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How To Find Student Grants

Article on How To Find Student Grants

College education is formidably expensive in the US. Private colleges, which are the most expensive, charge in the region of $20,000 per academic year; but even community colleges charge approximately $5,000 every year. When that figure is multiplied by four, it is no surprise that students are so interested in learning about how to find student grants.

Step 1: Understanding the Difference - Grants Vs Loans and Scholarships

Those exploring the subject of how to find student grants need to understand that grants are different from loans and scholarships. Scholarships are merit-based financial aid plans and loans need to be paid back. However, grants are need-based and don’t need to be paid back.

Step 2: Looking at the Different Kinds of Grants

Grants are offered by federal and state governments, as well as private and public organizations. However, grants are sub-categorized, and different grants are designated for different student categories. There are grants for different minority groups, subject-specific grants as well as grants for different student categories.

Step 2.1: Federal Grants

Federal grants are the most popular. There are three major federal grant programs: the Pell Grant, the Academic Competitiveness Grant and the National Science and Mathematics Access to Retain Talent Grant (SMART grant). The Pell Grant is the most popular amongst these and the easiest to find out about. Information from the appropriate government channel is available here.

Step 2.3: The Academic Competitiveness Grant

The Academic Competitiveness Grant is available to freshmen and sophomores at the undergraduate level. To qualify, students must be eligible for the Pell Grant, and must have demonstrated aptitude for leadership and service, apart from having an outstanding academic record. Information from the appropriate government channel is available here.

Step 2.4: The SMART grant

The SMART grant is also for undergraduate level students, studying mathematics or science related subjects. Here too students must be Pell Grant eligible. Information from the appropriate government channel is available here.

Step 2.5: State Grants

The state grant programs are usually designed to encourage specialization in certain subject areas. Naturally, every state has its own independent policy.

Step 2.6: Institutional Grants

Apart from the government institutions, colleges and universities offer financial aid in the form of grants too. Their aid may be a combination of merit and need based, and is generally a surplus over the aid that is being provided by either the federal or state governments.

Step 3: Maximizing Chances and Applying

It is not enough to just know the basics of how to find student grants. Students must also know how to maximize their chances of getting federal grant money. First of all, the Free Application for Federal Student Aid (FAFSA) needs to be filled out. The earlier this is done the better. Forms can be submitted from January 1 for the following academic year. After submission, you can expect to get back a form which will provide an estimate of how much you will still need to contribute towards your own education. Colleges will need this estimate to process their own financial aid program.

All in all, for students wondering about how to find student grants, the current scenario is quite encouraging. The government is taking a more active interest in the provision of college education than ever before.