college_grantsScholarship and loans are the biggest source of financial aid for students. Together these make up more than 50% of student financial aid. The most popular though is grant money for college – because you don’t have to pay the money back!

 

The qualifications for grant money for college are usually very strict. Unlike loans or scholarships where money is awarded based on your credit standing or merit, typically grant money for college is based almost solely on your financial need.FAFSA, the Free Application for Federal Student Aid Program, a Department of Education program, even has a specially designed formula to determine whether or not the student qualifies for financial assistance from the Federal Government for his or her education. You will have to prove that you and your parents do not have the means to fully pay for your college education – and not everyone qualifies for grant money for college.

Grant money for college is always on a first-come, first-serve basis and some government grant funds are very limited – late applicants often lose out on a grant from government, so it is very important to apply early for financial aid!

Here are the most common types of grant money for college:

Supplemental Education Opportunity Grants (Federal)

The grant money for college you receive from one grant will rarely be enough to support all your college and living expenses, so the government also offers the Federal Supplemental Education Opportunity Grant Program. This grant program is reserved for the neediest of students and may supplement your grant money for college with amounts ranging from $100 to $4,000. You can apply for this grant through your college financial aid office.

Pell Grants (Federal)

Pell grants is probably the largest grant money for college program. The maximum Pell Grant award for the 2008-09 award year (July 1, 2008 to June 30, 2009) is $4,731. For the 2009-10 award year (July 1, 2009 to June 30, 2010), the maximum award is $5,350. The maximum amount can change each award year and depends on program funding, but the actual amount awarded will depend not only on your financial need, but also on costs to attend school, status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

As with most grant programs for college, if you want to win a Pell grant for college, then apply for aid early.

State Grants
Many states have a variety of grant programs available for education, usually based on need and to some degree, academic qualifications, especially in certain areas, such as medicine or teaching. 

For example, the State of California offers the Cal Grants for future teachers which come with certain obligations, ie: the grant money for college must be repaid if the student doesn’t end up teaching in low-income area for at least one year for every $2,000 received.

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