Episode 5 [audio https://collegemoneyman.files.wordpress.com/2012/07/ep5twomin.mp3]
This is episode 5 and today we talk about the Federal Supplemental Educational Opportunity Grant, or FSEOG. Not a very sexy sounding name is it? But for those with the lowest Expected Family Contribution Scores, or EFC’s, it could make all the difference.
Now this program is given to only the neediest of students . Unlike Work-Study, TEACH GRANTS, or State Level Tuition Grants, this program is a priority based, campus run program. Simply put, If you aren’t getting the Pell Grant, you won’t be getting this!
Priority is given to those that have EFC’s of ZERO, and those that applied for the FAFSA early in the school year. That’s not to say those who are a bit late, or have EFC’s slightly above zero won’t receive and award, it’s just that schools award more funds as available once priority students are given awards. To qualify, applicants must complete the Free Application for Federal Student Aid or FAFSA like all federal programs.
Because the Federal Supplemental Educational Opportunity Grant is a campus based program given in block amounts to schools, they are responsible for the amount of money each student is given. While each school has discretion on the award amount, the most a student can receive in one year is $4000, and cannot exceed a students unmet need. So such as, if a students schools costs 10000 per year, and he has a 0 EFC and 8000 in aid, he has 2000 in unmet need.This means that this student can receive no more than $2000 in Federal Supplemental Educational Opportunity Grant funds for the year.
So while not all Pell recipients will receive this award, its important to remain eligible to do so. So here’s a quick tip: You want to increase your chances of getting this award: Apply Early as you can. The FAFSA is usually ready for online use no later than Jan 31 of each year. It also allows you to file before you have completed your tax returns for last year. If you have had a low EFC before and can file using a 1040-a or EZ, try using the last paycheck stubs of the year to begin calculating your estimated taxes and then complete the FAFSA with those numbers. You can resubmit your taxes to your financial aid office if there is a discrepancy later. But at least you filed early and got the jump on the crowd.
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