College Grant Money Is Available From Many Sources
Few families have the financial means to pay the full cost of sending a child to college. Current costs, which are still rising, average $40,000 for four years at a public university. To enable more students to earn degrees, many private groups, the federal government, and individual states provide college grant money. Grants are not the same thing as loans. Loans have to be repaid, while grants do not.
The backbone of the federal grant program is the Pell Grant for students with the greatest financial need. Pell Grants are available for up to $4,000 per year for a full time student. Currently, the average household income to qualify for this amount is less than $20,000 annually.
There are federal grants available that are based on economic need and merit. The Academic Competitiveness Grant for freshmen and sophomores and the National SMART Grant for juniors and seniors are two such grants. Students have to maintain a minimum GPA of 3.0, and be enrolled in select majors, mainly engineering, science, and mathematics. Certain foreign language courses and liberal arts degrees may be eligible, as well. A third grant, the Federal Supplemental Educational Opportunity Grant, is based completely on financial need. All three grants require that students also receive Pell Grants.
All states offer a variety of college grants. Most, but not all, are based on financial need. Some are provided to students in select fields, usually teaching and nursing. Other are reserved for minority students or offered in exchange for working in a critical area. One such grant is available for students who will commit to teach on a reservation. Some states have grants for students older than traditional students or for workers who have been displaced and need additional training. Many grants offered by states are for residents only, but some apply to anyone attending college in their state. Some are even earmarked for transfer students who are moving from out of state.
Most states and numerous private groups offer grants to students seeking degrees in areas of shortages. Included are nursing, physical therapy, teaching, technology, and other fields as deemed necessary. Females, especially if a member of a minority group, can find many grants in fields that have historically been dominated by men. Law, engineering, and journalism are popular areas to find these grants.
College students who have special qualifications can also find many state grants designated for them. For example, many states offer grants for those leaving foster care and for children of state troopers killed or disabled in the line of duty. Descendants of certain veterans can also find grants through private organizations. An example of this type of grant would be one offered for female descendants of Confederate soldiers.
Grants that are implemented by private groups usually require students to apply directly to them. For federal and state grants, the FAFSA (Free Application for Student Aid) is the starting point. Students can complete the FAFSA on the Internet or at most universities. The deadline each year is June 30 for the upcoming fall semester, but it should be done as soon as possible. Some states have deadlines as early as March, while others can make grants only until available funds are depleted. Therefore, the earlier a student applies, the better the chance of receiving a state grant.
Financial need is an unacceptable reason to deny anyone a college degree. With more areas now requiring a college education, it should no longer be considered a privilege reserved only for the affluent. All who wish to achieve financial success should consider it an essential part of life, and college grant money can help make it a reality
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