The Benefits of Need-Based Grants
Financial aid, as you know by now, is an essential part of the whole college experience. Not many people can afford college. What I mean by this is that hardly anyone has enough money in savings right at this moment to pay their college tuition, let alone for every semester that they are a student.
That’s where financial aid comes into play. It’s a lifesaver for so many students and makes a college education possible for anyone! However, some people need more financial aid than others. Luckily, this is taken into account by means of qualification guidelines for certain grants, scholarships and loans. If you or your family earns less than a certain amount per year, you may be eligible for what is called a need-based grant, which is exactly what it sounds like: a grant that is distributed to students based on their level of need.
What Is a Need-Based Grant?
As we’ve already established, a need-based grant is a grant that is awarded to students based on their current level of financial need. It is an ideal way to help students that would not otherwise be able to go to college to get an education. Most need-based grants are funded by the federal government. Some common federal grant programs include the Federal Pell Grant, the Supplemental Education Grant and work-study programs.
Each of these programs have different income ceilings and requirements, but you can rest assured only the most financially deserving students will receive grants from these sources.
Do I Qualify for a Need-Based Grant?
Whether or not you qualify for a need based grant depends largely on your current income. If you fall within the income bracket, you will qualify. For instance, the income ceiling for the Federal Pell Grant has been $40,000 for some time now. This means that if you or your parents earned $40,000 or less in one year, you will qualify for the grant.
Need-based grants do not rely on your grades or GPA. Rather, they merely award money to the most needy students. However, that does not mean you can fail every class and continue to get cash. There are certain requirements you have to maintain if you wish to continue to get a grant. These requirements include an income that remains underneath the income ceiling, maintaining full-time status as a student and completing each course with a grade of C or better.
How Do I Apply for a Need-Based Grant?
When you fill out the FAFSA and submit it on time, you are automatically applying for a need-based grant. In fact, one of the primary reasons you fill out the FAFSA at all is to be considered for need-based grants. So the process is really quite simple. Go to www.fafsa.ed.gov and fill out the FAFSA right away! Make sure you submit it no later than March 2 of the year you wish to attend college in the fall. A few weeks after you submit the FAFSA, you should receive your Student Aid Report or SAR in the mail. This document tells you how much money you and your family is expected to contribute to your college tuition. In another few weeks, you’ll receive an award letter that details how much and what type of financial aid you’ll receive. This is when and where you find out if you’ve qualified for a need-based grant. If you do, it will be spelled out on the award letter.
All you need to do from there is return the award letter stating that you’d like to receive the aid. Then, once it comes time to start your college semester, the money should be routed right into your campus account.
There’s nothing complicated about getting a need-based grant if you qualify. All you have to do is apply!