Free College Money Part 3: Hundreds of Grants

February 12th, 2008 • Related • Filed Under • by erica

The definition of a college grant is a gift of money given expressly for the purpose of attending a qualified educational institution. It is not a reward that you have to pay back or compete for, it is simply given to an applying student based on whether or not they meet the qualifying criteria. While the criterion often consists of being a “needs-based student,” it can also be based on merit or income. The simple fact is, you never know unless you apply, so apply for everything if you want grants to pay for your student’s education. Check out this third article in its five-part series where you can find hundreds of grants and their qualifications:

FEDERAL GRANTS

To qualify for federal grants, you have to fill out a FAFSA (Free Application for Federal Student Aid). Be sure to submit this free application between January 1^st and June 30^th of any given year to qualify for the next school year’s enrollment. Although sometimes you are able to submit the FAFSA after these deadlines for the current year, it is always best to get your application in as soon as possible to qualify for funds that may be limited by federal budgets. Once you’ve submitted your FAFSA, you will be notified if you qualify for any of the following grants:

1) Federal Pell Grant: Pell Grant eligibility is based on financial need. Although students with a family income as high as $45,000 may be eligible, most awards go to students with a family income below $20,000. For the award year of 2007 – 2008, the maximum grant is $4,310 and will increase to $4,731 for the 2008 – 2009. By 2012, the award will be as high as $5,400. This grant can be used for tuition, fees, and education-related expenses. To receive a Pell Grant, here are some of the basic criteria:

a) Submit a FAFSA and qualify as a financially needy student;

b) Be a U.S. Citizen, U.S. national, or eligible non-citizen,

c) Have a high school diploma, a GED Certificate, or pass an approved test;

d) Meet satisfactory academic progress as determined by your institution;

e) Be enrolled in an eligible post-secondary school; and

f) Be working toward a first undergrad degree or teaching credential;

2) Federal SEOG (Supplemental Equal Opportunity) Grants: This grant awards money to undergrad students who have extraordinary need. The student can receive between $100 and $4,000 a year, depending on when you apply, financial need, the funding at the chosen school, and the policies of the financial aid office at that school. To further qualify, you must:

a) Fill out a FAFSA.

b) Be a U.S. Citizen or eligible non-citizen,

c) Not have a Bachelors degree.

d) Not be in default on any federal student loan; and

e) Not have a Federal Pell Grant overpayment.

3) SMART Grants: This grant gifts up to $4,000 for third and fourth-year full-time undergrad students who are studying science (physical, life or computer), mathematics, technology, engineering, or a foreign language important to national security. To be eligible for the SMART Grant, students must:

a) Fill out a FAFSA.

b) Qualify for a Pell Grant.

c) Choose a major.

d) Maintain at least a 3.0 GPA (on a 4.0 scale); and,

e) The maximum grant can only be awarded for two years.

4) TEACH Grant: The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program was established to benefit current and prospective teachers. This new grant offers up to $4,000 per academic year for a maximum of $16,000 for undergrad students or $8,000 for graduate students. When combined with other aid, the award cannot exceed the cost of attendance and is prorated for those attending less than full-time. To be eligible, students must:

a) Fill out a FAFSA.

b) Meet basic eligibility requirements.

c) Be currently completing coursework or plan on completing coursework necessary to begin a career in teaching.

5) Academic Competitiveness Grant (ACG): This grant is offered to full-time eligible undergrad students and provides up to $750 for the first year and $1,300 for the second year of study. When combined with a Pell Grant, this award may not exceed the student’s cost of attendance. To be eligible for each academic year, a student must:

a) Be a U.S. citizen;

b) Be a Federal Pell Grant recipient;

c) Be enrolled full-time in a degree program;

d) Be enrolled in the first or second academic year at a two or four-year eligible institution;

e) Have completed a demanding secondary school program of study;

f) Not have been previously enrolled in an undergrad program (if a first-year student); and

g) Have at least a 3.0 GPA on a 4.0 scale for the first academic year (if a second-year student).

While these are the most common grants currently offered, there are hundreds more awarded every year by the US Department of Education. Click here to see a more thorough list. To see their newest grants, click here for their Federal Register.

STATE GRANTS

Almost every state in America features a wide variety of grants for their student residents. A lot of the money for these grants is funded by local lotteries. State budgets earmark portions of the gaming profits and set them aside specifically for education. This increases a resident student’s odds of financing their future whether they choose to attend a college, university, community college, technical or career school. Here are a few specific student categories that this money is set aside for:

Minority grants: There are two main categories of minority grants. The first is grants for ethnic minorities designed to offer assistance based on ethnic challenges. The second is non-ethnic minority grants offered to individuals who may be challenged or disadvantaged. This category includes grants for students with disabilities, and grants for women.
Low-income and disadvantaged students grants: These grants are awarded specifically to low-income and disadvantaged students.

Every state offers different grants to their students who attend one of their qualified education institutions. Click here for a list of State-Based College Grants from CollegeScholarships.org. Also, click here for a list of 101 fabulous grants, which anyone can apply for.

INSTITUTIONAL GRANTS

Every college provides institutional grants to their students in order to help make up the difference between college costs and family contributions. Many of these grants are awarded on the basis of academic achievement, while some are offered only to students whose families demonstrate financial need. Still more are awarded regardless of a family’s finances, while others come with special privileges or obligations. Be sure to find out about the types of grants awarded by every college your student is considering since these grants vary from institution to institution.

Grants-for-Service programs

Also known as Grants for High-Need Fields of Study, Grant-for-Service programs are administered by many government and university sources. They are set up as mutually beneficial service agreement where a student agrees to work for the state in a medically underserved facility or educationally underserved school after graduation. In exchange, the state will cover the student’s tuition in nursing school or as a student teacher. Click here for a list of nursing and teaching grants-for-service programs.

Now that you have an idea of where to find grants, don’t forget to check out articles 1 and 2 in this series (“Free College Money Part 1: Starting with Pennies,” and “Free College Money Part 2: Tax Programs”) to learn about additional college funds available to everyone. Also, return here next week to see the fourth article, “Free College Money Part 4: Searching for Scholarships.”