If you are among the thousands of high school graduates desperately wanting to go to college but who are unable to pay the high costs of tuition, you should look into grant money for college.
Competition for this free college money can be very fierce. You need to get your applications in early- no missing deadlines in this case.
State and federal grants account for nearly 40 to 45% of all financial aid and are usually based on need. The grant money for college is awarded on a first come, first served basis. Once it’s given out by the college, there is no more.
There are four basic grants available for most college-bound students: the Pell Grant, Federal Supplemental Opprtunity Grants, State Grants, and Institutional Grants.
Institutional grants are somewhat unique because these do not come from the federal government. Some of these grants are given by the univerisity itself. Generally, students do not actually apply for this type of grant. Instead these grants are awarded to specific individuals and are frequently used by colleges and universities to attract a particular candidate to that institution.
The Pell Grant is the most commonly used grant and is the largest grant money for college provider in the United States. Pell Grants can be given for as little as $100 to thousands of dollars depending on the need. The Pell Grant is based on the student’s need as determined using federal guidelines. Colleges receive a fixed amount of Pell Grant money.
Under the Pell Grant money for college program there are two additional supplements that students may apply for depending on their area of study. Students majoring in math, science, and the social sciences may receive money from the Academic Competitiveness Grant or the National SMART Grant.
The Academic Competitiveness Grant was introduced in 2006. It can provide an additional $750 for first year students and $1,300 for second year students. You must be a US citizen or an eligible non-citizen, a Pell Grant recipient, and enrolled as an undergraduate at a two or four year college or university.
The National SMART Grant provides free college money for third and fourth year undergraduate math and science majors and can provide as much as $4,000 towards college costs.
The Federal Supplemental Opportunity Grant is for the neediest of students. The grant money for college is determined by a standard formula set by the US Department of Education. This formula includes the student’s income, parents’ income and assets, household size, and the number of family members attending postsecondary institutions. Grants are awarded from $100-$3,000.
Finally there are the state grants. Like the federal grants these are often based on student need. However, many state grants target specific areas of study. A number of states award money for future teachers who agree to teach in low-income areas upon graduation. California offers this type of incentive and will assume as much as $19,000 of any student loans. The main key to obtaining one of these grants is making sure you fill out all the applications and provide the necessary paperwork by the earliest deadlines. There’s no reason to let a poor financial situation keep you from obtaining the college education you desire. You just have to be diligent in researching the numerous options.
Pell Grant is very helpful for those who do not have much money for college fee, Pell Grants is a financial need formula created by the US Government,you need to fill up Pell Grant Application form to be a member of Pell Grant.