by Maldar » Tue Dec 01, 2009 2:08 pm
This may be worth looking into:
Making College Dreams Possible: New, Improved Pell Grant
By DAWN PAPANDREA
posted: 21 HOURS 19 MINUTES AGO
(Dec. 1) - It's the old Catch 22: You know a degree will help you start a career that can earn you a solid paycheck, but you don't have the money to pursue the degree. For years, Charlene Tillotson had put off going back to school for that very reason -- she didn't think she could afford it. A stay-at-home mom with three children and a husband in the Navy, Tillotson had resigned herself to the idea that getting a degree was a distant dream.
That was until her sister, Julie Parrish, sat her down, helped her do some number crunching -- and told her about the federal Pell Grant, now helping more American students than ever meet their expenses on higher education, both for traditional colleges and online degree programs. Thanks to the Recovery and Reinvestment Act of 2009 (the stimulus bill), the maximum award is at an all-time high of $5,350 for 2009-10, up from $4,731 the previous school year. And for many, that boost puts an advanced degree within reach.
"This is the largest dollar increase in the history of the Pell Grant program," says Mark Kantrowitz, publisher of online financial-aid sites, Finaid.org and Fastweb.com. "It makes up for four years of no increases during the Bush administration. The increase in the Pell Grant makes it easier for low-income students to pay for college."
The problem is that many aspiring students assume that they won't qualify for a grant -- or that if they do qualify, the grant won't make a dent in their tuition payment. But as long as you can show financial need based on your income and assets, there's a good chance you can qualify for a Pell award.
And don't assume that federal financial aid is only for traditional students taking traditional college courses. Even adults pursuing online degree programs can cash in on the Pell. The key is to be sure you're applying to attend an accredited institution.
The other issue is the perceived high cost of such higher-education programs. But get this: It costs an average of $2,544 to attend a public two-year college and $7,020 to attend a public four-year college, according to the College Board. So depending on the school you choose, getting a significant Pell Grant could cover an entire tuition bill.
For Tillotson, qualifying for the Pell Grant made all the difference. She enrolled this year at Everett Community College in Everett, Washington. "The Pell is covering $5,000 of my tuition this year," she says.
While there's no income limit for qualifying for a Pell Grant, keep in mind that nearly 98 percent of students who receive one have an adjusted gross income of $50,000 or less. But more than 7 million students are expected to qualify for the next academic year.
More Money on the Horizon
In September, the U.S. House of Representatives passed the Student Aid and Fiscal Responsibility Act of 2009. If it passes in the Senate, SAFRA will increase the maximum Pell Grant in 2010-11 by an additional $200, to $5,550, and will index the maximum Pell Grant to inflation plus 1% after that, Kantrowitz says. "This is a step in the right direction," he says. "It would provide low-income families with the assurance that the Pell Grant program will be there to help them pay for college."
That assurance is helping Risharri Faison pursue a degree in a dental-assistant program through the Kaplan Career Institute's Dearborn campus, outside Detroit. "The Pell Grant helped me a lot, because I was unemployed," says Faison, a single mother of three. "It covered about 75% of my obligations."
Faison says she was assisted by her financial-aid representative at Kaplan, who made sure that she applied for any grant for which she might qualify. When she finishes the program next April, she'll have the ability to start a job with an income that can better support her family.
"The [financial aid] process was not as scary as I first thought," Faison says. "I encourage anyone thinking about going back to school to do it, because financial aid is out there for everyone. All you have to do is apply."
If you haven't been through the financial aid process, it can seem daunting. But many students find that their schools of choice can greatly assist in applying for federal funding, offering free help from financial-aid advisors who are accessible for in-person appointments or by email and phone. And if you choose to attend school online, you can take advantage of virtual financial-aid assistance.
The fact is, applying for aid is not as difficult as it seems. Charlene Tillotson notes that as long as you have your tax return handy, you can fill out the Free Application for Federal Student Aid. "I've told a lot of my friends to try to get a Pell Grant," she says. "Three of my friends are going back to school."
Dawn Papandrea writes frequently about education, parenting, careers, beauty, and fashion.
2009-09-04 13:33:02
