Cost
Effective College will help you find a grant that matches
your financial need. The best way to avoid the "student
loan trap" is to receive a grant from the college
you plan to attend or from the government or state where
you reside. The offices administering state grants are
listed in Appendix 6.
The biggest, and often the most changeable college grant
is the need based Federal Pell Grant. These grant awards
are determined by a student's EFC and are only available
to undergraduate students or those enrolled in post
baccalaureate courses required for teacher certification.
Students faced with severe financial difficulties may
receive additional grants. (See Chapter 3 for details.)
Those
eligible for the Pell may also qualify for a loan that
can become a grant. There is also a new teacher service-forgiveness
plan that allows the cancellation of up to $5,000 of
a student's expensive Stafford Loan. (For details, see
Chapter 6 and the CD-ROM.) To determine if your teaching
assignment falls within a teachershortage area, log onto Teachers for a complete listing.
Finally, one of the most lucrative programs available
today is the Federal Work-Study Program. While
not classified as a grant, the program allows a qualified
student to earn hundreds of dollars each month while
working on campus. The program is administered through
the school's financial aid department, and the money
earned is neither taxed nor counted as income when the
student reapplies for financial aid. (See Chapter 3.)
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