DEFINITION of Federal Supplemental Educational Opportunity Grant - FSEOG
Federal Supplemental Educational Opportunity Grants (FSEOG) provide funds to undergraduate students who demonstrate exceptional financial need, and who have not yet earned a bachelor or professional degree. The Federal Supplemental Educational Opportunity Grant is similar to the Federal Pell Grant Program, in that funds awarded do not need to be repaid. Grant amounts are issued between for $100-4,000 per year for eligible students, based on financial need, funding at the student's school, and the school's financial aid policies.
BREAKING DOWN Federal Supplemental Educational Opportunity Grant - FSEOG
The FSEOG funds are dispersed by the student's school, and can be credited to the student's school account or paid directly to the student in the form of a check. The school must release funds at least once per term (semester, trimester or quarter); or at least twice per school year where semester, trimester or quarterly terms are not defined.
Priority is given to students with the lowest expected family contributions (EFCs) at the institution, and those students who are also recipients of the Federal Pell Grant Program. The amounts given in a Pell Grant change annually, according to the U.S. Department of Education. For the 2018-19 award year, which runs July 1, 2018 until June 30, 2019, the amount is set at $6,095.
Tuition and room and board at U.S. colleges and universities come with a high price tag. Pell and FSEOG grants are typically part of a larger package of financial aid, which may include work-study programs, and federal and private loans.
According to U.S. News and World Report, the average cost of fees and tuition (not counting room and board) for 2017-2018 was $9,528 for state residents at public universities and $21,632 for out-of-state students. The average for one year at a private college was $34,699 for one year. These prices are almost guaranteed to rise for the 2018-2019 school year.
Pell and FSEOG grants provide much-needed funds to families who cannot afford the hefty price tag of post-secondary education.