Understanding Financial Aid Through Need-Based Grants

Understanding Financial Assistance in the Form of Need-Based Grants

Studying at world-renowned educational institutions often comes with hefty tuition fees, deterring many international students from pursuing their academic dreams abroad. Fortunately, there are limited scholarship and free grant opportunities to offset these costs.

For young adults concerned about managing college expenses, the burden can seem overwhelming, especially with rising tuition and living costs. While student loans are one option, grants and scholarships can significantly reduce financial strain, covering approximately 34% of college expenses according to 2015-2016 data.

Need-based grants are tailored to assist students from low-income families, often provided by educational institutions or private organizations. Applicants must submit the Free Application for Federal Student Aid (FAFSA), which assesses financial need based on income and assets. The information determines the Expected Family Contribution (EFC) and the eligibility for aid, which is then compared to the college's cost of attendance.

Among the most widely recognized need-based aid programs are Pell Grants, awarded according to FAFSA results. These grants are funded federally and managed by the U.S. Department of Education. In 2017-18, the maximum Pell Grant was $5,920, awarded mainly to students with family incomes below $25,000, though some students from higher-income families may qualify. Another important program is the Federal Supplemental Educational Opportunity Grant (FSEOG), which supports undergraduates with critical financial need, providing awards ranging from $100 to $4,000 annually, with participating colleges contributing a portion of the funding. These grants make higher education more accessible, enabling students to earn degrees regardless of financial background.