The Federal Supplemental Educational Opportunity Grant
The Federal Supplemental Educational Opportunity Grant (FSEOG) is another type of grant that a student can receive. Like the Federal Pell Grant this is money that you receive that you do not have to pay back! YAY!!!!
The FSEOG program is managed by the financial aid office at the schools that participate in the program. Not all schools however participate in the program.
How to apply for the Federal Supplemental Educational Opportunity Grant?
The FSEOG Grants are going to be determined by you guess it, the FAFSA. Once the FAFSA application is completed it will let your college determine how much financial need you qualify for. The intent of the FSEOG grant is to assist low-income undergraduate students who need a great deal of financial aid in order to pay for college.
How much money can you get?
A student can potentially receive anywhere between $100-$4,000 a year depending on NEED. So important to know that a school receives a certain amount of FSEOG funds each year from the US Department of Education’s office of Federal Student Aid. Once the full amount of the funds have been awarded then no more FESOG awards can be made for that year. This works differently than the Pell Grant which assists every eligible student.
How do you get paid?
This is easy as the school will credit your student account. Almost sounds too good to be true but it does work like that. The school must disburse the funds at least once per term. Please note that a term to one school may have a different definition than another school.
How does this get maintained?
The eligibility is determined by the FAFSA and its completion. Make sure you complete the FAFSA early each new aid year so you know what to expect.
A Cautionary Tale
With all the information being thrown at you, if you don’t remember everything please make sure you remember the following. If there was ever an overpayment of a grant, then it will have to be repaid.
Story Time in Tuition Land
I remember clearly one student once received an overpayment from a grant. They were happy as happy can be because their financial situation for that term was looking amazing. This is why I encourage everyone to please be on top of your financial plan because they had to repay this overpayment within 45 days. Not only was this a total bummer but the student was unable to make the payment. What happened next? If you cannot fulfill one of the repayment options, then you can even LOSE your eligibility for further federal student aid.
So the truth about the FESEOG Grant – Does it help? Yes! Is it the answer to the financial strain of college? Nope!
This is something that needs to be in the arsenal of what I like the call “The Ice Pick” Method. We want to try and break the tuition in small little pieces using multiple streams of money. Everyone wants to win the big jackpot the lottery, the full ride. More often than not that’s not the case. I feel obligated to everyone to bring that truth to you.
Tuition Drop Podcast
You can listen to our episode of the Tuition Drop Podcast on the Federal Supplemental Educational Opportunity Grant below!