Did you finally complete your high school studies?
Are you wondering how you can get through college financially?
This is one of the oldest dilemmas millions of American students face every year.
And with the ongoing pandemic, things will become tougher than ever.
Surveys reveal that over half of the students who are already in college will not be able to continue because of financial constraints.
As for graduating high school students, they’re roughly on the same boat.
Thankfully, there are college grants that can help ease the financial burden. But what is a grant for college?
What are its different types? Is anyone eligible to apply for one?
Continue reading below for a quick and definitive guide on college grants.
What is a Grant for College? The Key Difference from Scholarships
What is a grant for college?
Perhaps the most common misconception about grants is that they are the same as scholarships.
To answer this concern, let us first discuss their similarities.
Both college grants and scholarships do not require you to pay them back.
This is a stark difference to the student loan that over 43 million Americans carry.
Hence, grants and scholarships are like free money for qualified students. They are both gift aids.
However, there are instances when you need to pay them back.
This happens when you change your enrollment status.
The same thing goes if you withdraw early from your academic program.
But how about their differences? There is one key element that differentiates one from the other.
College grants depend on the needs of the students.
On the other hand, scholarships can be merit-based or based on other criteria, from scholarships for people with disabilities to African American scholarships.
Since grants depend on your needs, you can only apply for one if you show enough evidence of financial need.
On the flip-side, students can earn scholarships if they show exemplary academic, artistic, or athletic merit.
Furthermore, scholarship applicants may or may not consider financial need.
Additionally, grants are different from programs like nursing assistant training. Learn what it is here for more information.
The Different Types of Grants
The first type of grant is the Pell Grant.
The grant can give financial aid to students for up to as much as $6,345 in one year.
This is because it is the government’s largest federal grant program.
However, the amount varies depending on certain factors. You may get the said amount or lower depending on key factors.
These include your enrolment status and the cost of attendance at your college.
There is also the Federal Supplemental Educational Opportunity Grant or FSEOG.
This type of college grant works like a campus-based aid program. It gives students anywhere between $100 and $4,000 annually.
The caveat is that not all schools participate in this program.
Thus, you need to inquire first with your target school if they offer this particular college grant.
Another notable grant is the Iraq and Afghanistan Service Grant.
This program caters to students with parents or guardians who perished in the line of duty while in Iraq or Afghanistan.
Applicants who qualify will receive almost $6,000 for the 2020-2021 school year.
Lastly, there is the Teacher Education Assistance for College and Higher Education Grant.
This is for students who wish to become teachers. The maximum award is $4,000.
Who Is Eligible?
Another important aspect to discuss is the eligibility for these college grants. Like the value of cash aids, eligibility also differs per type of grant.
If you wish to apply for a Pell Grant, you need to be an undergraduate student with an exceptional need for financial assistance.
Furthermore, you may also apply if you are currently in a post-baccalaureate teacher certification program.
And even if you already applied for an Iraq and Afghanistan Service Grant, you may still qualify for a Pell Grant.
Meanwhile, FSEOG applicants should also be undergrads with exceptional financial need.
Furthermore, Pell Grant recipients will get priority over other applicants.
For Iraq and Afghanistan Service Grants applicants, they can only apply if their parent or guardian served in one of the two countries after the Sept 11 bombings of 2001.
Also, the student must be younger than 24 years old when their parent or guardian died.
Additionally, the applicant must have a clear financial need concerning his education.
There is also a limit concerning financial aid.
The students can only receive grants for a maximum of 12 semesters.
As for the Teacher Education Assistance for College and Higher Education Grant, only students who are looking to become teachers will become eligible.
Applicants can also be undergraduates, post-baccalaureate students, or under the graduate level.
Additionally, applicants must serve at least four years of teaching service.
Applying for Federal College Grants
Last but not least, you need to know the application process for these college grants.
First, fill out the Free Application for Federal Student Aid or FAFSA.
The FAFSA will help your college determine the extent of your eligibility.
Once your college sends you the details of your admission and financial aid award letters, you should swiftly work on your college application.
While doing so, you should also determine your Expected Family Contribution (EFC).
The EFC is a crucial requirement that will determine your eligibility. It is the amount that your family will pay for your college.
It doesn’t matter if your family intends to pay the EFC or not.
If you have a high EFC, you will likely receive loans instead of grants.
Next, you want to revisit the grants and scholarships that your school offers. Fill out the CSS Profile to learn more about what your college is offering.
Last but not least, expand your options by looking into other alternatives.
If you are an international student, check out the grants for international students.
There are also grants for minorities, women, and national organizations. Check if you qualify in any of these programs.
Survive the College Life
Understanding what is a grant for college will expand your options when it comes to funding your education.
But finding ways on how to pay tuition is just the first step.
You need to maintain your eligibility by surviving college.
We invite you to read our other articles on student life.
We discuss important topics that will help you in your college journey and beyond.