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When it comes to graduating college, students need to prepare for many things, such as meeting our workforce needs with a changing economy and a high tech world and because of that, financial aid will be as critical as ever.

"Over the last few years, federal financial aid has been cut by more than $30 billion, so we really feel we're at a turning point right now," said Laura Anglin of the Commission on Independent Colleges and Universities.

That's one of the reasons Pell grants are as popular as ever.

"Here in New York next year we anticipate around 550,000 students will receive Pell grants totaling about $2.5 billion, so this is a critical program for New York State and the students that live here,” Anglin said.

For example, one Siena College student says Pell grants help her in many ways. For one, textbooks.

"I get a book check every semester where I don't have to worry about how am I going to buy a hundred dollar book, a two hundred dollar book for five classes a semester that I need," student Laura Rena said.

But what exactly are Pell grants? Well it's money the federal government provides for students to pay for college and being a grant, it's just that. The money doesn't need to be paid back.

“I don't have to worry about another $20,000 of loans I have to pay off in grad school and going into the real world," Rena said.

But this is also considered the foundation of a student's financial aid package. When it comes to raising funds, the buck doesn't stop here. It's pretty much a group effort.

"I do get a lot of help from Pell and the state and Siena, so all combined makes a wonderful financial aid package that helps me immensely," Rena said.

But at the federal level, while Pell grants for now are protected, others could be on the cutting block

"Other programs, such as work study or other federal aid programs, might see some reductions, so we're very concerned about that," Anglin said.

So as tuition costs remain a concern for some, college funding will continue to be a major topic at both the state and national level.