College grants, scholarships, private loans, federal loans – the list goes on. With all the sources of funding for college tuition, you need solid facts and great organization to keep track of everything. Beyond just paying for college, you also need to navigate the college application process. College essays, application deadlines, letters of recommendation, standardized tests – it can quickly become overwhelming. WiseChoice is the place to start for every aspect of applying to college and securing funding for tuition and college expenses. Grants are college financing options that are quite desirable because they require no re-payment. College grants are gifts of money to be used to cover college costs. There are several types of grants available from many different sources – here are some of the more common types of grants along with helpful information.
There are several types of grants that you may encounter. First, most grants are need-based, given to students who have sufficient financial need as determined by several factors, such as their Expected Family Contribution (calculated by the federal government upon completion of the Free Application for Financial Aid Form) and total cost of attendance.
Second, there are merit-based grants available for students who show academic excellence and are focusing on a specific area of study. For example, a non-profit environmental organization may develop a grant for high-achieving students who want to study environmental engineering, or a healthcare foundation may establish a grant for students who want to pursue pharmaceutical research.
Third, minority grants are available for students who meet certain eligibility requirements. Grants created for women or minorities typically are similar to merit-based grants, but reserved for only certain segments of the population.
With the basic types of college grants established, let's go through the sources for these grants. The first place to look for grant money is the federal and state governments. The federal government has several grant options available for undergraduate and graduate students, and the most notable is the Pell Grant. The Pell Grant has been around for some 40 years and is the largest source of student grant funding available.
Most state governments have grant programs available as well. Although it varies from state to state, many have programs based on financial need or academic merit, and some have grant programs designed specifically to help women and minorities. You'll find information about state grant programs by searching state government websites. WiseChoice also has one of the most comprehensive databases of state aid anywhere. Our database can help you locate state aid, regardless of which state you live in.
Private organizations are also a potential source of college grant money. Private organizations typically have grants available for very specific types of students or areas of study that match the missions and goals of their organizations.
The military also provides grants to students who make a commitment to serve in the armed forces after graduating. This excellent option is available for all the branches of the military including the Army, Navy, Air Force and Marines.
There are many college grants available. Understanding the types of grants and the source of those grants is the first step in securing your college funding.
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