By Joe Taylor Jr.
Career Colleges Columnist
Grants have a leg up on many forms of college financial aid because of one important stipulation: you don't have to pay them back. You can apply for college grants from your university, businesses and foundations. The federal government also operates grant programs to help students pay for college. Some grants are based on financial need while others are allotted based on merit and academic achievement.
Private College Grants
Many college students miss out on money for college because they fail to apply for grants. Corporations and foundations offer money for college students who excel in their areas of study. For example, students of math and sciences may apply for college grants from the American Diabetes Association and the National Inventors Hall of Fame.
Federal Government Grants
One of the largest sources of money for college is the federal government, which offers more than 130 grant and scholarship programs. Here are some of the most popular government grants:
- Pell Grant: The government awards up to $4,050 annually per college student based on demonstrated financial need when they apply using the FAFSA.
- Academic Competitiveness Grant: Students are awarded up to $750 during their first year and up to $1,300 during their second year. Prospective college students submit high school transcripts when they apply.
- National SMART Grant: Government agencies award up to $4,000 for the third and fourth years of undergraduate college to students majoring in scientific and technical fields. This way, the government can boost the applicant pool in critical manufacturing and homeland security fields.
Grants offer critical money for college, but you shouldn't have to spend much money to apply. Beware of Web sites that charge hefty fees to help you find college grant programs, when you can find the same information free on the Internet or through your college financial aid office.
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