Information About Student Grant Programs
Why Grants Make Sense
When applying to college, you should always pursue every financial aid option you possibly can. It’s just common sense. After all, if you go to college and then realize you could have saved some money, you won’t feel very good, right? It pays, quite literally, to spend the time applying for financial aid and really doing your homework on your options.
Now, there are student loans and scholarships, but you should definitely try and see if you qualify for a grant of some sort. If you do, you certainly won’t regret it when a large portion of your tuition is covered by a grant!
What Are Grants?
Grants are a lot like scholarships, in a way. However, there are a certain number of grants that are guaranteed by the government for those that meet certain requirements. So that means if you fill out the form and end up qualifying, you’ll get a check in the mail. It’s as easy as that.
Grants are typically funded by the federal government or the state. This means that a portion of the budget is devoted to these grant funds each year and awarded to students that meet all of the requirements.
What Types of Grants Are There?
There are several types of grants that you should be aware of as a college student. After all, one or more may pay your way through college. The most commonly talked about grant is the need-based grant, so let’ s discuss it first.
Federal Grants
Need-based grants are typically distributed by the federal government. There is a certain amount of money allotted each year for college grants and students that qualify can receive a check, or a deposit into their tuition fund, in an amount that can help make tuition payments more bearable. Federal grant programs require that you fill out the FAFSA in order to qualify initially. This goes for pretty much all financial aid options.
Federal grants also require that you meet certain income guidelines. That is why they are often referred to as need-based. If your family earns more than a set amount, you cannot qualify for certain grants.
The most commonly distributed form of a federal grant is the Federal Pell Grant. The Federal Pell Grant is a grant distributed by the federal government that provides students with exceptional financial need a means of paying for college. It never has to be repaid and only student’s that have never previously received a bachelor’s degree can qualify. The amount you receive each year may change depending on the budget restrictions and any changes in income you may report.
Supplemental education grants are another option. The Federal Supplemental Education Opportunity Grant program or (FSEOG) is a type of grant given only to students with the most need. This is typically awarded to students that have an Expected Family Contribution or EFC or 0 on their student aid report. Only the students with the most need are given this award and the remaining money has a “trickle down” effect, meaning students with the next greatest amount of need are awarded it next.
Finally, there are the work-study programs, which provide students that qualify with an opportunity to take a job on campus in order to earn their financial aid money. This way, you are working a job, staying close to school and paying off your college finances all at once, without having to take out a loan.
Merit-Based Grants
Merit-based grants are another form of grant that provides students with the opportunity to earn money based on several factors. The most common type of merit-based grant is the state grant, which awards students with certain GPAs and income levels money for their schooling. State grants usually require a separate form than the FAFSA in order for you to be put into consideration.
How Can I Apply for Grants?
The process of applying for grants is not very difficult, but each step is very important if you wish to qualify. First of all, you need to fill out the FAFSA. That should be the first step of every single financial aid endeavor. I mean, you’ll be put into the pot, so to speak, for all sorts of financial aid when you fill out and submit the FAFSA accurately. If you meet the requirements, you may qualify for a grant, a scholarship from your school of choice or even a student loan. However, you’ll never know unless you fill out the FAFSA.
Next, make sure you submit the FAFSA by deadline, which is March 2 of each year. Failing to do this puts you on the bottom of the pile, and by the time your application is reviewed, all of the grant money may have been distributed already.
If you are pursuing a federal grant, you’re done in terms of applying. All of the steps necessary for applying for a federal grant are included in the FAFSA. So, if your income meets the requirements, you’re all set! Expect that check in the mail or for it to be added to your school account so long as you remain a full-time student. However, if you plan on applying to a state grant, you will need to take a slightly different approach. After submitting the FAFSA, you will also need to submit a separate form specifically for your state grant program. After that, you may need to submit some sort of GPA verification form in order to prove your grades are what you say they are.
And that’s it. You should receive notification in the regular mail shortly after you submit your forms. And even if you do not qualify for a grant, you still may be eligible for some college’s scholarships, private scholarships and student loans.
Do I Qualify for a Grant?
Qualifying for a grant is not all that difficult, depending on your particular circumstances. For a federal grant, you will need to meet a certain income requirement. These grants are typically given to students with the greatest financial need, which is somewhere around a family gross income of $40,000 a year.
The FSEOG has stricter requirements, meaning that only the students with absolutely the greatest amount of need can qualify. It is possible for students that have received the Federal Pell Grant to also receive a FSEOG.
State grants or merit-based grants on the other hand generally have two requirements: one that you fall beneath a certain income ceiling and two, that you maintain a GPA of 3.0 or higher. The income ceiling fluctuates each year and is adjusted for many factors including cost of living, state budget and number of applicants. However, in recent years, the ceiling has been hovering around $50,000 a year.
Not many people can afford to pay for college straight out of their pockets. That’s where the financial aid comes in. And if you can, there’s nothing better than getting financial aid that you never have to pay back. Grants are your best way to go to college without paying a dime. Well, grants and scholarships.