Grants are a great way to go to college for free. Grants are fee funds that do not need to be repaid or earned. If you have the criteria to qualify for a college grant, you can get this gift for your college tuition and fees, books and supplies, room and board, transportation, as well as personal/miscellaneous and other expenses. If you’re weighing your college options, now is a great time to start looking, as there are opportunities out there for grants for high school students.
Grants come in increments of specific amounts and are awarded primarily based on your demonstrated financial need. They come from either federal or state or college/university monies.
Some students don’t apply for grants because they assume that they won’t qualify; this is a big mistake. There are so many different types of grants that you may be eligible for so don’t give up until you have exhausted your search.
How do you get a grant?
There are about four major types of grants for college students.
- Federal Pell Grants: You can get up to $6,195 in Federal aid money that you never have to pay back unless, of course, you reduce your course loan or drop out of your classes during an academic term. These types of grants are designed for eligible students whose Expected Family Contribution EFC) is at or below a certain level. They are awarded according to demonstrated financial need.
- FSEOG: The Federal Supplemental Educational Opportunity Grant provides free money to students college students who are determined to have after being awarded with the Federal Pell Grant funds. Award amounts range from $100 to $4,000 annually.
- State-Based College Grants: Each state has state grants available to its state’s residents. These funds that are provided by the state’s general fund. Check the status of your state grant offerings.
- College or University Grants: Many colleges and universities offer grant funds to eligible students. Check the financial aid website for each college you are considering attending. Search each school’s financial aid website for deadline dates and necessary application forms to complete.
Just like in business, it’s always best to operate on free capital than borrowed or earned money. If it’s the only way to get ahead, it’s may be fine to borrow money to finance your college education. But first, look at the many grants available from federal, state, or college resources. Check out our article on how to apply for federal grants to learn more!