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Pell Grants
Grant aid is a financial subsidy to pay for college that students are not required to repay. Generally, Pell Grants are awarded to undergraduate students; however, in some instances, a student may receive a Pell Grant if enrolled in a post baccalaureate teacher certificate program. Pell Grants are usually a foundation of federal student aid, to which aid from other federal and nonfederal sources might be added. The maximum Pell Grant for the 2004-2005 school year was $4,050. To qualify for a Pell Grant, Congress has established a standard formula . This formula evaluates the information that that the applicant reports when applying. The formula produces an EFC number, and this number will determine if the applicant is eligible and how much they can receive.
Federal Work Study
This program is for students who demonstrate financial need and is often included in the financial aid award. Students must file a FAFSA to be eligible for consideration. Work-study jobs are like any other job except that earnings are to be used to meet educational expenses. Award amounts vary, and hourly wages are determined by the employer. Federal work-study does not credit to a student's bill. If the applicant is an undergraduate, they are be paid by the hour. If the applicant is a graduate student, they might be paid by the hour or you might receive a salary, depending on the work they do. The applicant's school must pay at least once a month. Also, the school must pay the applicant directly, unless it is requested that the school make payments to a bank account or use the money to pay for education-related institutional charges such as tuition, fees, and room and board.
Scholarships
Scholarships can be issued by the federal government, state governments, colleges and universities and a variety of locally based organizations. No one has to repay a scholarship or fellowship. You may be able to cover your entire cost of college through scholarships. Fondo Futuro encourages everyone to apply for scholarships. Undergraduate and Graduate scholarships are forms of financial aid that are engineered to assist a student is paying for their education. There are hundreds of thousands of education scholarships awarded to students each year. These scholarships can range greatly in size; however, the student will never have to repay a scholarship, regardless of size! Scholarships were normally awarded to only students with special criteria, such as academic or athletic strength. However, scholarships are now awarded to students interested in a specific major of study, students who are part of an underrepresented group, or students who demonstrate need for additional financial aid. There are many free scholarship databases available online today.
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This webpage was designed to assist Hispanic/Latino students, who are seeking financial aid, pay for their college education with grants, scholarships, and loans (both Federal Stafford and private). We provide a full guide of financial tools which can be used to determine your options in paying for college. |
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