Everything You Need To Know About College Grants

By Jeff Parker
Updated July 18, 2016
Read our Disclaimer

Everything You Need To Know About College GrantsPaying for college is one of the most expensive ventures you'll have in your life. The lucky ones may have saved in order to get through the college years without debt but for the vast majority of us, no matter how much we work at savings, our funds may still fall well below the mark by the time those advanced years of study roll around. It is, therefore, necessary to get extra help in paying for college.

Once you start your search you'll find quite a few options for obtaining the money you need to get the education you want but they won't all be free. One of the best ways to pay for an expensive tuition is to get college grants to cover the bill.

Benefits of Using Grants:

Of all the options for finding money for a college education, grants are one of the most favored because they don't need to be paid back. Unlike taking out a student loan where you will accumulate debt that may take years to pay off, those with grants will be free and clear.

Many often get grants confused with scholarships, which also do not need to be repaid but after that single similarity there are quite a few differences between the two. Scholarships are usually issued based on the achievements of the student. To qualify and to continue to qualify, students will have to show that they have met certain requirements in academic achievement or athletic ability. Scholarships can also be issued to people with certain ethnic backgrounds. College grants, on the other hand, are usually offered based on the need. These are usually determined by family income, but some other factors may also be taken into consideration to determine genuine need.

Do Your Homework:

There are many grants available that a student may qualify for so it pays to do your homework before you start sending out applications. There are three different types of college grants to choose from - federal, state, and institutional. Each of these will have its own unique set of requirements that the student must meet to qualify.

One of the first things you will need to do is to complete an Application for Federal Student Aid. They will then determine the income of each member involved in paying for your education to find out exactly which grants are applicable for your case. In addition to being able to show the financial need to qualify for the grant you may also be expected to meet certain academic standards. Each award is different so make sure that you read up on each grant carefully before deciding to apply. You also want to know as much as you can about the funding levels of each grant, which can change every year.

Finding ways to pay for college can take some time and effort. The earlier you start your search the more likely you will be able to find the money to pay for your advanced education. College education can be a very expensive venture and if students are not careful they could literally sign away their future in student loans before they realize it. The smartest thing you can do is to plan early, save as much as you can, and do the extra research to find those grants that are best suited to pay for your education.





* Disclaimer:
This site offers information designed for educational purposes only. You should not rely on any information on this site as a substitute for professional medical advice, diagnosis, treatment, or as a substitute for, professional counseling care, advice, diagnosis, or treatment. If you have any concerns or questions about your health, you should always consult with a physician or other health-care professional.