What Is A Financial Aid Letter, And What Does It Say: JR’s 2-Minute Financial Aid Tip

Episode 9

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What Does UNMET Need Mean On My Financial Aid Letter

Episode 8

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Hi, This is JR the College Money Man, giving you my Daily Scholarships and Financial Aid Tip in about two minutes. This is Episode 8, and today we are talking about the term UNMET NEED.

Now most parents and students may feel that the term “unmet need” means the entire cost of a college education. After all, most families cannot afford the cost of college on their own. However, this term actually has a meaning that is more exact, and is necessary in determining the amount of aid you will receive.

What Is The Teacher Education Assistance for College and Higher Education Grant, and Who Is Eligible for the Teach GRANT

 

Episode 6

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This is Episode 6, and today were talking about the Federal Teacher Education Assistance for College and Higher Education Grant, Or TEACH Grant.

Teacher Education Assistance for College and Higher Education, or (TEACH) Grant is a federal grant program established to help attract teachers into high-need teaching areas (such as math, science, and second languages). Specifically, it’s a grant for students who plan to teach in a public or private elementary or secondary school that serves students from low-income families. The U.S. Department of Education maintains the national list at Annual Teacher Shortage Area Nationwide Listing. Also each year, all 50 states set up and publish a list of high-need areas locally.

The TEACH Grant allows for student to receive up to $4,000 per year with a lifetime undergrad limit $16,000 for students in qualifying programs and up to $4,000 per year with a life time limit of $8,000 for students in qualifying graduate programs. Each school determines which programs they offer that qualify.

Most schools limit eligibility to students who have entered into a clear path toward receiving a teaching license in a high-need area.

TO qualify, students first need to complete the FAFSA. Then, they will separately need to complete and application at the school they attend which both screens their program, and binds the student to the program if accepted. And unlike Pell or SEOG, there is a GPA need for this grant. Students must have at least a 3.25 GPA for each payment period; OR have a score above the 75th percentile on one section of an admissions test such as the SAT, ACT or GRE.

Recipients must teach full-time for four years in the high-need subject area they ready for in a low-income school within the first eight years after receiving a teaching license.

Now here’s the catch: If a student fails to do this, all the TEACH Grant money issued reverts to a Direct Unsubsidized Loan, with interest added on from the time the money was first received. That can be a lot of cash, so think carefully about participating and if teaching is really for you.

Have a problem with financial aid or scholarships? go ahead and send JR a tweet @ CollegeCashMan. Thanks for listening to JR’s Two Minute Financial Aid Tips at www.collegemoneyman.com.

The College Money Man Podcast, and JR’s Two Minute Tips are available for subscription for FREE via iTunes, and Stitcher. New episodes of 2-Minute Tips are released everyday Monday thru Friday, and our weekly broadcast is released each Wednesday. Subscribe, like, and comment! Download and get your dose of financial aid help on the go.

What is the Federal Pell Grant?

ATTN: Use this link to see the 2013-2014 School Year Pell Grant Table

Episode 3

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Hi, This is JR the College Money Man, giving you my Daily Scholarship and Financial Aid Tip in about two minutes.

This is episode 3, and today we are covering Pell Grants. The Pell Grant is the one of the most well-known of the Federal Financial Aid Grants. The Pell Grant is a non-loan based aid program administered by the federal government. That means, students don’t have to pay it back when you finish school. The grant has nothing to do with merit, major, or career path. It simply relies on one number to decide a students eligibility.