Funding Your College Experience with Grants

Getting a college education is a very smart move, but the cost of going can be crippling. A grant is one way to make it less painful.

A grant is a very good way to finance your college education. It has a major advantage over a student loan. You do not have to pay it back. Grants can be received from private organizations, educational institutions, or professional associations. The Federal and State government is the most common source of grants for college students.

Grants are awarded based on a number of different factors. The main determining factor is financial need, but such diverse factors as ethnicity or religious affiliation. In some cases membership or the membership of parents in an association may determine if a grant is awarded. In many cases a record of achievement either in academic or extra curricular activities can qualify a student for a grant.

One example of a Federal grant is the Pell Grant. In order to be eligible for a Pell grant, a person must be a United States citizen with a high school degree or GED. They must be seeking their first undergraduate degree. The amount of the grant will be determined by the financial need of the student and the cost of the schooling. In the 2005/2006 school year, the range of Pell grants will fall between $400 and $4,050.

Another Federal grant is the Federal Supplemental Education Opportunity Grant (FSEOG). These grants are awarded to students with a very great financial need. The priority is given to students already receiving Pell grants, but these students are not guaranteed a FSEOG grant. The range of this grant is between $100 and $4000. The FSEOG can be paid directly to the student or credited to the students college account.

Although both of these grants are awarded to students who can demonstrate financial need, many other grants are based on merit and achievement. Most High School guidance counselors can supply the information you need to apply. College financial aid offices can be of assistance also. For the Federal financial grants there is a form called the FAFSA, or the Free Application for student aid form. This form will determine your financial eligibility for Federal Grants.

College expenses are rising rapidly, and student loans often put a heavy burden on the students in the years after college as the graduates struggle to repay them. College grants are a good alternative when your own financial situation is poor, or when your academic record is such that you can compete successfully for the ones based on merit.

Winston Goldstein is with MoneyMakerstop.com - your source for daily money saving tips.

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