Two Grants For Moms? Financial Aid For College
It’s that time of year, students are furiously studying for the SATs and/or the ACTs (if you’re not, you should be!). Not only are these scores important in getting noticed in the admissions office and getting in at the colleges, they become even more critical when it comes to deciding how much money you get in the financial aid office.
Although grades and classes carry the most weight in the admissions office, standardized test scores, in the form of either the SAT or the ACT, are also important. However, once you’re admitted and the financial aid office is determining your financial aid package, your SAT or ACT score takes on a much greater significance.
This grant is geared to help low-income families get a college education in just a few years. Another excellent grant that is now available is through the Obama administration which allows mothers to go to school and receive several thousand more dollars to earn their college degree. Here are a few ways that you can qualify for either of these two programs.
I’ve seen this play out with my clients again and again. However, the best example of better standardized test scores getting better money occurred a couple of years ago when I worked with two young ladies who attended the same private prep school. (They were best friends, planning on applying to and attending the same colleges — these two were like sisters and absolutely delightful!)
At any rate, young lady number one had a 3.5 GPA and an 1150 Reading/Math score on the SAT.
Young lady number two had a 3.58 GPA and a 1200 Reading/Math score on the SAT.
When the financial aid awards arrived from the colleges, the results were telling:
Young lady number one was awarded a $5000 merit scholarship.
Young lady number two was awarded a $9000 merit scholarship from the same school.
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.
But, let me tell you, they quickly forgot their annoyance when they saw their return on investment. 1-2 hours per week + $600 = higher score ( a 200 point improvement over her personal best score and 50 points better than her friend!) = $36,000 staying in their pocket. That’s money that could be used for another child’s college education, saved for retirement, pay for a wedding…basically anything the family wishes because it’s money that stays in their pockets instead of the school’s!
The better the student, the better the money to help you pay the bill. Period
Resource Author Francisco R. Higueras
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