| There is no question that the Economic Crisis in | | | | to be repaid. So the student hopes to see a grant |
| America will affect college tuition costs and how | | | | award when the results are returned from the |
| families deal with paying them. | | | | application. |
| In light of the "good times" we have enjoyed prior to | | | | There are a few things to be aware of, however, |
| the recent times, parents were able to find ways to | | | | when expecting a grant. The funds available for grants |
| pay tuition cost through a secure job, home refinancing | | | | are limited, therefore the grant will not usually fully fund |
| and other types of personal loans available then. | | | | educational expenses. If the student is planning on |
| This no longer being the case, parents that were once | | | | attending a community college where tuition rates are |
| secure in their belief they would be able to come up | | | | lower, it is possible that grants will cover a greater |
| with the necessary funding to pay college tuition are | | | | percentage of the tuition and fees. |
| now facing a new challenge in relatively new waters | | | | The second thing to be aware of is that when the |
| to them. Many people today find they need to look to | | | | need analysis is done by the government or school, |
| the government to help them meet their needs for | | | | the expected contribution of the parent is usually higher |
| college financing. The nice thing about these possibilities | | | | than in reality what is possible for most families. This |
| is that there are many avenues available that do not | | | | expected contribution effects the amount available to |
| have to be paid back. | | | | the student for grants. |
| Grants | | | | Another significant factor is that if the parent or |
| Grants are a type of student aid that is awarded by | | | | guardian claims the student as a dependent on income |
| the government. Grants for college students do not | | | | tax returns, this effects the amount of aid available to |
| have to be repaid. | | | | the student. In general, a student who is 'independent' |
| Grants are based upon financial need, as calculated by | | | | of the parents as far as the tax law goes, will receive |
| the federal aid program. The first step in applying for | | | | more in financial aid awards. |
| government grants is by completing the FAFSA. | | | | First year students may find that they receive less |
| Of course every student and parent would rather | | | | grant awards than they do in subsequent college |
| receive grants instead of loans, since they do not have | | | | years. |