office can point you to scholarships, but you can also browse online or use a service like AutoConnect to get great scholarships.

Work-study is a federal aid program that allows you to work – up to 20 hours a week – in exchange for tuition assistance.

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Many of these jobs are on campus and in your major, such as in your major’s department as a clerk or research assistant. However, it can be placed in a more general role, for example in the dining room.

Work-based learning is usually more flexible in terms of class times than regular work, but there are fewer options in this type of work and you cannot work more than 20 hours a week.

Like other types of federal aid, you must complete the FAFSA to see if you qualify for work and study.

Getting a job or internship at school is a classic way to earn money in college and cover some of your expenses while avoiding loans.

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Campus jobs tend to be more accommodating when it comes to scheduling. They know that you have to study and go to class. You can work in a variety of roles, from the cafeteria to the library, the research lab, and more. Depending on the role, you can get a good CV supplement.

If you’re willing to sacrifice potential schedule flexibility, finding an off-campus job can open up a higher salary and better career opportunities.

You can even look for an internship in your specialty. They are usually well paid and will look great on your CV. As a result, you can get an excellent job in college.

Your college probably has an online job board where you can start your search. You can also contact individual departments.

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