Congratulations! As you are preparing for your college career, you are creating the foundations for a wonderful journey that will impact the rest of your life. On average, college graduates earn a substantial percentage more in lifetime income than non-graduates, and you will be able to utilize your college education to find a job that is great for you.
However, on the way to obtaining your college degree, there are several hurdles to overcome. The greatest hurdle for some applicants is securing the financial resources needed to pay for a college education. This guide will provide you with the insight to know where and how to obtain “free money,” in the form of scholarships and grants, which will pay for your education and launch your career.
Grants Defined
Provided through the federal government and private organizations, grants are a great resource of funding for your college education because the money does not need to be repaid upon graduation. Most of the “free money” in the form of grants is provided through the federal government.
Obtaining Federal Grants
Ranging between annual awards of $100 to $4,000 annually, federal grants are offered to undergraduate students who have demonstrated significant financial need. The amount of money provided in the grant depends upon the information the student gives in the FAFSA, which is the Free Application for Federal Student Aid. This form will ask for various personal and financial information, such as relevant income and tax information for you, your spouse, and/or your parents. You can obtain a copy of the FAFSA by calling 1-800-4-FED-AID, or you can apply directly online at www.fafsa.ed.gov.
Available Federal Grants
There are several different federal grants that are available, and each has different requirements to qualify.
· Federal Pell Grants: These grants are typically given to current undergraduate students who have not yet been awarded their bachelors or graduate degrees.
o Maximum grant of $4,000 annually
o Apply at http://www.fafsa.com/pell.htm
· Federal Supplemental Education Opportunity Grant: This grant is intended for those undergraduates who have extreme financial hardship.
o Maximum grant of $4,000 annually
o The average grant is $1,000 annually
o Each university determines the financial eligibility of the applicant, as this is a campus-based aid program.
· Academic Competitiveness Grant: If you have completed a rigorous academic program in high school, this grant awards you during your first and second year of college.
o The grant for the first year is a maximum of $750 annually
o The grant for the second year is a maximum of $1,300 annually
o The grant is combined in conjunction with the Pell grant
o Apply online at: www.studentaid.ed.gov/PORTALSWebApp/students/english/AcademicGrants.jsp
· National Science and Mathematics Access to Retain Talent (SMART) grant: This federal grant provides students majoring in physical, life, or computer sciences, mathematics, technology, or engineering or in a foreign language determined critical to national security.
o Available for third and fourth year college students
o Maximum grant of $4,000 annually
o Can be combined with the Pell grant
o Apply online at: www.studentaid.ed.gov/PORTALSWebApp/students/english/SmartGrants.jsp
· Institutional Grant Resources: There are over 1,000 grant programs, totaling $400 billion, which are available to college students.
o Find different grant programs at http://www.grants.gov based upon your qualifications and needs
