Every year, thousands of new students head off to college for the first time. But very few of them can afford to pay for it. Not right away, at least. For most college students, government grants and student loans help pay for school. A government grant is a payment that Uncle Sam makes on your behalf for the purpose of receiving higher education. They do not need to be paid back.
Typically, such grants only cover a portion of your college tuition. For the rest, you may need to obtain student loans or work to pay off the remainder of the tuition. Still, no matter what you do or do not qualify for, it's important that you fill out a FAFSA (Free Application for Federal Student Aid). It will tell you what types of grants you qualify for before you head off to college.
More information on FAFSA
It's not that hard to fill out your FAFSA and receive a grant today. Watch this clip to see how a couple of couch potatoes managed to get it done in just 5 minutes.
Video: How to Fill Out Your FAFSA in 5 Minutes
The different types of government grants for student loans
There are many types of different government grants available for students looking to attend college. Here are some of the grants and the qualifications you must meet to obtain one.
Pell Grants: This type of government grant awards millions of dollars to college students every year. It is the largest college loan program in the United States. During the 2007-2008 school year, students were only eligible to receive up to $4310 from a Pell Grant. They are available to any undergraduate looking to attend school, regardless of the grade point average of the student.
Federal Supplemental Educational Opportunity Grant: Unlike Pell Grants, the FESOG is only available to undergraduates with extreme financial needs. Students can receive as much as $4000 towards their education but can also receive as little as $100 per year depending on their family's financial support towards their child’s education.
Academic Competitiveness Grant: Introduced during the 2006-2007 school year, this grant rewards students who participated in tough courses during high school and, as a result, are not eligible for merit-based grants. Students can receive up to $750 their first year and $1300 during their second year as an undergraduate. Still, only students needing the money are eligible to receive this type of grant.
National SMART Grant: The National Science & Mathematics Access to Retain Talent Grant is available to third and fourth year college students who have devoted their studies to science, math, technology, engineering and certain foreign language courses. These grants are worth up to $4000 per year.
Institutional Grants: Though not awarded by the government, most colleges award merit-based grants to reward academic success. Before you apply to a specific school, check with their scholarship department to see what types of grants they give to potential undergraduates.
An easy step-by-step process to applying for a grant
If you're interested in obtaining a grant and looking to apply for a FAFSA today, follow these three simple steps:
1. Prepare to fill out your FAFSA: Before you actually apply for FAFSA, you can use FAFSA4caster to get an estimate of the amount of student aid you might be eligible for. However, it's important to sit down and seriously prepare for your FAFSA when the time comes for you to fill it out. Determine your dependency status by filling out the worksheet provided by FAFSA. Apply for a PIN and make sure you have the school codes for your college choices handy. Also, be sure you have enough time to apply before the FAFSA deadline. Continue reading to learn about the deadlines.
2. Fill out your FAFSA: You can do this online by visiting the FAFSA site. Use your worksheet to help you fill out your form and sign it electronically with the PIN you applied for.
3. Follow up with FAFSA: You can check the status of your FAFSA at any time. Within just a few weeks, you'll find out how much student aid you are eligible to receive through grants.
Deadlines for your grant applications
In order to be eligible for any of these grants, you must fill out your FAFSA form on time. Here are the deadlines currently in place:
FAFSA for 2008-2009 is due by midnight, Central Daylight time on June 30, 2009.
FAFSA for 2009-2010 is due by midnight, Central Daylight time on June 30, 2010.
And, what is a Boren scholarship?
If you don't qualify for a grant, you can still find ways to obtain help once you're in college. You can apply for scholarships or even student loans that you can pay back later. Or, you can apply for something like the Boren scholarship. A Boren scholarship awards up to $20,000 to U.S. undergraduate students to study in countries that are important to America’s interests. Africa, Asia and the Middle East are just a few of the destinations. In order to apply for next year, students must fill out an application by February 11, 2009 through their school's campus representative.
How to avoid screwing up your financial aid
Whether you are applying for a grant or another form of financial aid, check out this video to see how you can avoid missing out on a big opportunity.
Video: Don't Miss Out on Financial Aid Opportunities
Start applying now
Too many potential college students delay the application process for financial aid. They're too busy, too confused or simply too intimidated to start. But you need to get started right away to hit your deadlines and have a real chance at receiving a grant. Now that you've read what it'll take to get a grant, get out there and get it.
