Students who are thinking of attending college in an area that will require them to live away from home shouldn't forget to add the cost of housing to their college budget. Dormitory living is expensive, $13,000 per year being an average cost, but that usually includes meals. Off-campus housing can be even more expensive, especially around the more popular colleges located in small towns. Most students will pool their money to rent a multibedroom home or apartment in order to get the most housing for their money. For these reasons, housing grants can benefit students in large ways.
Features
A housing grant is not a loan, it is money given specifically to a student to pay for their housing while in college. Some housing grants are for room and board, which provides an extra sum of money to pay for food and other essentials, while others pay only for housing. Should you receive a grant, make sure you know what type it is, in order to fulfill any requirements.
Early Planning
You should start planning your financial aid needs as early as your junior year in high school. If you have your college picked out already, start by contacting their student aid department and finding out their eligibility requirements for housing grants. Don't forget to enlist the help of your school counselor.
First Step
Housing grants for students are offered by many colleges. Some offer only on-site housing while others offer financial aid for both off-campus housing and campus dormitories. The dollar amounts of grants are tied to your family's EFC score (Expected Family Contribution), so you should start by using one of the online EFC calculators to estimate your share as well as the amount of financial aid you might be eligible to receive.
Scholarships
Many scholarships, merit and need-based, include grants for housing as part of the entire package along with tuition, books transportation expenses, personal expenses and room and board. A formula called COA (Cost of Attendance) is used to budget all of the above costs to arrive at a final dollar amount. Most universities offer these scholarships in limited numbers each school year and they differ among the various universities, so check with all of the colleges you are considering.
HUD
The Housing and Urban Development can help certain individuals who meet their eligibility requirements with housing grants, but there is usually a backlog of people needing assistance so it is imperative that you apply early. If your parents claim you as a dependent for tax purposes, you will not meet the HUD's eligibility requirements.
Eligibility
To receive a federal housing grant, you must be either a US citizen or an eligible noncitizen, be enrolled in a degree or certificate program, not be in default on a federal loan nor owe a refund for a federal grant.
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