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Don’t break the bank: Financial resources for college-bound military kids

Don't break the bank: financial resources for college-bound military kidsSpring is the time of year high school seniors anticipate college acceptance letters and parents discuss how to pay the hefty tuition bill. According to the National Center for Education Statistics, for the 2010 – 2011 academic year the annual price for undergraduate tuition, room, and board were estimated as follows:

    • $13,000 at public colleges
  • $36,300 at private not-for-profit colleges
  • $23,5000 at private for-profit colleges

Yikes! That is quite a bit of money for one year of post-secondary education. Thankfully, military kids are eligible for unique funding opportunities:

In-State Tuition: Dependent children of service members on active duty for a period of more than 30 days are eligible to receive in-state tuition at public colleges and universities in the state where the service member is permanently stationed. This does not mean a military kid is eligible to receive in-state tuition rates in all 50 states, but rather the state where the family is stationed. Once the child is enrolled and paying in-state tuition rates, the child remains eligible for the in-state rate even if the service member receives orders and relocates out of state.

Post-9/11 Transferability: Active duty service members with 10 years of service may be eligible to transfer their Post-9/11 GI bill to a child.

Scholarships for Military Kids: Several organizations have scholarship opportunities for military kids. Below is a selection of opportunities. College-bound military kids are encouraged to review specific eligibility requirements and deadlines, especially as some deadlines are quickly approaching:

College-bound military kids are also eligible for the same federal financial aid opportunities as other students including:

Free Application for Federal Student Aid (FAFSA): The FAFSA is the required application from the Department of Education to determine eligibility for any form of federal financial aid.

Federal Grants:

  • Federal Pell Grant: A Federal Pell Grant, unlike a loan, does not have to be repaid. Typically, Pell Grants are awarded only to undergraduate students who have not earned a bachelor’s or a professional degree.
  • Federal Supplemental Educational Opportunity Grant (FSEOG) Program: The FSEOG Program provides need-based grants to help low-income undergraduate students finance the costs of postsecondary education. Priority is given to those who are also Federal Pell Grant recipients.

Federal Loans:

  • Direct Stafford Loans (Subsidized and Unsubsidized): Direct Stafford Loans are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.
  • Direct PLUS Loans: Parents of dependent students may apply for a Direct PLUS Loan to help pay their child’s education expenses as long as certain eligibility requirements are met. Graduate and professional students may apply for PLUS Loans for their own expenses.
  • Federal Perkins Loans: A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need. This is a school-based loan program.

Federal Work-Study (FWS): The FWS allows students to earn money by working at a subsidized job, usually on the college campus.

Be sure to explore these resources to reduce your out-of-pocket costs. What other resources would you share with college-bound military kids?

katiePosted by Katie Savant, Government Relations Information Manager at the National Military Family Association