About Student Grants
Student grants are a free money form of financial aid, and are provided to students as a way of covering part or all of their cost of attendance while at school. Grants are called ‘free money’ awards because they do not need to be repaid, and as such they are a very appealing form of aid.
Who Offers Student Grants?
Student grants are offered by a wide range of financial aid providers, including the federal government, colleges and universities, and private companies. These educational grants are intended to ease students’ financial burdens and make it easier for students to complete their education. The federal government offers a number of annual grants, such as Pell and FSEOG Grants, which are given out to students who meet certain eligibility criteria.
Most of the private companies that offer student grants normally attach some conditions to the grant. These may include stipulations that would bind the student to work for the company once they have completed their education. A number of companies also send their existing employees to college or graduate school by giving them educational grants.
A large number of philanthropic organizations also offer student grants. These charity organizations normally have a yearly quota and provide student grants to students who can’t afford to pay for their own education. Some schools also have annual grants that are given to new students. These grants are normally automatic grants that do not have to be applied for and are given by the university when an admission application is received and the student demonstrates a certain degree of academic merit or financial need.
There is no fixed eligibility criterion for student grants; instead, each grant provider typically sets their student grant requirements according to their own specifications. Universities and private companies normally offer educational grants based on a learner’s previous academic performance, as well as financial need as both the schools and the companies (who are actually looking to hire these learners once they have graduated) only pick out the most academically sound candidates to offer their grant money to.
Most charity organizations and philanthropic organizations offer grants based on the applicant’s financial need. As their aim is to make education accessible to those with extreme financial need, they make sure that only the people who cannot afford their education on their own are given grants.
Applying for Grant
For federal and institutional grants, there typically is no specific application process. Instead, you may receive a grant if your general financial aid application indicates a suitable degree of financial need. The first step to determining your financial need and eligibility by filing the Free Application for Federal Student Aid (FAFSA) and submitting it with the Department of Education.This can be done online (through the DOE’s website) or by submitting the form by hand through your school’s financial aid office. After the federal government and your school process your FAFSA, they will determine whether or not your information demonstrates enough financial need to merit a grant. For grants through private companies or charitable organizations, you can find out more about application processes through their websites.
Are there any grants to pay off student loans?
Yes, the federal government has initiated programs that can help students with their financial obligations through the form of grants to pay off student loans. The most common loan repayment option available is the Loan Forgiveness Program. With the help of this program, students can have their loans exempted (essentially a federal grant or forgiveness) provided they meet the standard eligibility requirements. Students can also take advantage of the National Association of State Student Grant and Aid Program (NASSGAP), which is available in all 50 states. Apart from these options students can look into programs that are designed to facilitate minorities and student with special circumstances.
How can I receive federal student grants for college?
To receive federal student grants for college, students must submit the Free Application for Federal Student Aid (FAFSA) and their information must demonstrate a degree of financial need. Students must also meet the standard requirements for federal aid (being a U.S. citizen, have not defaulted on a loan before, etc.) and should apply as early as possible, for some of the federal student grants for college are given out on a first-come, first-served basis.
What is the importance of the data release number (DRN) associated with the FAFSA and federal student grants?
Each federal financial aid applicant’s FAFSA filing has a data release number (DRN) associated with it. This number is used such that individual applicants for aid can identify their financial information and FAFSA with relative ease, and if necessary make changes to the information they included on their FAFSA. For example, if a student’s financial situation changes, he or she could use their DRN to easily make changes to their FAFSA; from there, a demonstrated worsening of their financial situation might result in the student receiving more federal aid, perhaps in the form of loans or student grants.
College Grant Topics
- African Americans
- College Students
- How to Apply
- Latinos and Latinas
- Minority Women
- Need Based
- Online College
- Single Fathers
- Single Mothers
- Single Parents
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