Understanding The Different Types of College Grants?

Answer 1

A college grant is a sum of money given to a student to cover his or her college expenses. Unlike a student loan, grants do not require repayment. While grants might not be available to everyone, they are more widely available than many students think.

Government Grants for Eligible College Students

Of the college grants available, federal grants benefit the most students. There are four main federal grants that students might qualify for: the Pell Grant, Federal Supplemental Educational Opportunity Grant, Academic Competitiveness Grant, and the National Science and Mathematics Access to Retain Talent Grant (SMART). To qualify for these programs, students must meet certain income and/or academic requirements. Pell Grants and Federal Supplemental Educational Opportunity Grants are available to low income students. To qualify for an Academic Competitiveness or SMART Grant, students must meet certain academic standards and have a financial need for the funds.

Many states, including California, Florida, Massachusetts, New York, Pennsylvania and Wisconsin, also fund their own grant programs. To determine whether your state has its own program, consult the website for the National Association of State Student Grant and Aid Programs.

To apply for government grants, you must complete the Free Application for Federal Student Aid (FAFSA). This form will be used to determine whether you qualify for federal and state aid. Filling out the FAFSA is also the first step in qualifying for federally-funded student loans.

How to Take Advantage of Privately-Funded College Grants

While government grants are the most common, students do have a few other options. Corporations who need employees with specific skills sometimes offer grants to qualified students. Privately funded grants are commonly available to students studying software, manufacturing and engineering. Due to the nursing shortage, future nurses should also be able to find private grants.

Regardless of your income level, academic achievements or future major, it is important to research your possible grant options. For most students, filling out the FAFSA is the best way to begin. Once you determine how much you are eligible to receive through government programs, look for grant opportunities available to students of your ethnicity and chosen degree program.