If you would like to get a college education but do not know how to pay for it, a college education grant can help! Typically, college grants are need-based, which means they are given to applicants who are in financial need. While loans are available for most college students, grants are usually reserved for college students who meet certain requirements. And unlike loans, grants do not need to be paid back!
Whether you are interested in going to a university or getting a technical or career education, grants may be able to help you pay for your higher education. Below, learn more about how grants can help you, who qualifies for grants and how to apply for grants quickly and easily.
College grants are different from scholarships and loans. Unlike loans, both grants and scholarships do not require repayment. While scholarships are based on merit, grants are generally based on need. A merit-based scholarship is awarded based on a student’s past academic performance, including their grade point average (GPA) and/or test scores on the SAT, ACT or other college admission test.
Often, students will have to write an essay or compete in order to receive a merit-based scholarship. A scholarship may be awarded to students who plan to pursue a specific field of study.
Some grants may be awarded on the basis of merit, but most will simply require an applicant to show that they are in financial need. This usually means having an income and resources that are too low or limited to pay for college. The purpose of these grants is to allow people to attend college who may otherwise be unable to afford it.
In addition to meeting income and resource requirements, grants may have other conditions you have to meet. Grants may be awarded to specific populations such as veterans and service members, people with disabilities, first-generation college students or members of certain ethnic groups.
Some grants, such as the Federal Pell Grant and Federal Supplemental Educational Opportunity Grant, are offered by the federal government and are available to many U.S. residents who meet the qualifications.
Other grants are offered by individual states. For this reason, it is important to check to see which grants are offered by the state you live in. Grants may also be offered by specific colleges, universities or trade schools. You can find these grants by contacting an educational institution you might consider attending.