An Overview of Getting Grants for College
If you’re considering financial aid to assist in paying for college tuition, don’t rule out a grant. Grants are great because they might not require high academic or athletic achievement like scholarships, and you won’t have to repay them as you would a loan. You might be interested to learn that you’re automatically applied for grants when you fill out your Free Application for Federal Student Aid or FAFSA. If you’re interested in learning which types of grants available, visit your high school guidance counselor or the college’s financial aid office.
What follows is a brief overview of the different types of grants.
Pell Grants are awarded by the federal government and are available based on financial need. Though they’re not necessarily based on academics, you’re required to maintain at least a C average. You’ll also need to have completed high school and have in your possession either a diploma or GED. Pell Grants are only available to US citizens who have a social security number. In addition to filling out the FAFSA, you’re going to have to apply for the Pell Grant every year financial aid is needed. These grants range in amount from $400 to $4,050. Apply for more than one if you’d like.
You might also be eligible to receive the Federal Supplemental Educational Opportunity Grant. This is another need-based grant for which you apply automatically when you fill out your FAFSA. Many factors are considered when awarding this grant such as family, income, how many of your siblings are currently attending college, and your family’s assets. You’ll also be required to disclose the amount of money your parents or guardians will be paying towards your education or Expected Family Contribution (EFC).
State grants are available to those who meet certain other requirements. These grants are based on academics. Students who will be attending state funded colleges are eligible for state grants. It’s important to note that in order to receive this grant, you must be a resident of the state where the college is located. Your chosen school’s financial aid office has plenty of information available regarding state grants. There is also plenty of information regarding state grants online.
If you’ll be attending a private college you might consider a school-based grant. The grants can be need-based, or they might be awarded based on academics. Some are even awarded in the same manner as scholarships.
Finally there are private grants available. These are awarded by community groups, businesses, foundations, private donors or organizations with interests and affiliations similar to your own. Grants can be based on talent, ethnicity, religion, academics or through a lottery system.
For more information on grants or any other type of financial aid, visit your high school guidance counselor. Though you may be automatically eligible when you submit your FAFSA form, you might still want to research the various grant options to see which are right for you. You might even be eligible for more than one, helping to further ease the financial burden. Good luck!
