The Better Your Score, the Better the Money! – Financial Aid and the SATs-ACTs
There are several alternatives for people that want to return to college. The College Cost Reduction and Access Act of 2007 paved the way for the creation of what is called the TEACH Grant Program, or the Teacher Education Assistance for College and Higher Education which will give to each recipient up to $4000 per year for students that intend to teach at elementary or secondary schools.
They would rather give more aid to the better student for a couple of reasons. One may be because the probability is higher that a better student will be around for all 4 years (collecting tuition from a family for four years is better than just one or two years if the student doesn’t cut it and leaves). Another reason is the better student’s grades and SAT scores help the college look better – as in more selective – in the “college ranking” game. (Parents, before you go complaining how “unfair” that sounds, if you’re helping your student select colleges based on name recognition, you’re part of the reason the colleges are playing this game).
To see this in action, let’s say we have two students, Sarah and Jamie. Both girls’ families, according to the financial aid formulas expected to pay $5,000. That’s the minimum amount the schools and the federal government are expecting the families to contribute to their students’ college educations. (It’s called the Expected Family Contribution or EFC.) Both girls are applying to the same public university.
Most people think of college has a very difficult and costly choice to make. Students that go into a university right out of high school may not understand how much it really costs because their parents are footing the bill. Some of these students may not finish college, or may not have even gone. They may be raising families now and could be stuck in a position in which their financial situation does not allow them to make a positive collegiate choice.
8 hundredths of a point in GPA and 50 points higher on the SAT resulted in $4000 MORE in merit-based financial aid. BUT, it didn’t end there… both scholarships were guaranteed for four years providing the girls maintained certain GPAs (which were completely realistic).
Both families were delighted to be on track to save money on the college bill. Number One and her family were looking at saving at least $20,000 on her college education. But, Number Two was on track to save at least $36,000.
The other program that is available is through the new stimulus package courtesy of the Obama administration which will allow single moms to earn up to $10,000 in free grant money for their college education. To qualify you must have an economic need and be willing to apply yourself to a two-year program to earn a degree through an online university.
Both of these programs are attainable, but you must apply for each program independently in order to see if you qualify for either grant for college. The choice is yours. Both of these are available today
Resource Author Francisco Rodriguez Higueras
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