Guide to Scholarships and Grants

A variety of scholarships and grants are available. Oftentimes these are offered directly by colleges.  However, they are also offered directly by the federal government.

At any rate, here are some of the most popular types of scholarships and grants available for college:

Pell Grant-Usually this is awarded to any student who shows significant financial need. The amount of grant given is calculated by using a specific formula, usually Expected Family Contribution and combined income and assets. This is then figured in along with the actual cost of attending a school. Usually the maximum amount given is about $5,500.

TEACH Grant-For individuals who have a desire to teach in an inner city or other low income neighborhood this is a great opportunity. The minimum number of years required would be four out of eight calendar years in order to not have to pay this money back. People preparing for a position like this can teach at either a public or a private school and it can be at any grade level.

Federal Supplemental Educational Opportunity Grant (FSEOG)-Undergraduate level students who exhibit exceptional financial need is often awarded this grant. It is typically given to people whose expected family contribution is quite low. The minimum amount received would be $100.00 and the maximum amount received would be $4,000. The amount you may receive depends upon what school you plan to attend.

National SMART Grant-This award is given in order to help promote further study in mathematics or science. Usually third and fourth year undergraduate students would receive this award. Sometimes it also is offered to fifth-year students. One of the requirements is that the student maintains a 3.0 grade point average.

Additional Scholarships

Specific schools award scholarships to women and minorities. This is based on a variety of qualifications, such as merit for some type of achievement or money awarded because of financial need.

These are often awarded by specific schools. However, sometimes these certain scholarships are given out by private foundations and organizations.

Occasionally, scholarship money may be donated by an individual. In any case, they might cover just a small part of the cost of going to school. However, in other cases the grant is a larger amount.           

Besides scholarships and grants, students can also receive either a government subsidized or unsubsidized school loan. Sometimes the interest is paid by the government if the loan is in what is called “determent” and the interest on these loans is postponed during a “grace period” after a person leaves school.

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