Why Students On Low Incomes Should Be ... - finance | debt relief

A Pell Grant application costs nothing and does not have to be paid back at any time in the future, unlike the student loan. This type of financial assistance is made available to students who would not otherwise be able to afford to attend school, by any other means. Students who are likely to attend school for the duration of an academic year or less, and who experience financial hardship are encouraged to apply.

The Federal US program exists to provide necessary funding to undergraduates on low incomes. Those who do not yet hold a bachelor?s degree, are the target group for this initiative. Postgraduates who are following post baccalaureate study, which leads to a teaching qualification are also considered by this program.

There are several factors which are considered, in order for money to be allocated to a particular student. These are: identifying need; as to the degree of poverty in which the student lives, the cost of the fees, the period of study and if the study is full or part time. The maximum amount of funding which can be paid to an individual student at this time is $5,550. Cash amounts are either paid directly to students, or to the specific institution itself.

At present in the US, there are 5,400 different schools which accept this kind of fee payment. Cash goes into the student account, or to the institution for payment of tuition costs. The schedule for payments are either: per semester, per trimester or quarterly. Those who are attending schools who do not plan the academic year in this way will be paid twice yearly.

The amount of financial help that students have received over the years has increased in volume. In 2008 there was $16,428,110,000 in the fund for that year alone. By 2010 the budget was as much as $32,295,226,000. In 2008, the average award was for $2,945 and by 2010 it had grown to $3,865.

The Department of Education, based in the USA can provide information for students. This information covers the types of school, who offer alternative or additional financial aid to their students. When an entire grant is impossible to attain, other methods of assistance are explored. Politicians, have made pledges to increase the amount of young people in education and this is no short term goal.

The aim for the future, is for America to have the most educated workforce by the year 2020. This will set the US apart from other nations in the world. Stories by those who have benefited from support in the past and who have made a success of their lives are striking evidence for the need to invest in a Nation?s education for a better future. Currently the secretary of state has pledged to spend $13 billion to help schools.

More money will be made available for the grant budget next year. Even student loans stand to be made more user friendly. The future for all kids in America, looks set to equip them with the means to deal with the fierce competition of the global marketplace, now and for years to come.

The author is an education professional who publishes online about the various kinds of aid.

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