For most people, the idea of earning money to pay for a grant is pretty daunting. Luckily, that is changing. And it’s changing for some good reason.
When it comes to grants, there are several types of grants out there. The first is by default, and one that is available to everyone: the federal Stafford school-aid loan assistance.
The Stafford school-aid loan allows low-income families to go to college for as few as $5,500 and as much as $22,500 a year, depending on which types of loans they choose. The Stafford loan does require an income level, and for the students that qualify, most lenders will have the ability to pay out the loans in full, including interest.
The second type of grant available is more flexible and is called the federal Perkins loan. And it comes in 2 types:
You can apply directly for a Perkins loan at the Direct Loan program, but you need to meet certain federal and state requirements: (1) income must exceed 80% of the median income in your state, and (2) you must be a full-time student
Both the Stafford loan and Perkins loan allow you to take out federal loans during your first 2 years of enrollment after the start of school. If you’re considering a grant for your first grant, you should apply for the Perkins loan.
Then there are state grants. There are 11 different state grants available to cover a range of expenses, from transportation to books to tutoring. As always, the federal government picks up half of the costs. Typically, there are no strings attached so you just have to be eligible for grant aid.
Are colleges making up for lack of donations to the endowment or to the athletics program?
Yes. Colleges and universities have set up funds, or endowments, to make up for shortfalls. Not only do you need to have a good record at school, but you also need to be on a roll: that is, your financial aid budget should be as high as you can possibly make it.
There are two main methods colleges use to raise money: donations to endowments and donations to athletics. The first method relies heavily on donations to the endowments to help fill the gap at the college level. And it only works if colleges and universities offer a wide range of tuition, fees, and financial aid benefits.
So what do the endowments have to do with athletics? That’s
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