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Federal College Grants

admin — Sun, 07 Feb 2010 14:15:07 +0000

Federal College Grants

Students who are planning their future college careers–but aren’t sure how to fund them–may worry about being saddled with enormous student loans after graduation. While typical student loans feature low interest rates and grace periods before they need to be repaid, the prospect of being approximately $50,000-$150,000 in debt fresh out of college is daunting. Federal college grants can help.

Unlike student loans, federal college grants do not need to be paid back. And there is a lot of money out there for students: as of 2006, the Department of Education’s Federal Student Aid (FSA) disbursed approximately $60 billion dollars each year. In fact, the FSA is the largest source for student financial aid in the United States. One of the most well-know federal grants is the Pell Grant, a need-based reward. However, new grants are created each year, including the Academic Competitiveness Grant and the National SMART (Science and Mathematics Access to Retain Talent) Grant.

How to Apply for Federal College Grants

To apply for federal aid, prospective students must fill out a Free Application for Federal Student Aid (FAFSA). While each state will have a deadline to turn in the form, it cannot be submitted before January 1 of the academic year in question. Applicants will detail their personal information as well as their college plans and general financial standings.

The typical eligibility requirements for federal grants are as follows: applicants must be citizens of the U.S. or qualified noncitizens. For most FSA grants, applicants must meet certain financial need guidelines. They must have valid Social Security numbers and high school diplomas. Qualified applicants must be working toward a degree or a certificate and must promise to only use the grant money for educational uses. Most importantly, recipients must achieve satisfactory grades once they get to college!

College Scholarship Grants

admin — Sun, 07 Feb 2010 14:13:19 +0000

College Scholarship Grants

It’s no secret that college is an expensive endeavor. As of 2006, the College Board estimated that a year of college at a four-year public university was $13,000, which included tuition, fees, housing, etc. According to those same findings, those who wished to attend private school could expect to pay at least $27,600 a year. Even if a student graduates in four years, these costs can add up to a staggering sum. Students who are not entering college in the near future also need to consider that tuition rates increase about five to eight percent each year.

Unfortunately, it can also be quite costly to not attend college. College graduates can generate nearly twice the income than those with just high school diplomas. Therefore, those who aren’t independently wealthy–or don’t have the advantage of a generous college fund–may want to investigate other financial aid avenues. For instance, individuals can apply for a scholarship or explore various grants.

Where to Look for College Scholarship Grants

A scholarship, unlike a student loan, does not need to be paid back. The same goes for grants. There are literally hundreds of venues that offer scholarship/grants to prospective students: the government, financial institutions, companies, non-profits, or even individuals.

Scholarships and grants can be divided into two groups: merit-based (for example, a music or theater scholarship) or need-based (various grants from the government). There are also grants and scholarships that are specifically earmarked for people of certain ethnicities. The government offers a list of its current grants, and entities like the College Board can also aid in the search. High school students can receive additional information from their guidance counselors.

College Grants For Single Mothers

admin — Sun, 07 Feb 2010 14:11:59 +0000

College Grants For Single Mothers

Single mothers who are contemplating college deserve congratulations. Considering that the typical college graduate can earn nearly twice the salary of a high school graduate, they are making a choice that can greatly benefit their ability to care for their children. However, single mothers may require financial assistance. Only 15 percent of single mothers are awarded spousal support, and a third of these women never actually receive it. In fact, a year after divorce, the woman typically experiences a drop of 45 percent in her standard of living!

Divorced or single women who have children to support–on top of their reduced financial circumstances–may worry that it’s impossible for them to pay for college. Plus, if they have mortgage or car payments, they may be hesitant to take on student loans. Fortunately, there is a wide array of college grants available for single mothers.

Find Sources of College Grants for Single Mothers

Grants, unlike loans, do not need to be repaid. Also, grants may be need-based or merit-based. There are actually grants out there designed just for single mothers that can cover tuition, fees, books, and other typical educational costs. Grants are offered through many entities, including the federal government, the colleges themselves, private companies, charitable organizations, and individuals.

To apply for federal grants, would-be students will need to fill out FAFSA (Free Application for Federal Student Aid) forms. Single mothers in particular may be eligible for need-based grants, especially if they are struggling financially. The FAFSA form details each state’s submission deadline. However, FAFSA forms may not be submitted before January 1 of the applicable academic year. Further assistance can be obtained through each college’s financial aid center.