Grants for College Students

Students, interested in pursuing higher education, are finding it increasingly difficult to pay for a college education that can cost well over $20,000 per academic year. Student loans and grants, that help students foot the bill, are the need of the hour. Grants are especially favored by students since they are not obligated to repay the disbursement that is tantamount to a gift. The Federal and the State govt. offer grants, that are generally need based. In addition to the govt. private organizations offer both need based and merit based grants.

Federal Grants for College Students
The following scholarships and government grants for college students can help scholars realize their academic aspirations.

Federal Pell Grant: This grant is awarded to students strictly on the basis of financial need. In order to apply for the Pell Grant, one needs to fill out the Free Application for Federal Student Aid (FAFSA). The financial aid is meant for undergraduate students, although students enrolled in a post-baccalaureate teacher certification program may be eligible for the Pell Grant. For the year 2009-10, the maximum amount of money that can be disbursed to students is $5,350. The amount of money that is sanctioned depends on factors like financial need, cost of attending school and full/part-time enrollment in school. The money is awarded by the participating schools to the students, usually by check, and the money is disbursed at least once per term or twice a year depending upon the duration of the academic session. Students applying for the Pell Grant need to complete the necessary paperwork that is used to determine their Estimated Family Contribution (EFC) for college. EFC is determined based on the amount of disclosed household financial information.

The Federal Supplemental Educational Opportunity Grant (FSEOG): This grant is meant for undergraduates who demonstrate exceptional financial need. Priority is given to Pell Grant recipients who have the lowest EFC. A person is eligible to receive between $100 and $4,000 annually. The mode of disbursement is similar to that of the Federal Pell Grant.

The Academic Competitiveness Grant (ACG): This grant was instituted during the 2006-2007 school year and provides $750 for the first year of study and $1,300 for the second year, to students who in addition to receiving the Federal Pell Grant have qualified for the ACG grant on account of meritorious performance. The student needs to be enrolled in a degree program at least half-time, complete rigorous secondary school programs of study as published by the Secretary for each year of graduation, and meet other requirements.

The National Science and Mathematics Access to Retain Talent Grant: Popularly known as the National Smart Grant, this grant is available during the third and fourth years of undergraduate study to students who are recipients of the Federal Pell Grant. Students should have enrolled in school at least half-time and should be majoring in physical, life or computer sciences; mathematics, technology, engineering or in a foreign language that is deemed critical. Moreover the grant, which provides up to $4,000 for each of the third and fourth years of undergraduate study, is contingent to the cost of attendance being less than the amount received in lieu of Pell and Smart Grant.

In addition to Federal grants, states administer college grants for high school students, based on merit, need, ethnicity and area of study. In fact, Sallie Mae the largest provider of private student loans in the US, has instituted a system of providing grant money for college students, who in addition to hailing from economically disadvantaged families, are the first in their family to attend school.