When it comes time to pay for college, most students are looking for any possible way to cut the costs. Government grants are one great way with students with a financial need to finance the cost of higher education. Grants are the most desirable type of financial aid, because the money never has to be repaid. Because the money is essentially free, this type of financial aid also has the strictest requirements when proving financial need. Below is a brief discussion of the three types of government grants available for college students:
Federal Pell Grants are available to undergraduates only, with an exception being made for graduate teacher certification programs. Students can be eligible for Pell grants even if they attend college less than half time. Every student who can show financial need can receive funds through this program. Awards made through the Pell grant program are determined based on cost of attendance, Estimated Family Contribution, length of enrollment, full or part time attendance, and whether the student will be attending for a full academic year. The amount of awards varies based on available funding. All students have to do to apply is to complete the Free Application for Federal Student Aid. You can choose to have the money paid directly to the school, to you, or a combination of the two methods.
Federal Supplemental Educational Opportunity Grants
FSEOG grants are for undergraduate students with the lowest expected family contributions. These grants don’t ever have to be repaid. There are very limited funds provided to schools for this program, so not all eligible students will receive aid. Awards are based on financial need, total aid received from other sources, and availability of funding. Students who qualify for Pell grants will receive priority for FSEOG grants. Award amounts range from $100 to $4,000 a year and all that is needed to apply is the completion of the FAFSA each year.