The cost of college is not going down and consequently, the need for financial assistance for the average American has never been more important. With so many changes in higher education, especially in the financial assistance sector, you need to know what lays ahead.
Back to History: The Federal Pell Grant program has been around since 1972, and has provided a significant opportunity to blue color families in obtaining a college degree, who otherwise might not have been able to at all.
The 2018 budget proposal was recently released and it reveals that the Federal Pell Grant program will be facing cuts close to $3.9 billion. This is a significant cut however, have no fear, the Federal Pell Grant program is not going away and is here to stay! The sooner you apply, the better your chances are to qualify.
Another possible change mentioned in the 2018 budget proposal is the elimination of the Federal Supplemental Educational Opportunity Grant (FSEOG) program. FSEOGs are awarded to students who have significant financial needs. These funds are anywhere between $100 to $4,000 a year, depending on financial need and availability of funds. Cuts like this often challenge those with a dream of going to college. However, this has not been approved by Congress as yet – time is on your side.
Regardless of the ups and downs in the higher education financial sector, you have a choice. The choice is to act now or, wait for an outcome that is unpredictable. The only thing we know for sure is that you can still apply early for your FAFSA, grants and scholarships, before any proposals in the 2018 budget are finalized. The future is yours to define.