state aid

Introduction to state aid

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If you choose to study at a college in your own state, then there is some state aid that can help you cover up your education expenses. The state aid comes in the form of need-based and merit-based grants and loans. All the 50 states have set some kind of need-based financial aid program for their residents, and nearly 25 states have merit-based awards as well.

To qualify for the state aid, one must study in any private or public college in his legal state of residence. Some states have ties among themselves, which allows you to carry the aid from your state to another state. For example, if one qualifies for Pennsylvania State Aid, then they are allowed to use that aid at any approved school in any other state, except for the Maryland, New Jersey, and New York.

Even if one has not qualified for the federal aid, he/she can still qualify for the state aid. The good thing about the state aid is that, in most cases, it does not assess the asset, rather, it goes only for your taxable Income (AGI minus DEDUCTIONS) to determine your aid eligibility. In many states, it is possible for you to own a mansion, a business, and sizeable investments, and still qualify for a good amount of state aid.

The state aid has been one of the most neglected or overlooked program, because most of the average-earning parents believe that they won’t qualify for any of them. This is absolutely a myth. We cannot go into detail about each state in particular, but as you move ahead, you will get to know about how you can avail some general kind of state aid.

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