College Grants Make Higher Education Possible For Students From All Walks of Life

Nowadays, with the rising cost of education and the flat state of the economy, paying for college is one of the most difficult things anyone can try to do. As costs per semester rise into the thousands, students are constantly looking for ways to raise funds to pay their tuition. Fortunately, students have a number of options available and one of the foremost of those is funding via grants.

Many students may be familiar with only scholarships and student loans, and may not even realize that a grant is an option for helping to pay for college. Grants are actually distinctly different from both of these, specifically in that grants do not have to be repaid. They’re essentially free gift money specifically offered to help defray the cost of a college education, and they’re need-based instead of merit-based, like scholarships.

Grants are awarded by a number of sources, including federal and state governments, college and universities, and both public and private organizations. Grants are awarded to students based on their degree level or what subject they’re studying. They may also be awarded based on financial need, student ethnicity, or religious affiliation. Some groups even offer grants based on students’ special interests.

The federal government offers some of the most popular and well-known grants to students today. More and more students are taking the leap from high school to attend college, and the government recognizes that students are most likely to graduate given the right financial resources. The federal grant programs include grants like the Pell Grant and the Academic Competitiveness Grant.

The Pell Grant has been around for almost 40 years and is considered to be one of the main staples for millions of students in the U.S. This grant program is geared towards students who demonstrate financial need based on a form they fill out called the FAFSA (Free Application for Federal Student Aid) – students can earn up to $5,550 to assist with the cost of tuition.

A lesser known, brand new federal grant that also offers tuition assistance to students is called the Academic Competitiveness Grant, or ACG. The ACG was first made available in the 2006 – 2007 school year, and is available to undergraduate freshmen and sophomores with outstanding academic records. Qualifying candidates may receive up to $750 their first year and $1,300 for their second year of study, so long as they maintain their GPA and are also Pell Grant eligible.

Grants are offered solely based on financial need, however. Minority grants are becoming more readily available as the number of college graduates in minority groups rises sharply. African American, Hispanic and Native Americans are most eligible for minority grants. Likewise, grants for women are also becoming significant, especially to encourage women to participate in underrepresented degree programs like the sciences, mathematics and business.