Maximize The FSEOG

How to maximize your FSEOG award.

Since the FSEOG is one of the 2 most sought after kinds of college financial aid, people are always asking how to make the most of the award and how to maximize the money you are getting with the award.

Since the FSEOG is need based, only students with the lowest EFC will be eligible for this award. To be eligible for the FSEOG, you must also be eligible for the Pell Grant and have an EFC lower than 4995. When you complete your FAFSA, you will be given your EFC number and if that number is under 4995 for the 2012-2013 school year, you will be eligible for the FSEOG.

The FSEOG is a very limited grant and for schools to get the same amount of money the next school year, they must award all funds given to them. Most schools try to give out all the FSEOG funds as fast as possible to ensure they get at least the same amount the next year, so make sure you get your FAFSA in as soon as you can after January 1st of the school year you wish to attend.

The lower your EFC is, the more FSEOG you will get and to make sure your EFC is low and your FSEOG is maximized, you can do a few things before you fill out your FAFSA.

There are questions on the FAFSA that ask about your investments and money on hand. If these funds are in certain places, it will not count against you when figuring out what aid you are eligible for. One of the main questions is about where your investments are. If your investments are in a regular stock or investment account, it must be included on the FAFSA and it will count against you. If your investments are in a retirement account, then those funds are not counted on the financial aid application and it will give you more aid options to work with. A retirement account is defined as an account that if a person withdraws monies from that account, there will be an IRS penalty.

The FAFSA also asks about cash and money in bank accounts and this always counts against you. If you are going to make purchases that will take money out of those accounts, do it before you file your FAFSA as the question is specific about how much do you have in the bank ON THE DAY that you file the form. It is not advised to take all the money out of your accounts the day before filling out your application and then putting it back in the next day as the school can ask for bank statements when you are eligible for the FSEOG.

Another way to maximize your FSEOG award is to have more than one person that resides in your house in college. Each additional person in your household that is attending college cuts your EFC by 50%. If there is a family with 5 members and only one in college, the EFC will be much higher than if there were 3 household members in college. There is a very strict definition of who counts as a household member so make sure you read up on it.

Maximizing your FSEOG with these easy steps can get you more money for college without having to pay it back since the FSEOG is a grant.

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