Pell Grants Can Ease The Financial Burden Of College!
Written by Natasha Bright   
Wednesday, 19 May 2010 07:53
Individuals returning to school to complete their university degrees may be pleased to hear that an increased number of college grants will be available to help out with funding. With the price of education inching higher and higher each year, paying for school can cause a great amount of stress for some individuals. However, a new government bill aims to help students obtain college grants, while helping with loan repayments in order to encourage more people to return to school.
by NatashaBright


Individuals returning to school to complete their university degrees may be pleased to hear that an increased number of college grants will be available to help out with funding. With the price of education inching higher and higher each year, paying for school can cause a great amount of stress for some individuals. However, a new government bill aims to help students obtain college grants, while helping with loan repayments in order to encourage more people to return to school.

The Boston Globe recently reported that financial aid opportunities, such as the Pell grant program, will be receiving a welcome amount of funding over the next few years. This is thanks to a recent bill giving the go-ahead to an overhaul of the entire student financial aid system, which was signed recently by President Obama. If you need more information about pell grants, look on the internet.

A Pell grant is federal money awarded to students who need financial aid to afford college. To qualify for a Pell grant, the student's family cannot have an income above sixty thousand dollars a year. The money from a Pell grant is available to cover a maximum of 18 semesters per student. According to BusinessWeek, federal loan programs will also benefit. Under the plan, interest rates on student loans will be lower and students will have more time to pay them off. The bill, which is part of the health care reform bill, is expected to save 68 billion dollars over the next ten years.

The change in the student loan policy may especially benefit older students who took time off before going to college. These non-traditional students may have families to support. If so, getting more time to repay their loan debt may relieve some of their financial pressure.

If a student is the sole bread winner in their family, the government also has programs to help them makes ends meet while they go to college. For example, a single parent could qualify for lower cost housing or food stamps. These programs could help a student avoid taking out a college loan. It's a temporary fix while the student works to improve their job skills.

The Obama administration's new plan makes sure college loan payments do not exceed ten percent of a student's salary. This helps college graduates, who may have families, from being overwhelmed by paying back loans. The President says it's an investment in our country's future to make a college education accessible to every American. There is an abundance of information about online grants on the web.

The additional funding comes in handy as college tuition continues to rise each year. The College Board predicts this year students will pay between 172 dollars and just over one thousand dollars more than last year. The cost varies by school. Federal grants and low interest loans can help offset this cost increase.

About the Author:

Prospective students may want to consider online college as an alternative to on campus learning. The same financial aid is available to online students as traditional college students, including Pell grants for college.