Financial Aid: Frequently Asked Questions
(FAQ)
(Continued from 2)
Types of Financial Aid
The majority of financial aid comes from the federal
government, in the form of grants, federal work-study,
and subsidized and unsubidized student loans.
Higher Education Stimulus Package for 2009 - 2010
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| Pell Grants |
The maximum Pell Grant for the 2009-2010 academic year is $5,350. It will increase to $5,500 in 2010. |
| Employment Training/Retraining Programs |
Provides $4 billion for adult and dislocated worker job training to assist laid-off workers acquire new employment in similar or new industries or professions. Money is additionally set aside to help fund college career training programs (which includes community college or other vocational training), especially in high-demand industries. Funding is also provided for Trade Adjustment Assistance program benefits for at least 160,000 new workers who who become unemployed in the next two years because of offshoring or increased foreign imports. |
| The American Opportunity Tax Credit |
The $2,500 tax credit for postsecondary education tuition, fees, textbooks, course materials, and other related expenditures. Individuals receive credit for the first $2,000 and 25 cents on the dollar for the next $2,000. Single filers with an Adjusted Gross Income (AGI) of up to $80,000 and joint filers with an AGI of up to $160,000 are eligible for the full tax credit. Single filers with an AGI from $80,000 to $90,000 and joint filers with an AGI from $160,000 to $180,000 may receive partial credit. The credit is tax-refundable for those who do not owe taxes or are low income, who are eligible to to claim up to 40 percent of the credit as a refund. . |
- Pell Grants are a form of federal funding that do not need to be repaid,
and are awarded to undergraduate students based on need. The Pell Grant program was formed to help
the
neediest of undergraduates to earn their first
baccalaureate or professional degree. For the 2009-2010 school year, the maximum Pell Grant is $5,350, and for the year 2010-2011, it rises to $5,550.
- Federal Supplemental Educational Opportunity
Grants (FSEOG) are funding that do not need to be repaid, and
are awarded to undergraduate students with exceptional
financial need. The Federal Supplemental Education Opportunity Grant or FSEOG is given to students with the greatest need or lowest Expected Family Contribution (EFC). The Expected Family Contribution or EFC is calculated by a by calculating the student’s income and assets, whether they are of independent or dependent status, the number of individuals attending college in the family, and other methodologies. The FSEOG award ranged in 2009 from $100 to $4,000.
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