Located in New Haven, Connecticut, Yale University is considered to be one of the nation’s top colleges. Since its founding in 1701, Yale’s campus has grown into large 260-acre campus with over with 11,000 students and more than 3,000 faculty members. A member of the Ivy League, Yale has fostered an ongoing rivalry with fellow Ivy campus Harvard.

Beyond being incredibly prestigious (Yale University alumni have been overwhelmingly represented in presidential campaigns), Yale’s library sets it apart from other Ivy League schools. With 11 million volumes, Yale’s library system is the second largest among U.S. universities. As a result of their impressive academic reputation and ample facilities, Yale attracts many of the nation’s top students and has developed a rigorous screening process for prospective applicants.

Among the student body, nearly half (44 percent) of students major in fields within Arts and Humanities, another 37 percent are in the Social Sciences, and only 19 percent major in Biological and Physical Sciences. Not surprisingly, political science, history, and economics are the most popular majors at Yale University. Yale University’s student body split evenly among men and women.

As part of the NCAA’s Division I, Yale University Bulldogs have 35 sports to choose from, divided almost evenly between men and women. Beyond sports, many students participate in the Yale Political Union, one of the university’s oldest and most popular groups. Along with the oldest student political group in the country, Yale also features the nation’s oldest student newspaper, the Yale Daily News.

Unlike a private loan, private college grants do not need to be repaid. Private grants are simply a form of financial aid that comes from private non-profit sources as opposed to the government. (For-profit sources issue scholarships, not grants. Beyond this distinction, there are no real differences between private college grants and scholarships.) The sources of private college grants include universities, social clubs, scholarship organizations, and more.

About half of all undergraduates are given grants, according to the National Center for Education Statistics, and the average total amount hovered at about $4,000 in 2006. With the cost of a private university education exceeding $20,000 per year in many areas, students should apply for as many grants as possible. Grant money is tax exempt, so there are no negative financial ramifications for the recipient.

Sources of Private College Grants

While many grants are need-based, meaning that applicants would have to demonstrate a financial hardship, quite a few grants are merit-based. Students with exceptionally high grades, excellent leadership skills, or even a unique talent can seek out grant sources. Some grant organizations also offer funds based on an applicant’s ethnic or cultural background, including the United Negro College Fund and the Congressional Hispanic Caucus Institute.

Many grants are renewable, meaning that an applicant can continue to receive additional funding for each year of college attended. However, these private college grants will usually require the applicant to meet basic criteria before a renewal is approved. For example, maintaining a certain GPA or participating in a set number of volunteer hours may be required.