College Grant

College grants and scholarships are ideal sources of college funding. Unlike college loans, the money received from grants or scholarships does not have to be repaid. The U.S. Department of Education considers this “gift” aid.

However, a grant is not the same thing as a scholarship. While scholarships are often based primarily on academic merit or special talents, college grants are based primarily on your need for assistance. In addition, scholarships are often awarded by private organizations. College grants are usually forms of federal financial aid.

Types of Grants for College

There are many different types of college grants that students can receive. However, the following are some of the best known:

• Federal Pell Grants are the nation’s oldest source of tuition assistance for low or moderate income students. In fact, the Pell Grant is intended to be the foundation of any need-based financial aid package. Pell Grants are awarded to undergraduate students who have not earned a bachelor's or professional degree. The maximum Pell Grant award for the 2006-2007 academic year is $4,050, although most students will receive smaller grants.
• Federal Supplemental Educational Opportunity Grants (FSEOG) are given to the neediest Pell Grant recipients. Each college or university who participates in federal financial aid programs is allowed to distribute a certain amount of money for FSEOG grants. The amount of your FSEOG grant can range from $100 to $400 a year, although not all eligible students will receive funding.
• An Academic Competitiveness Grant for college can provide up to $750 for the first year of your undergraduate coursework or up to $1,300 for your second year of study. However, you must be a full-time student who is eligible for a Pell Grant. If you are a first year student, your high school must be recognized by the Secretary of Education as providing a rigorous academic program. If you are a second year student, you must have a GPA of at least 3.0 for your previous coursework. This program is new for the 2006-2007 school year.
• National SMART Grants, also known as National Science and Mathematics Access to Retain Talent Grants, provide up to $4,000 for third or fourth year students pursuing undergraduate degrees in computer, life, or physical science programs. To receive this college grant, you must be eligible for the Pell Grant program and have a minimum GPA of 3.0 in all coursework relating to your major. Like the Academic Competitiveness Grants, this program is new for the 2006-2007 school year.

Applying for a College Grant

If you want to apply for any of the previously mentioned grants, you’ll need to complete a FAFSA application. This form asks for information about your income and assets to determine how much assistance you’ll need to pay for your schooling.

Although the FAFSA application may look intimidating, you do not need to pay someone to fill the form out for you. In fact, it is not necessary to pay for any type of college funding assistance. Many high schools and colleges hold financial aid events to bring in experts to help students complete the necessary forms. You can also call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) to receive assistance in completing your application.

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