Are you a new or returning student looking for ways to pay for college?
There are three main financial options: grants, scholarships, and loans, and here, we are going to talk about grants.
Grants are basically free – though you may have to meet certain criteria to receive them. For the most part, grants for college are need-based. And unlike student loans, when you receive a grant, you don’t have to pay anything back.
So, yay grants!
The Three Different Types of Grants:
Federal Grants
These grants are guaranteed by the government. They are usually for undergraduates, and most recipients are students who show financial need after filling out the FAFSA.
Some type of grants have academic requirements. The most popular grant among federal grants is the Pell Grant, which is based on household income. The Pell Grant is only for undergraduates who do not have a professional degree.
The maximum amount for the award changes yearly. The government funds and determines the amount of money that is available to colleges.
Other federal grants include the Federal Supplemental Educational Opportunity Grant (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grant, and Iraq and Afghanistan Service Grant.
State Grants
State-sponsored grants are awarded directly by colleges and through programs. These grants are also need-based but sometimes they look at other characteristics such as ethnicity, gender, and area of study.
College-Based Grants
These grants are for enrolled students who need financial support.
Although colleges offer grants, it’s important to still apply for federal grants as well because college grants are just another source of funding to make tuition more affordable.
There are college-based grants that are specifically need-based while others have different criteria.
Don’t Forget About Scholarships!
While you’re learning about grants, it’s important to learn about scholarships, too! Similar to grants, scholarships provide “free” money towards college that do not have to be repaid. Colleges can provide scholarships based on academics and athletics.
However, it is also smart to research and apply for a variety of different types of scholarships.
Need Help Applying for Grants?
What’s the first step for being considered for any type of grant? If you answered, “filing the FAFSA” then congratulations! You’re correct.
And get in the habit of doing it, because you’ll need to complete your FAFSA each year that you are in college to stay eligible for aid.
But fear not, for the Financial Aid King is here to help you whenever you need!
Continue reading our other blogs on grants, loans, and scholarships for more information.
