What Are School Grants? |
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When looking for money for college, you have a few options:
• Take out enormous student loans that will take years to pay back • Pay as you go, spending your entire college experience working every job you can find to afford tuition costs • Find a rich relative you didn't know you had and talk them into writing a check • Apply for school grants
Most people take the first route, and are still paying off student loans ten years or more after they've graduated college. If you're going to try the “pay as you go” method, at best you'll work yourself into exhaustion just to keep up, and at worst you'll have to take several extended breaks from your education to save enough money for another semester. And unfortunately, unknown rich relatives don't grow on trees.
The best method is to find a school grant that will pay your way through college.
The way that a school grant differs from a student loan is simple; a student loan is just that, a loan, that must be paid back...plus interest. A school grant, on the other hand, does not have to be paid back. That's right...it's a gift. Not everyone can qualify for a school grant, but most people aren't aware of the variety of grants available beyond the most common, the Pell Grant.
All grants have specific qualifications that you must meet before you can receive funds, and the Pell Grant is no different. The main qualification is one of income; for the Pell Grant, a formula is applied to various factors including your personal income (or that of your family) to determine if you're eligible. The good news is that, even if you fail to meet the eligibility requirements of the federal Pell Grant, there are many other school grant options available to you. For the most part, you have to have a high yearly income to not be eligible for some form of grant.
Most states have their own grant programs for in-state college tuition. Check with your state department of education to find out what kinds of state school grants are available...the results will surprise you! There are grant programs for specific ethnicities, different fields of study and various other criteria, most of which you have probably never heard of.
There are also many private foundations that offer grants...the qualifications for these usually include academic performance, such as maintaining a 3.0 average in your coursework. The academic qualifications vary from one grant program to another, so make sure you pay attention to what's required to not only receive the grant, but what you'll have to do to continue receiving the money for the life of your college career.
One other place that usually has grant money is one that some people overlook...the school itself. Talk with your chosen college, explain your need and see what grant options the school offers. More than likely, you'll find several grant options you're qualified for that can cover part (or all) of the cost of your college education.
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