While costs of college tuition continue to skyrocket, state and federal governments have been working to make money available to make a university education a little more affordable. The average tuition at public colleges rose 8.3 percent in 2011 and now exceeds $17,000, including room and board. This is a major reason about a third of students at major universities seeking a bachelor’s degree fail to finish. Due largely to this decrease in college completion rates, the U.S. federal government last year made $50 billion in grants available to college students. Finding these grants is not as easy as finding student loans, but they are available for those who know what to look for and where.
College grants for students
Most of the grants offered for education come from the federal government, though other sources include state governments, local organizations and employers. Check with high school student counselors, college financial aid offices and workplace human resource staff to see what grants might be available. Some examples of possible grants are included below.
Pell Grant
Available to undergraduate students who show financial need and have not yet earned a bachelor’s degree. Considerations for the grant include the cost of attendance of the chosen school, student status and whether they will be attending year-round or for a partial year. The maximum Pell Grant award is $5,550 for 2011-2012.
Federal Supplemental Educational Opportunity Grant (FSEOG)
While the Pell Grant is based on financial need, recipients of the FSEOG are able to show exceptional financial need. The award amount begins at $100 and can be as high as $4,000 per year. Award amounts will depend on when the application is made, the applicant’s need and the funding and policies of the school being attended.
Iraq and Afghanistan Service Grant
If a student had a parent or guardian who was killed while serving the country’s military in Iraq or Afghanistan after Sept. 11, 2001 they may eligible for the Iraq and Afghanistan Service Grant. Applicants cannot be eligible financially for a Pell Grant and must be under 24 years old. The student also must have been enrolled either part-time or full-time at a school at the time of the parent or guardian’s death. The grant award is equal to the maximum amount awardable through the Pell Grant, not to exceed the cost of the school’s tuition.
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Provides grants of up to $4,000 for students who intend to teach in a public or private elementary or secondary school that serves low-income children. Recipients of TEACH grants are required to teach at least four years within eight years of graduation. The time teaching must be in a high-need field, such as mathematics, science, foreign language, reading specialist or special education. Failure to do so results in TEACH grant funds that were received converting to Stafford loan funds that need to be repaid with interest. The TEACH grant is open to undergraduates, post-baccalaureate and graduate students who meet certain academic criteria.
Other sources
Grants are also available for minorities, children of employees of certain companies and from many civic organizations. These are often based on financial need, academic success or competitiveness.
College is an expensive venture and it’s not getting any cheaper. Grants have to be sought out more than loans but are well worth the effort. There are numerous avenues available for financial aid but the best help for students is a grant because that is money that usually does not have to be paid back.
Guest author Christina Lloyd writes for a website that provides practical advice about getting student grants, including grants for teaching students. She believes it’s worth college students taking the time to research what free money might be available to them.
How to Get Free Money for College
Posted by College Spot in College Finance
While costs of college tuition continue to skyrocket, state and federal governments have been working to make money available to make a university education a little more affordable. The average tuition at public colleges rose 8.3 percent in 2011 and now exceeds $17,000, including room and board. This is a major reason about a third of students at major universities seeking a bachelor’s degree fail to finish. Due largely to this decrease in college completion rates, the U.S. federal government last year made $50 billion in grants available to college students. Finding these grants is not as easy as finding student loans, but they are available for those who know what to look for and where.
College grants for students
Most of the grants offered for education come from the federal government, though other sources include state governments, local organizations and employers. Check with high school student counselors, college financial aid offices and workplace human resource staff to see what grants might be available. Some examples of possible grants are included below.
Pell Grant
Available to undergraduate students who show financial need and have not yet earned a bachelor’s degree. Considerations for the grant include the cost of attendance of the chosen school, student status and whether they will be attending year-round or for a partial year. The maximum Pell Grant award is $5,550 for 2011-2012.
Federal Supplemental Educational Opportunity Grant (FSEOG)
While the Pell Grant is based on financial need, recipients of the FSEOG are able to show exceptional financial need. The award amount begins at $100 and can be as high as $4,000 per year. Award amounts will depend on when the application is made, the applicant’s need and the funding and policies of the school being attended.
Iraq and Afghanistan Service Grant
If a student had a parent or guardian who was killed while serving the country’s military in Iraq or Afghanistan after Sept. 11, 2001 they may eligible for the Iraq and Afghanistan Service Grant. Applicants cannot be eligible financially for a Pell Grant and must be under 24 years old. The student also must have been enrolled either part-time or full-time at a school at the time of the parent or guardian’s death. The grant award is equal to the maximum amount awardable through the Pell Grant, not to exceed the cost of the school’s tuition.
Teacher Education Assistance for College and Higher Education (TEACH) Grant
Provides grants of up to $4,000 for students who intend to teach in a public or private elementary or secondary school that serves low-income children. Recipients of TEACH grants are required to teach at least four years within eight years of graduation. The time teaching must be in a high-need field, such as mathematics, science, foreign language, reading specialist or special education. Failure to do so results in TEACH grant funds that were received converting to Stafford loan funds that need to be repaid with interest. The TEACH grant is open to undergraduates, post-baccalaureate and graduate students who meet certain academic criteria.
Other sources
Grants are also available for minorities, children of employees of certain companies and from many civic organizations. These are often based on financial need, academic success or competitiveness.
College is an expensive venture and it’s not getting any cheaper. Grants have to be sought out more than loans but are well worth the effort. There are numerous avenues available for financial aid but the best help for students is a grant because that is money that usually does not have to be paid back.
Guest author Christina Lloyd writes for a website that provides practical advice about getting student grants, including grants for teaching students. She believes it’s worth college students taking the time to research what free money might be available to them.