| If you're planning to attend college and your daddy's | | | | There are four common types of grants: Federal Pell |
| name isn't Warbucks, you'll need to figure out a way | | | | Grants, Federal Supplemental Education Opportunity |
| to pay for it. Getting money for college doesn't have | | | | Grants, State Grants, and Institutional Grants. There |
| to be an insurmountable task, but it is an education in | | | | are also secondary Academic Competitive Grants, |
| and of itself. Understanding what types of financial | | | | and National SMART Grants for students majoring in |
| aid are available is the first step. | | | | math, science and social studies, who also receive Pell |
| There are three basic types of financial aid: student | | | | grants. |
| loans, scholarships, and grants. Students loans make | | | | Eligible schools receive a certain fixed amount of Pell |
| up about 58 percent of student aid; scholarships | | | | Grant money each year and once it's gone, it's gone. |
| make up less than 2 percent; grants make up about | | | | Applying early for student aid is a must if you're |
| 40 percent. The best money is free money. | | | | hoping to take advantage of this type of financial aid. |
| Scholarships and grants fall into this category. | | | | Pell grants are based solely on need, determined by |
| Loans have to be paid back with interest, so going | | | | your college of choice based on approved federal |
| after the free money for college makes sense. | | | | guidelines. |
| Federal student loan programs will usually have | | | | Federal Supplemental Education Opportunity Grants |
| deferrals for payment and sometimes for interest if | | | | of $100 - $4,000 are reserved for the neediest |
| your situation meets the requirement for these | | | | students. Application is made through the college |
| considerations. However, student loans cannot be | | | | financial aid office. |
| charged off in a bankruptcy, so don't even think | | | | State grants vary and can be based not only on |
| about not paying them back. | | | | need, but may also target certain course studies and |
| While you don't need a high school diploma or GED to | | | | or career locations, such as teaching in a low-income |
| attend most colleges, you do need one or the other | | | | district. Check your local state's website for student |
| to apply for most scholarships. Scholarships come in | | | | aid or higher education commission and be aware of |
| basically two forms: academic and athletic/corporate | | | | any strings attached. |
| sponsored. Scholarships can be offered by the college | | | | Institutional grants come from the colleges |
| or university or by a private organization or | | | | themselves and are dispersed when federal or state |
| corporation. Scholarships are also awarded to | | | | financial aid isn't enough, or when a school is trying to |
| students from minority groups by clubs and | | | | attract candidates they consider desirable. Typically, |
| organizations that focus on the needs and challenges | | | | you don't apply for these grants, but you can |
| of those groups. | | | | increase your chances for this type of financial aid by |
| Grants, of course, are a much better deal than loans | | | | targeting schools that are likely to want you, rather |
| because the money doesn't have to be paid back, | | | | than fighting to be admitted to a school that has |
| and if you're not in a minority group, a more readily | | | | plenty of other candidate choices. |
| available type of financial aid. Grants are usually based | | | | It's no secret that those with a college degree are |
| on economic need and often given out on a | | | | most likely to succeed in their chosen career. With so |
| first-come, first-serve basis, so it's important to apply | | | | many types of financial aid available, getting money |
| early for financial aid. The readily available grants are | | | | for college is more attainable than ever. |
| federal and state grants. | | | | |