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| Distinguishing The Differences In Financial Aid |
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| Written by Michelle Conner |
| Friday, 21 October 2011 07:44 |
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A college education can add thousands of dollars of debt to a person's economic standing. Not only does a student have to pay for classes, but supplies like books are getting more outrageous every semester. It's not unusual for a textbook to cost over a hundred dollars, and if you're taking five classes, that's a very large expense every semester. That's why articles about money for college are great sources of information about financial aid. Students who have planned ahead and saved some money for tuition may find themselves in a better position than those students who don't, but that doesn't mean everything will be covered. When you take into account additional expenses like food, clothing, and housing, it's not very likely that your savings will be enough to cover everything. Students shouldn't get discouraged, though, because there is financial assistance available that won't cost them a cent. The free money that is available to students is in the form of grants. Grants are a type of financial assistance that is given to students that meet certain criteria; the money is given gratis. That means it never has to be repaid. What many students don't realize is that there are thousands of different grants available each and every year for students who need them and who meet the qualifications. Using resources about college degrees it becomes very easy to find some form of financial aid that will apply. Grants are usually awarded from four categories; within each of those four categories the awards are generally based on two types of qualification: need or merit. Merit-based grants are awarded to deserving students because they have shown that they have a specialized ability that qualifies them for that particular grant. Usually the ability is a skill, talent, or academic standing at the time of the award. The other type of grant is a need-based grant, which is determined by the applicant's financial standing: these grants go to student's who otherwise would not have the opportunity to attend college because of their financial situation. The first and most common category of educational grant is a federal grant. That means the money comes from the federal government and is available to students nationwide. The most common kind of federal grant is the Pell Grant, which is a need-based grant. The Pell Grant can supply the neediest of students a stipend of up to $5,550 each year. There are other federal grants available, such as the Federal Supplemental Educational Opportunity Grant, which is available to the neediest of Pell Grant recipients and is intended to supplement the Pell Grant. Additionally, the Federal government also awards the SMART (Science and Math Access to Retain Talent) Grant, as well as the Academic Competitiveness Grant. State and local governments also award grants to students who are residents. Each state or local government that awards grants determines the qualifications for recipients and the types of grants, which may be merit or need-based. While some states have programs to reward students who are in the top percentile of their class, others give awards to all students who achieve a certain GPA. For specific information, you should contact your State's Department of Education and be in contact with your local city council to see what is available. Many private groups and institutions also award grant money to students. These are called profession-specific grants or student-specific grants. That means the grant is specific to either a chosen profession or field of study, or to a particular group or category that a student belongs to. For profession-specific grants, check with the department or college in which your major is taught, or the professional or trade group that is affiliated with your major. Student specific grants are based on status or inclusion in a particular group, such as a racial minority or physical ability or disability. The financial aid office will have more information on these types of grants. About the Author: Don't be one of the students who fall short on money when taking an online course. Millions in grant money goes wasted because students don't apply for it when taking online degrees accredited. Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
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