Getting money for school has become a thing of utmost importance, especially during this recession, when almost everyone is going back to the classroom. Knowing where to find free money and when the best time is to access it can significantly increase your chances of getting the needed funds for your education.
As is often said free money is the best money. Let me add that there is free money everywhere if you open your eyes wide enough. Grants are probably your best bet when it comes to getting money for school.
Statistics shows that grant money make up 40%, if not more of student financial aid. So, let me focus on federal and state grants and how you can take advantage of the opportunities that abound to grab your own share of ‘our’ money.
Grants are better deals to go for compared to loans, since you don’t have to pay back the money. However, you must realize that grants are mostly based on need and this need is filled on a first come first serve basis.
A grant is money given to a student for the purposes of paying for all or part of college expenses. Normally, a college grant does not have to be repaid by the student.
Recent facts show that a lot of students do not take advantage of funding opportunities that abound to sponsor their education, simply because they do not have the basic information about what to do. Many people do not even know where to find such information.
There are different categories of grants. These include Federal Pell Grants, Federal Supplemental Education Opportunity Grants, state Grants and Institutional grants
- Federal Pell Grants. This constitutes the largest chunk. Usually, Pell Grants can range from hundreds to several thousand dollars. Usually, Pell grants are need based and the need is determined on the basis of federal guidelines. Most colleges receive a fixed amount of this money every year. It pays to apply as early as possible so as to increase one’s chances.
- State grants. You may have more leverage in your state, so it’s advisable to keep your ears to the ground for information about state grants. Most state grants are also need based, while some of them might be targeted at certain subject areas. For instance, some states might have more grants for people who are interested in teaching or other education related courses. For many states, once your family income exceeds a certain level, say $75,000, you get disqualified. One thing I always advice is to always have enough information to make the right decision.
- Federal Supplemental Education Opportunity Grants. This grant usually ranges between $100 to $4,000. In most cases it is reserved for the neediest students. The application is also done through colleges' financial aid offices.
- Institutional grants. These grants are usually awarded by colleges from the supplemental funds they get from government. In most cases, these grants are awarded to students as a way to attract them to different programs in the school. In order to increase your chances of hitting this type of grants, it is necessary to do enough search and get enough information about the programs you are applying to, make comparisons before finally settling for an option.
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Finally, ask your school counselors or financial aid advisors if you are in doubt about where to get free money for school, find people who have benefited from one form of grants or the other. You will be surprised at how much information you lack.
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