Top 3 College Grants for Low-Income Students
The process of looking for how to pay off your future school tuition is a daunting task. However, besides scholarships there are many ways that people can pay for school! One super helpful way is with the usage of grants. According to Investopedia, a grant is a sum of money given by a government or other organization for a particular purpose. The best part about grants is that they are given and not borrowed so you don’t need to pay them back! No more worrying about accrued interest rate, loan agreements, and every other headache associated in paying for school. Grants like the Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), and individual State Low Income Grants are all grants that not only offer a nice sum of money but are easy to apply for and relatively easy to obtain!
Pell Grants These are typically given to undergraduates attending a nonforeign school who demonstrate a big financial need for college. Although typically given to people who haven’t obtained a degree yet, there are exceptions in instances of students who are enrolled in postbaccalaureate teacher certification program. A student loses eligibility for this grant if they are incarcerated in any federal or state jail. Maintaining this grant is easy because you just need to continue to go to school for your undergraduate classes. The only real “maintenance” involved is filling out a FAFSA form every year to stay eligible for this assistance. Once you have earned your first professional degree, and/or used all 12 semesters of eligibility then you can no longer utilize the Pell Grant.
Federal Supplemental Educational Opportunity Grant (FSEOG) Similar to Pell Grants, these are only given to low-income undergraduate students that demonstrate financial need. However, the difference is that this grant money is awarded directly by each individual school’s financial aid office and the amount varies on factors like how much that school was given in grant money, as well as your financial standing. To continue maintenance on this loan it is also similar to the Pell Grant because every year you need to fill out the FAFSA form to maintain eligibility.
Individual State Low Income Grants These types of grants vary depending on which state you live in but every state offers some type of individual grant. If you are in California then you would need to look at CalGrants that are offered, if you are in Wisconsin then you need to look at Wisconsin Higher Education Grants (WHEG), and so on and so forth. Each university has their own student aid programs so it is up to you to utilize your resources, go to the financial aid office, and have discussions with advisors that can point you in the right direction.
Overall grants are wonderful because they can cover parts or all of the tuition and they do not need to be paid back. Keep in mind there are many types of grants out there so if you need assistance contact your school’s financial aid office and they will be able to take the time, sit down, and help guide you through all of this!