The cost of attending postsecondary school can be very overwhelming. Most college students cannot afford to cover their tuition and other expenses on their own. For this reason, many students decide to receive financial aid, which is often through financing with student loans. However, there are other opportunities for financial aid for college students as well. The college grant is one example of a financing method which can provide college students with free money to help cover their schooling costs.
College grants are a great method of financial aid for college students because they are essentially free money to help cover college related expenses. The grants are provided to eligible students and do not need to be paid back. The amount that is offered with a college grant will depend on the financial need of the student and their academic credentials. The qualification requirements, amount of financial aid and various other features will all vary depending on the specific grant that you look at. Below are a few examples of common types of college grants which students may qualify for to receive school funding without the need to pay any of it back.
The Pell Grant is one type of federal grant offered to college students. It is considered to be the most popular choice of grant in the United States. The amount of funding offered through the program that offers the Pell Grant is completely based on the financial need of the student. Any student that will be attending a college (accredited) or university without already possessing a bachelor’s level degree will qualify for this funding.
The amount that is offered with the Pell Grant is calculated based on the enrolled credit hours of the student for each semester, capping at the specified financial need. The maximum allowed funding through the Pell Grant may vary by year, for the last school year it capped at $5,350 USD.
The FSEOG grant is another common choice of college grant for students to obtain. FSEOG stands for Federal Supplemental Educational Opportunity Grant. This type of financial aid is not available for all students as there is a limited amount of funding available through this program. Typically, FSEOG grants are offered on a first come, first serve basis. Also, the amount that is available is determined on the financial need of the student but grant amounts typically range from as low as $100 to an upwards of $4,000 USD.
Academic Competiveness Grant
The academic competiveness grant (ACG) is a funding option which is available for students that are entering their first or second year of college or university and is supplementary with the Pell Grant. To qualify for this particular type of financial aid you will have to meet the academic requirements. You are required to have completed a high school program to be eligible for this grant. If you are heading into your second year in college then it is required that you have completed the program and held a 3.0 GPA or higher in your first college year to be eligible. The amount that you are allotted varies by year but for the previous school year, first year college students receive a maximum of $750 and second year students receive a maximum of $1,300 USD.
Other Types of College Grants
There are still many other types of college grants that are available. One example is a grant which is a grant specifically for students that are studying as undergrads or graduates to get placement in a teaching career with an elementary or secondary school. To receive this funding you must agree to, and follow through with, teaching students in a school which is designed for low income families. The specific school that you will have to teach at may vary depending on where teacher shortages are in your area. The amount allowed with this grant was a maximum of $4,000 in the previous school year.
There are still other types of grants available as well. This article has covered some of the more common ones. It is definitely recommended that you look into all the grant opportunities that are available so you can see which ones you are eligible for. You may also want to seek assistance from your guidance counselor or someone in your school that may be able to pinpoint the particular grants that you may be eligible for. Ultimately, college grants can provide free money for students to help cover their schooling expenses so they are highly beneficial and definitely worth applying for if you are eligible.