Many low income college students seek aid through the Federal Pell Grant Program, which can afford them the opportunity to pay for the costs of attending an educational institution like a major college or university. The cost of attending these institutions have been on the rise over the past years and it’s understandable that many students cannot afford tuition costs that are associated with pursuing this type of education.
However, these need-based grants for low income undergraduate, and some postgraduate students, were instituted in order to aid low income individuals so that they may have the opportunity to access a postsecondary education. While, according to the Department of Education’s website, “Grant amounts are dependent on the student’s expected family income, the cost of attending a school, and a student’s enrollment status,” many federal Pell Grant opportunities afford students the means to attend a University by meeting the majority of or all of the costs associated with tuition and fees.
While there are many sources who cite eligibility requirements for a Federal Pell Grant, only by filling out a FAFSA form will a student begin the process of applying for Federal Pell Grant assistance. Again, this type of financial aid can be beneficial for those low income students who wish to obtain a higher education, but may be unable to meet the cost of doing so if their parents’s income or their personal income falls below a certain level.
Yet, federal programs are often sought out by a variety of individuals and can, in some cases, be difficult to obtain. It’s for this reason that financial aid counselors often advise low income students to also seek out student scholarships as well. While there are also federal student loan opportunities available to help meet the cost of college, many warn against turning to loans before all grant and scholarship opportunities are exhausted.
There are student loan opportunities that can be affordable and offer graduates repayment options that will not strain their personal finances, Federal Pell Grant opportunities and student scholarships are available for many individuals who wish to attend a college or university but come from a low income situation.
The cost of college is on the rise in many areas but there are financial aid opportunities like Pell Grants and scholarships that can be beneficial if a student simply takes the time to research and apply for these forms of financial aid. While there is no guarantee that these free forms of financial aid will pay the entirety of one’s college tuition costs, many students have been able to cover most of or all of their college expenses with these forms of student financial assistance.