College Grants

To afford college, prospective students must do their homework to find grants for college. College grants are financial assistance that is not paid back. However, student loans are sums of money that must be paid back with a low interest rate added. The majority of college and university students have some combination of student assistance. Assistance can be in the form of grants for college and loans.

There are a handful of grants available for college. Virtually all college grants are based on financial need, therefore, a student must give evidence of being low-income. If the student is dependent on parents, then they must prove the family has limited income. Federal college grants include:

Pell Grants
Federal Supplemental Educational Opportunity Grant (FSEOG)
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Academic Competitiveness Grant (ACG)
National Science & Mathematics Access to Retain Talent Grant (National SMART Grant)

To apply for grants for college, a student fills out a Free Application for Federal Student Aid (FAFSA). The application is available online and a student updates it through his or her university career. It is important to apply for college grants well before starting the first year of school. FAFSA deadlines vary by college, but usually the deadline is a few months before the Fall semester.

Students and their families who have the lowest incomes may be eligible for more than one grant. The FSEOG is often given along with a Pell Grant to low-income students. There are maximums for each of the grants. A Pell Grant maximum is $5,500 for the 2011-2012 academic year. The FSEOG has a maximum of $4,000.

In addition to college grants, there are scholarships for students. Scholarships are similar to grants in that they need not be paid back. Scholarships may be based or merit, need, or both. Merit scholarships are given to students who success academically and exhibit promise and leadership. Individual universities offer scholarships to attract students to their schools.

The process to apply for college grants can be confusing. Colleges and universities have financial aid offices that provide guidance. Colleges want students to succeed in getting financial aid and grants for college. Also, there is specific guidance about the FAFSA on the government’s site (www.fafsa.ed.gov).

The amount of assistance a student receives is based on a formula that Congress developed. The formula includes many variables such as student or family financial situation, cost of school, whether student is attending full or part-time, or if there are other family members in college.