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Top 10 Tips for Financial Aid



Tip 1:
Prioritize your efforts, starting with the federal government. Then turn to the private sector for additional assistance. Visit http://financialaidstop.blogspot.com/ to learn about all your funding opportunities.
Tip 2:
Learn all you can about the college financial aid process. Be sure to meet your aid administrator and establish a relationship.


Tip 3:
Submit the Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov, even if you don’t think you qualify for aid. Being rejected for federal aid is sometimes a prerequisite for private awards. Submit the FAFSA even if you didn’t qualify last year, as criteria change every year.
Tip 4:
Apply for aid as soon as possible after January 1. Do not wait until you’ve filed your taxes or been admitted. The early bird always gets the worm — and sometimes the scholarship!
Tip 5:
Inform financial aid administrators about atypical expenses or unusual financial circumstances. Certain adjustments may be made to assist you.
Tip 6:
Take advantage of tuition prepayment discounts. Some colleges offer up to a 10% discount for early payment.
Tip 7:
Money from grandparents should be paid in your name directly to the school. This avoids gift tax liability. But sometimes it is better for grandma and grandpa to wait until after you graduate to help you pay off your student loans, since money paid directly to the college may reduce your need-based aid eligibility. See Why Your Grandparents Could be Your Meal Ticket to College for other advice for grandparents.
Tip 8:
Investigate company-sponsored tuition plans. Many employers will invest in the education of their employees.
Tip 9:
Apply! You can’t win awards or receive funds for which you do not apply, so pay attention to deadlines.
Tip 10:
Use free scholarship matching services like FastWeb at www.fastweb.com to help you find the private sector assistance you need!

Teach Grant Program

Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. If, after reading all of the information on this fact sheet, you are interested in learning more about the TEACH Grant Program, you should contact the financial aid office at the college where you will be enrolled.




Conditions

In exchange for receiving a TEACH Grant, you must agree to serve as a
full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students (see below for more information on high-need fields and schools serving low-income students). As a recipient of a TEACH Grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH Grant. IMPORTANT: If you fail to complete this service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s) was disbursed. Note: TEACH Grant recipients will be given a 6-month grace period prior to entering repayment if a TEACH Grant is converted to a Direct Unsubsidized Loan.

Student Eligibility Requirements

To receive a TEACH Grant you must meet the following criteria:
  • Complete the Free Application for Federal Student Aid (FAFSASM), although you do not have to demonstrate financial need.
  • Be a U.S. citizen or eligible non-citizen.
  • Be enrolled as an undergraduate, post-baccalaureate, or graduate student in a postsecondary educational institution that has chosen to participate in the TEACH Grant Program.
  • Be enrolled in course work that is necessary to begin a career in teaching or plan to complete such course work. Such course work may include subject area courses (e.g., math courses for a student who intends to be a math teacher).
  • Meet certain academic achievement requirements (generally, scoring above the 75th percentile on a college admissions test or maintaining a cumulative GPA of at least 3.25).
  • Sign a TEACH Grant Agreement to Serve (see below for more information on the TEACH Grant Agreement to Serve).

High-Need Field

High-need fields are the specific areas identified below ?
  • Bilingual Education and English Language Acquisition.
  • Foreign Language.
  • Mathematics.
  • Reading Specialist.
  • Science.
  • Special Education.
  • Other identified teacher shortage areas as of the time you begin teaching in that field. These are teacher subject shortage areas (not geographic areas) that are listed in the Department of Educations Annual Teacher Shortage Area Nationwide Listing. To access the listing, please go to http://www.ed.gov/about/offices/list/ope/pol/tsa.doc.

Schools Serving Low-Income Students

Schools serving low-income students include any elementary or secondary school that is listed in the Department of Educations Annual Directory of Designated Low-Income Schools for Teacher Cancellation Benefits.

TEACH Grant Agreement to Serve

Each year you receive a TEACH Grant, you must sign a TEACH Grant Agreement to Serve that is available electronically on the TEACH Grant Agreement to Serve Web site. The TEACH Grant Agreement to Serve specifies the conditions under which the grant will be awarded, the teaching service requirements, and includes an acknowledgment by you that you understand that if you do not meet the teaching service requirements you must repay the grant as a Federal Direct Unsubsidized Loan, with interest accrued from the date the grant funds were disbursed. Specifically, the TEACH Grant Agreement to Serve will require the following:
  • For each TEACH Grant-eligible program for which you received TEACH Grant funds, you must serve as a full-time teacher for a total of at least four academic years within eight calendar years after you completed or withdrew from the academic program for which you received the TEACH Grant.
  • You must perform the teaching service as a highly-qualified teacher at a low-income school. The term highly-qualified teacher is defined in section 9101(23) of the Elementary and Secondary Education Act of 1965 or in section 602(10) of the Individuals With Disabilities Education Act.
  • Your teaching service must be in a high-need field.
  • You must comply with any other requirements that the Department of Education determines to be necessary.
  • If you do not complete the required teaching service obligation, TEACH Grant funds you received will be converted to a Federal Direct Unsubsidized Stafford Loan that you must repay, with interest charged from the date of each TEACH Grant disbursement.

IMPORTANT REMINDER

If you receive a TEACH Grant but do not complete the required teaching service, as explained above, you will be required to repay the grants as a Federal Direct Unsubsidized Stafford Loan, with interest charged from the date of each TEACH Grant disbursement.

Next Steps

If you are interested in learning more about the TEACH Grant Program, you should contact the financial aid office at the college where you will be enrolled to find out if they will participate in the TEACH Grant Program. For a listing of the TEACH Grant eligible institutions, click here.

Disclaimer

This page provides a preliminary summary of the TEACH Grant Program based on the College Cost Reduction and Access Act of 2007. The information on this page is subject to change and is not binding on the Department of Education.