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Can You Receive a College Grant?

It costs a lot to receive a proper education. That's why the government is doing everything it can to assist those students in need. By providing them with various student aids from employment to scholarships and college grant money, the government is in effect giving these students a chance to get the education they need. But what are college grants? And how do they differ from student loans and scholarships?

College grant money is, in fact, a type of financial aid that is awarded to deserving individuals. This form of financial assistance is offered by the federal government, non-profit civic groups and private institutions to help certain students on the basis of economic need.

You may be surprised to learn that a college grant is not the same as a student loan. The main difference between the two is that a college grant, unlike a student loan, does not need to be repaid. In contrast, students who receive loans are obligated to repay the money within a certain specified period, as determined by the agreement between student and lender. This is why students and parents alike favor college grant money over regular student loans.

To determine the amount of college grant money you receive, most colleges and grant programs factor in your parents' income as well as the average cost of college. The result is then a basic estimate of how much money you should receive from your grant.

Most college grant money programs fix a certain amount which they then send to the colleges and universities where the grant is awarded. A student with a grant may either receive the money in checks via the postal service or the college would automatically credit the amount to the student's account.

If you would like to receive college grant money through federal financial assistance, you'll need to fill out the free Application for Federal Student Aid, or FAFSA. The easiest way to do this is to visit the FAFSA.ed.gov website and fill out the form online. The FAFSA can not be filed before January 1st of the year you will be attending college or university.

Be cautious of the dates for which you will be filing for college grant money. Sometimes, the deadlines announced by the federal student aid programs may not match with those of the college of your choice. To be safe, file your application well before any deadline dates.

In addition to the FAFSA, there may still be other forms you will need to submit. Incoming freshmen may also need to complete the CSS Profile Application, as required by a number of private colleges. Your CSS profile provides administrators with additional data from which to derive your eligibility for institutional need-based assistance. This profile application usually becomes available in the middle of October. It's also possible to register and apply online at collegeboard.org.

Using the processed information from your FAFSA or CSS Profile, the school administrators will determine your eligibility for college grant money. This decision will be based on your demographic, household and financial data.

Article Source: http://www.articlebankonline.com

Contributor Ramona Mackgil is a freelancer for numerous web magazines, on family kid and home improvement loan topics.

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