Other Financial Aid and the FSEOG
Financial Aid for College Beyond FSEOG
There are literally billions of dollars in student loans, aid, financing and awards given out each year. Some students rely on guaranteed loans to fund their educations; others rely on a combination of smaller scholarships and loans, while others look for as much assistance as possible.
It is a good idea for any student to develop a plan or budget that can address any financial “gaps” they are going to encounter at the school of their choice. There is plenty of free money for college around if you know where to look. This can be done through the application process for Federal Student Aid. The Free Application for Federal Student Aid (FAFSA) provides a Student Aid Report after a student, or their parents, have completed the application process. This report indicates the total financial amount that a family can realistically contribute towards a child’s education.
The Expected Family Contribution, or the EFC, is how grant amounts, loan amounts and any other awards can be determined. Usually, families in financial difficulty will receive a great many offers and opportunities for funding. This usually begins with the award of a Federal Pell Grant. This is also referred to as the “the foundation of federal student financial aid” because it is the stepping-stone to other grants and awards that have federal underwriting.
After a student succeeds in getting a Pell Grant they can then pursue several other federal grant programs. One of the most popular is the Federal Supplemental Educational Opportunity Grant, or the FSEOG. This additional grant is awarded only to students whose families display exceptional financial need.
While a Pell Grant is impacted by the enrollment status of a student, such as a difference in award amounts given to full time versus part-time students, the FSEOG can still be awarded to any enrollment status without a difference in amount.
However, while the amount of a Pell Grant will not be impacted by other awards, such as scholarships, or other grants, the FSEOG will be reduced by other financial awards to a student.
Another factor to consider about FSEOG grants is their actual availability. The funds that provide for FSEOG grants are delivered to approximately four thousand colleges and universities each year, and while a student may be fully qualified to receive the funding, they may not receive it. This is because the funds are limited and awarded on a first come, first served basis. Any student looking to use FSEOG funds must apply in a timely fashion in order to insure receiving the financial support.