- A college grant is a sum of money distributed to an eligible applicant for the purpose of covering educational expenses. Like scholarships, grants do not need to be repaid.
- In general, there are two major categories of college grants. These include merit-based grants and need-based grants. Merit-based grants typically require a minimum grade point average or completion of work that demonstrates academic potential and dedication. Need-based grants don't necessarily have a minimum GPA requirement. They are based more on the applicant's financial situation.
- The most common government grant is the Pell Grant. Other federal grants are the Federal Supplemental Education Opportunity Grant, Education Opportunity Grant, Montgomery GI Bill Grant and work-study programs. Other institutions also fund grants, but typically these grants are for smaller amounts and have more specific criteria for a particular community of applicants. Institutional grants are designed to fund study in particular areas such as math or music.
- To get a federal college grant, submit a Free Application for Federal Student Aid, better known simply as the FAFSA. This application shows the government how much you and your family can contribute to your education costs. The government uses this application to apply on your behalf to all federally funded grants for which you qualify. Most institutions use your FAFSA data to determine grant eligibility even if the grant is not federally funded, so fill out a FAFSA no matter what kind of grant you need or want.
- Most federal-based grants are listed on the Department of Education website for each state. Academic institutions also list them on the financial aid pages of their websites, along with any institutional grants about which the college or university knows. Other websites such as Gocollege.com also list grants. Investigate grants carefully. Funding for grants that are based on sponsor funds can decrease, increase or even be eliminated from year to year.
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