The term "first-dollar program" means that College Promise funds are provided to students first, or before any other grant or awarded funding. By contrast, the term "last-dollar program" means that students would draw upon any available public funding before being awarded College Promise funds.
First dollar coverage doesn't require a copay, so the first time you step into the doctor's office, file a claim for a home repair, or take your car to the shop after an accident, the costs are covered. You typically receive coverage up to the full amount of your first dollar coverage policy.
First dollar covers a wider range of expenses, such as books, transportation, and more. However, last dollar funding typically only covers tuition or the school's direct costs.
The Pell Grant can theoretically be used to pay for any expense. However, using these funds on expenses that aren't considered “qualified education expenses” may make the money subject to taxation.
Last-dollar scholarships, as their name implies, are intended to be paid after all other financial aid resources have been awarded; the calculation of the last-dollar amount is based on the gap between what aid has been awarded and what aid is still needed to help a student meet the cost of attendance.
Grants are distributed similarly to scholarships
Generally, college grants are free money from the government that are awarded to you based on financial need. Grants are paid directly to your account at your school; any leftover money is then given to you directly for other expenses.
The term "first-dollar program" means that College Promise funds are provided to students first, or before any other grant or awarded funding. By contrast, the term "last-dollar program" means that students would draw upon any available public funding before being awarded College Promise funds.
Is a fee involved? Grant applications are usually free as they are sourced at the federal or state/county level with public funds. If you are asked to submit a fee to apply for the grant or learn more about it, there's a good chance it is a scam. Asking for an application fee is the number one way scammers make money.
Cars: Using your student aid for transportation can include gas and maintenance for a pre-owned car, but you cannot use your aid to buy a car during your time in college. If you buy the car using some other means, you can use the aid for gas and repairs, however.
Can You Pay Yourself With Grant Money? This really depends on the grantor's terms for the use of the grant, but it is possible if those terms allow it.
That means that the insured doesn't pay anything out of pocket, and the insurance company covers the whole expense related to the loss—there is no financial pressure placed on the insured. You can typically secure first dollar coverage policies for car, health, and homeowner's insurance.
Be a U.S. citizen, U.S. national, or eligible noncitizen. Have a valid Social Security Number. Have a high school diploma or General Education Development (GED) certificate OR demonstrate “ability to benefit” by passing an approved test. Meet satisfactory academic progress. Be enrolled in an eligible post-secondary ...
Scholarships and grants are the best option as they don't need to be repaid. However, it's unlikely that you'll cover the entire cost of college with just scholarships and grants. If offered work-study, it's a great idea to accept that second. This money is earned, meaning that you don't need to repay it over time.
First-dollar gross is a practice in filmmaking in which a participant receives a percentage of the gross box-office revenue, starting from a film's first day of release. The participant begins sharing in the revenue from the first ticket sale, not waiting until the film studio turns a profit.
Last-dollar scholarships are used by providers to cover the remaining tuition and fees for students after other forms of financial aid have been exhausted.
Copayment – A fixed amount (for example, $15) you pay for a covered health care service, usually when you receive the service (sometimes called “copay”).
Any money left over is paid to you for other expenses. If the loan is disbursed, but you realize that you don't need the money after all, you may cancel your loan within 120 days of the disbursement, and no interest or fees will be charged. Was this page helpful?
Grants are not "free money."
Farm groups often believe that grant money can be used for any purpose they want. In other words, it is like receiving "free" money. However, grant money can only be used for the purpose outlined in the RFP (request for proposals) by the granting organization.
The student should keep no cash or cash equivalents saved in their name. Students are punished by the FAFSA for saving any cash. The FAFSA will specifically ask “As of today what is the cash balance of checking, savings…” accounts for the student.
The government does not offer "free money" for individuals. Federal grants are typically only for states and organizations. But you may be able to get a federal loan for education, a small business, and more. If you need help with food, health care, or utilities, visit USA.gov's benefits page.
The most popular type of grant is for Program support. Program grants provide funding for specific projects or programs. Generally, these are restricted grants, where recipients must only use funds for the exact purpose outlined in the grant proposal.
First dollar coverage is a type of insurance policy with no deductible where the insurer assumes payment once an insurable event occurs. While there is no deductible, the amount the insurer will pay out is often lower than on similar plans that have a deductible, or premiums for the first dollar plan will be higher.
A last dollar scholarship is awarded to a student whose official Expected Family Contribution (EFC), located on your Student Aid Report, and financial aid packages totals are less than the cost of tuition and fees.
First dollar coverage is insurance coverage that provides for the payment of all losses up to the specified limit without the application of deductibles.