Student Loan Grants

Finding the money to finance a college education is growing ever tougher in today’s economy, regardless of your background. Nevertheless, there are several ways to get money for college beyond scholarships and traditional student loans, and one of those ways is grant money.

Luckily the federal government and many private institutions give out many student loan grants in order to help students, many from economically challenged families, afford a college education. College grants come in a wide variety of forms, and anyone who might be eligible for them should definitely spend the time making sure they have explored all their options for pursuing higher education funding. Unlike loans, grants will not need to be paid back later and are one of the best ways to receive a college education.

Although it may seem like student loan grants are out of your reach or only given to those in the most dire circumstances, according to the National Center for Education Statistics, 64.4 percent of full-time students received some sort of federal grant money. Students from all 50 states are eligible for federal student loan grants, and depending on the institution the student chooses to attend, private money for college grants may be available as well. In order to help you better understand your options, PaydayLoansCashAdvance has put together a breakdown of grants.

Who Is Eligible for Grants?

College grants aren’t available to everyone, but more students than you might think benefit from some type of college grant. Grants don’t necessarily have to be huge, which means you don’t have to qualify for the biggest, most prestigious awards in order to earn money that will help put you through college.

State governments as well as the federal government offer grant money to eligible students, and institutions also decide to whom they will dispense student loan grants based on merit and need. Overall, however, those most likely to receive them have an overwhelming financial need, a meritorious high school record, or both.

What Types of Grants Are There?

Overall, grants come in need-based or merit-based form. Financially challenged students most often receive the Pell grant, the most common need-based grant distributed in the United States. Often students are also eligible for the Academic Competitiveness Grant as well, which encourages students with an extra $1300 in return for studying “critical needs” subjects. In addition, students can also get need-based grant money if they have suffered a long or debilitating illness that has had adverse financial effects.

Grants also come based on merit and talent. If, for instance, a student was outstanding in a subject or extracurricular activity, or can prove outstanding abilities in an art or hobby, they may be awarded extra money by the school to encourage them to attend. Students with abilities in sports, mathematics, science and the arts stand a good chance of earning themselves extra grant money. Pure academic achievement, such as an excellent GPA or a top SAT or ACT Score, can also earn students merit-based grant money.

Specific study areas or industries also sometimes sponsor grants, so be sure to check what the available funds are in your chosen field of interest. People who have served in the armed forces are often eligible for funds, as are members of particular minority groups or churches. Explore your interests and cultural background for any opportunity they might provide.

How Do You Apply For Grants?

Students who are getting started for need-based grants need look no further than the Free Application for Federal Student Aid (FAFSA), which is just what it sounds like: an application that doesn’t cost the student anything, on which they can prove to the government their need for college help.

Other grants based on race, merit, subject or region should be searched for and applied for one by one. Although these grants may be difficult to find, there are many websites available to help students locate good options for them. One of these is the College Grants Database, which offers students a wide variety of search options broken down by types of government grant, career path, minority type, student type and school type. It also offers additional opportunities, like grants for non-traditional students. Other good places to look are schools, community centers and places of worship.

Often times each individual grant will come with its own application specifications, and though sometimes you may be able to get started online or for several at once, more likely you will need to give each grant the individual attention it deserves.

What Else Should You Know?

While student loan grants are some of the absolute best ways to get money for college that won’t impact a student’s financial life later, there are other great ways to attend college even if you don’t come from a high-income background. Be sure to explore all your available options by checking out financial aid resources on financial aid websites or familiarizing yourself with the FAFSA website before applying for college.

Federal and state governments also often offer scholarships, tuition waivers and other forms of need-based or merit-based help for students who look for them. It is worth noting that some grant amounts may seem very small in comparison with the overwhelming costs associated with college, but students can receive as many grants as they are eligible for. The combination of grants and loans together can be a powerful one. By taking the time to research and apply for college grants, you can make your dreams of higher education a reality without the strain of financial debt after graduation.

At PaydayLoansCashAdvance we know that attending college is one of the biggest dreams for many young people, and sometimes their entire families. Use this page to familiarize yourself with your options and give yourself the best chance of success you can.

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