Grant money can be an invaluable resource to pay for your education. Grants are different from typical loans in that they do not require repayment and are available from a variety of sources. Obtaining grant money could be beneficial for those looking to reduce their student loan debt and/or lower their tuition expenses. Fortunately, many education grant money resources are available to help people pay for college or a post-high school education.
Federal Student Aid
Federal student aid is the largest source of grants in the United States. This government-funded program provides grants and loans to degree-seeking undergraduate and graduate students. Federal grants are offered on a need basis and are issued to students who complete the Free Application for Federal Student Aid (FAFSA). Popular federal grants include the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant (FSEOG) and the Iraq and Afghanistan Service Grant.
State Student Aid
Depending on the state, students may be eligible for state-funded grants to cover educational expenses. Some states, such as Indiana, offer merit-based grants, meaning students must meet certain criteria (such as academic achievement) to qualify. Other states, such as North Carolina, may factor both merit and need into their state-funded grants. Additionally, students may be eligible for scholarships or grants that are associated with their major or program of study.
Non-Profit and Private Foundations
Private foundations and non-profit organizations are an excellent source for grant money. Organizations such as the Gates Millennium Scholars Program, the American Red Cross, and the United Negro College Fund offer various tuition assistance grants. Also, universities and colleges may award grants and scholarships to qualified applicants. The award amounts and qualifications vary depending on the foundation or organization.
Other Sources
Another way to find grants is by researching awards that are available for students in a specific field. For example, the American Welding Society offers welding-related grants to students studying welding engineering and technology. Additionally, employers may offer education grants as part of their benefits package. Some employers partner with universities and colleges to cover a percentage of tuition costs for their employees.
Final Thoughts
There are many ways to obtain grant money that can help individuals pay for their education. The most popular sources of grant money include Federal Student Aid, State Student Aid, Non-Profit and Private Foundations, and Other Sources.
Each source offers its own set of qualifications and requirements, so it’s important to research the type of grants available to determine which one is best suited for the individual’s needs. Grant money, when used correctly, can make all the difference when it comes to paying for a post-high school education.
