A college education can be quite affordable with assistance from financial aid programs, loans and grants. College students are eligible for thousands of grants at the federal, state, and local levels. While loans have to be repaid, grant money does not.
For some college grants, the students must show that they need financial assistance in order to pay for their educations. The first step in this process is to submit a Free Application for Federal Student Aid, or FAFSA, form. Information such as whether or not the student is a dependent, the size of the student’s family, and the family’s income is used to determine what kinds of aid the student is eligible to receive.
The Federal Pell Grant at the federal level is the most commonly awarded grant in the United States. The amount of money the student receives depends on the student’s circumstances such as the ability of the family to contribute and the cost of education at the chosen institution. Even students whose grades are not excellent may receive funding if they demonstrate significant financial need.
Grants for college students may also be merit based, although some of these may still require the students to demonstrate financial need. These grants are awarded based on factors such as grade point average, SAT scores, honor society membership and leadership responsibilities. They include the National Science and Math Access to Regain Talent Grant, or SMART grant, and the Academic Competitiveness Grant.
Some grants for college are designed for certain groups of students such as those who have served in the military, religious or ethnic minorities, those who have chosen a particular field of study and those who have demonstrated athletic or artistic talent. Other grants are awarded only to women, especially those who are studying in a field traditionally dominated by men or who are caring for families while pursuing their educations. Students who have a certain area of study in mind should look carefully for a grant matching their talent.
All students aspiring to attend college should research available grants carefully. Even students with high financial need who have struggled in school in the past are often able to receive assistance through grants. By finding grants that match their background and talents, many applicants find that a college education can be affordable.