Two misconceptions are at the heart of the idea that middle class families will not be able to receive any type of financial aid. First, families are unaware of the wide range of grants and scholarships that are available for students that are not needs-based. Although some of the amounts are small, any amount can be useful to reducing the overall cost of tuition for a family or student. Second, no one has clearly defined what is meant by "middle class." According to FactCheck.org, people earning as little as $35,000 a year and as much as $100,000 a year classify themselves as middle class. Do not assume that because you feel your family is middle class that you would not qualify for needs-based financial aid. Many factors other than income figure into the final decision, too, so applying is always a good idea.
When most people discuss financial aid, they are thinking about Federal programs which were designed to help students pay for college tuition. Today, the federal government offers different types of aid. Grants, such as the Pell Grant, do not have to be repaid. Another option is work study which allows students to work on campus and earn money to help cover their living expenses. The government subsidizes their wages. Another form of financial aid are Stafford and PLUS loans, which have low-interest rates. The former are for students; the latter are for parents. Students' credit history and family earnings do not prevent them from qualifying for a Stafford loan. Additionally, most states offer grants to students attending in-state universities. You can also find numerous scholarships available, as well.
For families who do earn too much to qualify for the Federal Pell grant but who have college students interested in pursuing a teaching career, the TEACH grant program could be one way to provide him or her with financial assistance. These grants are not need-based. Instead, students receive up to $4,000 per year towards tuition on the condition they agree to teach at a low-income school in a high-need field (science, math, reading, foreign languages) for four years.
Besides the TEACH grant program, many other programs beyond the Federal government are available that will help students from all income brackets to obtain a college education. Scholarships, for example, are another possibility. They are often ignored because parents believe only top students and athletes are eligible. However, some colleges offer financial assistance to students based on merit even if they are valedictorians. Taking AP, IB, or college credit courses in high school can sometimes equal thousands of dollars in aid toward tuition even for students with no financial need for assistance. Community service and involvement in the arts and sciences can also help students earn scholarships for college.
Do not assume your son or daughter is ineligible for financial aid without submitting the Free Application for Federal Student Aid (FAFSA) first. The form can be filled out on the Internet in about 30 minutes or less. The form will identify what types of financial assistance your student could receive through the federal government, the state, and the university. Also you should work closely with your student's high school counselor to identify any and all possible scholarship opportunities available.