A college grant is a type of financial aid that helps students pay for their education. Grants are typically based on need, meaning that they are awarded depending on the student’s financial situation. With so many factors to consider, you need an ultimate guide to college grants.
Unlike loans, college grants don’t have to be paid back. They are often awarded by the federal government, state governments, colleges and universities, and private organizations. Grants may be used to pay for tuition, fees, and other education-related expenses.
Keep reading this ultimate guide to college grants so that you receive all the money you need to pay for your degree!
What qualifies you for a grant?
Each of these types of grants are based off of different criteria. Do you know what qualifies you for a college grant?
Need-based grants: These grants are awarded to students who demonstrate financial need. They are typically based on the student’s expected family contribution (EFC), as determined by the Free Application for Federal Student Aid (FAFSA).
Merit-based grants: These grants are awarded to students who have excelled academically or have demonstrated exceptional talent in a specific area. Merit-based grants are typically awarded on the basis of the student’s grades, test scores, extracurricular activities, or other achievements, rather than on the basis of financial need.
Career-specific grants: These grants are designed to support students who are pursuing specific careers or fields of study. These grants may be awarded based on academic merit or financial need, or even a combination of the two.
Federal Grants
These are grants awarded by the federal government to help students pay for their education. The most well-known federal grant is the Pell Grant, which is awarded to undergraduate students who demonstrate financial need.
Other federal grants include the Federal Supplemental Educational Opportunity Grant (FSEOG) and the Teacher Education Assistance for College and Higher Education (TEACH) Grant.
State Grants
Many states also offer grants to help students pay for college. These grants may be need-based or merit-based, and the eligibility requirements and award amounts can vary from state to state.
State grants help cover the cost of tuition, fees, and other education-related expenses. They are also useful to fund research projects, internships, or other educational opportunities.
University Grants
Many colleges and universities offer grants to their students to help pay for their education. Some majors have exclusive scholarships for their program to attract incoming students.
Private Grants
Private organizations, such as foundations, corporations, and non-profits, also offer grants to students to help pay for their education.
These grants may be need-based or merit-based, and they may be offered to students in a specific field of study or with a particular background or experience.
Military Grants
There are also grants available to military personnel and their families to help pay for their education. These grants may be offered by the federal government or by private organizations.
Military grants are specifically designed for military personnel, veterans, and their families. Some of these programs may have eligibility requirements that specify that you must be a veteran in order to qualify.
How do you apply?
All of these grants sound nice, but what do you have to do in order to get them? There are a few different avenues you can take to start applying for your college grants.
FAFSA Applications
When you apply for FAFSA, you are applying for federal financial aid, which can include grants, loans, and work-study programs.
The Free Application for Federal Student Aid (FAFSA) is a form that students can fill out to apply for financial aid for college or career school. To apply for FAFSA, follow these steps:
Step 1: Gather the necessary documents.
You will need to have your Social Security number, driver’s license (if you have one), tax records, and bank and investment statements on hand.
Step 2: Create an FSA ID.
You will need an FSA ID, which is a username and password, to sign the FAFSA form electronically. You can create an FSA ID on the Federal Student Aid website.
Step 3: Fill out the FAFSA form.
Go to the Federal Student Aid website and click on the “Start Here” button to begin the application process. Follow the prompts to complete the form.
Step 4: Submit the FAFSA form.
Once you complete the form, review it carefully and then submit it.
Step 5: Wait for a response.
After you submit the FAFSA form, the Department of Education will review your application and determine your eligibility for financial aid. You will receive a notification of your award amount, which may include grants, loans, and work-study programs.
This information determines your eligibility for financial aid and calculates your expected family contribution (EFC). Your EFC is the amount of money that your family pays towards your education.
Your EFC determines the types and amounts of financial aid that you may be eligible to receive. For example, if you have a low EFC, you may be eligible for more grants, which do not need to be repaid, while if you have a higher EFC, you may be more likely to receive loans, which do need to be repaid with interest.
It’s important to note that the FAFSA form must be completed every year that you are enrolled in school in order to continue receiving financial aid.
Contact Your University
There’s another way to apply for financial aid. Check with the financial aid office at the colleges or universities you are interested in attending. They may have information about grants and other financial aid opportunities that are available specifically to their students.
Some grants that they offer may require an essay application, while others will require an in-person interview. In any case, contacting the financial aid office is crucial to discover the opportunities you need.
Use this ultimate guide to college grants to your advantage! Find the financial support you need to pay for school without getting into loads of debt.
