Grants and Scholarships

Go For The FREE Money

When considering how you are going to pay for your education, ALWAYS look for the free money first. Free money is just that, free. It doesn’t have to be paid back when you get out of college and work for peanuts and can’t pay for your groceries let alone your student loan payment. Free money is probably not going to help you pay for ALL your college costs, but every little bit counts.

Grants are a form of free money, based on financial NEED, and are there to help finance your education. There are several types of grants available, offered by the federal government and private entities. Federal grants are based off a student’s FAFSA report and are given to students who demonstrate financial NEED. Private grants are based off a student’s achievements and letter writing ability. There are numerous private grants available and a quick Internet search will demonstrate just how many are out there.

The Federal Pell Grant is available only to undergraduate students and is the foundation for all other forms of financial aid. The US Congress sets the qualifications that allow a student to receive a Pell Grant and the award amounts are based on if you are a full-time or part-time student, cost of attendance, and your expected family contribution (how much you or your parents are expected to pay). The maximum amount of a Pell Grant award is currently $4050.00 although not everyone will receive that entire amount because of the above factors.

Federal Supplemental Educational Opportunity Grants (FSEOG) are for students who demonstrate an extreme need. Students that have the lowest expected family contributions, if not zero, will be the ones to qualify for an FSEOG. Although, it should be noted that not every student who qualifies for an FSEOG will get one. All schools disperse these funds on availability and it’s first come, first served here. That’s why filling out your FAFSA early is so important. The FSEOG award amounts can be anywhere from $100 to $4000 and the amount you get depends on your school’s funding process, your need, and how early you applied.

Don’t forget about scholarships. Scholarships are offered through philanthropic organizations, service organizations, corporations, and other private entities. Your own college is a good source for scholarship money. Usually, alumni and other groups donate money to colleges and universities in order to fund scholarships for specific groups of people. Not all scholarships require you to be a straight A student or demonstrate financial need. There are many ways to search for a scholarship and the online research is always a good idea. The website FastWeb is a good starting place to match your needs and abilities with available scholarship money.