The system of students receiving financial support in the United States is a practice that dates back to 1643 and Harvard college, while as of 1944’s G.I Bill of rights military veterans were eligible to receive support and financial aid from federal funds for tuition and living costs.
As time passed and education steadily gained prominence so did the need for it to be accessible to everyone – the year 1965 saw the establishment of the Higher Education Act of 1965 which made provisions for federal funds for the purpose of education to be provided to working and middle income families.
As of the year 2011, the Federal Supplemental Educational Opportunity Grant (FSEOG) is one of the largest sources of financial assistance to low-income students in the United States. In the year 2009-2010, more than 1 billion dollars were given as a part of the grant system to eligible students across America.
Its primary purpose is for it to cover additional academic related expenses for those people who cannot afford it but are dedicated to higher education.
Understanding FSEOG
Unlike the Federal Pell Grant Program, which provides funds to every eligible student, the FSEOG provide a certain amount of funds for each participating school to administer each year. Students can be awarded up to $4000 a year based on their needs and requirements.
There are a number of institutions that participate in the FSEOG programme and each year they have to send in their report to partake. The government then reviews the institution, makes use of a statutory formula and allocates funds to the institute based on its prior funding and average need of the eligible students of the previous year.
If you have submitted the FAFSA form, you need not complete additional applications or file additional paperwork. Your application will automatically be evaluated for the FSEOG award.
Eligibility Requirements
While it seems like the FSEOG is the perfect place to turn to when you need financial assistance for academic purposes, it’s not simply easy money.
When making FSEOG awards, the institution must give priority to those students with “exceptional need” (those with the lowest Expected Family Contribution, or EFC, at the institution). Those receiving the Pell Grant with the lowest EFC are given higher priority.1
The University or college’s financial aid office is responsible for deciding who qualifies for the aid under this grant and the amount you receive depends on their available budget. The most essential part of this is that you come from a financial background that merits the need for this financial aid.
This grant is a perfect example of the U.S. Government’s honest efforts to provide needy students with all around aid and is one of their successful schemes to date.
References- Source: www.ed.gov [↩]