Understanding and Applying for Federal Grant Programs
If you’re going to college then financial aid is almost a necessity. You may apply for federal, state or private student loans; federal, state and private scholarships; and federal and state grants.
Federal grants are free college money if you qualify. Keep in mind that a diverse population of students qualifies and is awarded some form of federal grant, so do not try to self-qualify your eligibility. Each year close to 2 million students fail to file for federal aid, which includes grants, many of them mistakenly assuming they don’t qualify.
Guess why federal grants are some of the best financial aid vehicles? The biggest benefit to grants is the fact that you don’t have to repay them.
Types of Federal Grant Programs
There are several different types of federal grants available for college students all across the country. Even if you aren’t an A student, you can still qualify for a grant. That is because the focus of federal grants is on helping students of all different skill levels afford college. There are three major types of federal grants:
Federal Pell Grants
The Federal Pell Grant program is probably the most well known of the federal grants. That is because it serves many, many students with a proven financial need, not exclusive to family income. “Need” might also be determined based on number in household, number of dependents attending college at any one time and family assets outside of income. Remember, contrary to popular belief, Pells are not solely based on family income.
Federal Supplemental Education Opportunity Grants
The Federal Supplemental Education Opportunity Grants or FSEOG are meant for students that have a very low expected family contribution as reported on their Student Aid Report. It is meant for students with the greatest level of need and available to many Pell Grant recipients. Even so, this grant is merely a supplement to other forms of financial aid.
Work-Study Programs
The Work-Study Program is another excellent financial aid choice. If you qualify and enter into this program, you can get a job on your college campus and then use your wages to pay for tuition and expenses. Basically, the federal government pays a large portion of your income so that your employer can afford to pay you and so that you can afford to go to college. Make sense? However, this program is not open to just anybody and you will need to qualify by demonstrating financial need.
Applying for Federal College Grants
In order to be considered for any type of federal and state aid you must complete and submit the Free Application for Federal Student Aid. The FAFSA can be completed online or in hard copy and is available in a Spanish version. Deadlines vary: there is a federal deadline and state deadlines.
Once you submit, you will then receive a Student Aid Report in the mail, which will tell you how much you are expected to contribute to your education and what types of federal aid you qualify for. A copy of your SAR is also sent to each school you included on your FAFSA. Based on the information in your SAR each college prepares a financial aid package, a financial award each is willing to extend to you in exchange for your attendance.