Like college scholarships, grants are free money awards that do not need repayment. Since most students qualify for grants, do your research and find out what you are eligible for. This will help keep your student loan debt manageable. Grants vary from hundreds of dollars to full-rides, so take advantage of grant opportunities. Apply early to maximize your opportunity for financial aid.
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Know the Basics
The first step to applying for grants is completing a Free Application for Federal Student Aid, or FAFSA. The FAFSA calculates your Expected Family Contribution (EFC), which determines what the government expects from you financially. The results of your FAFSA is on the Student Aid Report (SAR), which describes what government, state, and institutional grants you are eligible for. Some state-sponsored and college-based grants require additional applications grant funding. Most have academic requirements. Pay attention to the directions of each award so you don’t submit an incomplete application. Funding levels of federal grants change annually, so do not miss the deadline. If you miss the deadline you will not get a grant. Apply early to avoid this issue.
Am I eligible?
Both student and parent income is considered with deciding financial aid amounts. Students with most financial need are eligible for the most federal funding. For example, most Pell Grant money goes to students with a family income below $20,000 a year. Those eligible for Pell Grants are also eligible for other grants, including the Federal Supplemental Educational Opportunity Grant (FSEOG), Academic Competitiveness Grant and the National Science and Mathematics Access to Retain Talent (SMART) Grant. Most colleges have extra funding available for low-income students.
Most grants are need-based, but there are grants that focus on student-specific characteristics. Popular grants are broken in 3 categories: federal, state and collegiate. Some private organizations and local groups also have funds to support higher education. Students who need to go to graduate school for their jobs have a lot of grant options. Most states offer grants to students based on specific criteria, such as race/ethnicity, area of study, or career path. Grants are very specific, so focus on grants that you most qualify for. Read the fine print. Some grants have conditions such as working in a specific field, specific location, or for a certain company for a specific number of years. Research every grant opportunity to maximize your chances of winning a lot of money.
College is a big commitment and burnout is easy if you don’t pace yourself. That said, taking a semester off is a normal thing to do while pursuing your degree. Whether you need a quick break for personal reasons or exciting opportunities, like a once-in-a-lifetime trip or work experience, here’s what you need to know about your scholarship money before taking time off.
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The Free Application for Federal Student Aid — more commonly known as FAFSA is the key to funding your college education. Not only can the FAFSA connect you to grants, scholarships, and work-study opportunities, but filling out the form is
also the first step to applying for federal student loans. Even though filling out the FAFSA is simple and straightforward, several misconceptions still fly around it. Here are the top FAFSA myths you need to stop believing. [...]
Everyone wants to win a full-ride scholarship and enter their freshman year without financial stress. However, the reality is that you have a greater chance of winning smaller scholarships to aid your degree goals. Get a head start on your scholarship game this summer, so that you can head into your senior year closer to funding your college goals. [...]
