Scholarships and grants for college students are similar in that both provide educational funding which the recipient is not required to pay back. Scholarship programs are made available by a wide variety of groups and organizations and may be awarded in a vast number of categories. College grants, on the other hand, are much narrower in scope and are most often provided by either state or federal government entities. There are exceptions, such as grants given by a college or university.
College scholarships may be given based on scholastic achievement, athletic ability, race, religious affiliation, social group affiliation or even something as arbitrary as whether or not the applicant is left handed. Grants for college, on the other hand, are awarded in two main categories:
- Grants based on financial need
- Grants based on scholastic merit
The U.S. government is one of the biggest providers of grants for college students, closely followed by state governments. The initial step in obtaining a federal grant is to complete and submit a Free Application for Federal Student Aid (FAFSA). This must be done every year to receive ongoing funding.
Of all the different grants for college students, Federal
Pell Grants are the most common. This federal government money is earmarked for financially disadvantaged students and the amounts of the awards are determined by financial need. As the student’s family’s ability to contribute to the educational costs changes so does the amount of the grant assistance.
Those who are in the most severe financial need fall under a different program called the Federal Supplemental Education Opportunity Grant Program (FSEOG). This program typically grants money only to those whose EFC (Expected Family Contribution) is zero. This information is obtained from the applicant’s SAR (Student Aid Report). Any money left over in this program’s fund will normally trickle down to the next most financially disadvantaged students.
Grants based on merit are normally doled out by state governments and, in some of these, scholastic performance and financial need will be calculated together. Application for state funding will require a different process than that for federal grant money, but may also require the filing of the above-mentioned FAFSA. Filling out and filing this form should be the first step in any grant application procedure.
Grants for college students make it possible for many who wouldn’t otherwise be able to afford higher education to attend college or university. Grants are also available for certain technical or vocational training schools. Take a look at what’s out there. You may very well qualify for some free money!