Is There Such a Thing as Free Money for College Education?
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College education is expensive and also necessary to set yourself up for financial freedom. Do not despair if you don’t have the funds for college education. There is free money out there but you’ve got to qualify for it. Yes, there is indeed free money to be had for the purpose of furthering your education. This comes in the form of scholarships and grants. Before you consider loans – whether federal or private, try and fill as much of the financial gap as you can with these offerings. This article will focus on grants. The next in the series will talk about scholarships for college education. |
Grants are a big thing in American education and account for around 40% of the student aid. Scholarships make up a mere 2% and loans fill in with the rest of the amount out there for student aid.
What is a grant? Well, it’s an amount that you receive for education and unlike a loan; you don’t have to pay back a grant amount. How sweet is that? Grants are dished out based on the aspirant’s needs and very often they are available on a first come, first serve basis.
The Federal Pell Grant is by far the largest grant program out there. Usually only undergraduate students that have not yet acquired a Bachelor’s degree. The maximum Pell Grant award for the 2009-10 award year is $5,350. Colleges that are eligible for Pell Grants receive a fixed amount each year and this money gets disbursed fast. So it is best to apply early for these grants. Factors that govern the amount that you will get depends upon your financial status, the cost of education, whether you are a full-time or part-time student.
The Federal Supplemental Educational Opportunity Grant (FSEOG) Program is available through the financial aid offices of a school. These grants are meant for students that are in true dire need of financial assistance. Students with the lowest Expected Family Contribution (EFC) and those that have already received the Pell Grant are prioritized. The maximum grant amount is $4000.
State Grants are available in most states. These are either need-based or designed to boost education in particular regions of the state. So, if you qualify as a low-income candidate in your state you could get a useful grant for college education.
The Robert C. Byrd Honors Scholarship Program is meant for meritorious students that have achieved academic honors. Your high school counselor is the best person to give information on this scholarship.
The National Science Scholars Program is meant for high school seniors who have a educational distinction in science.
