College Grants

College grants are a wonderful source of money that does not have to be paid back. Funds disbursed as grants are not always enough to work your way through college. It would have to be supplemented by loans or other means of funding. So how does it all work? There are two types of grants.

Need-Based Grants

This is granted to you if you successfully demonstrate your need. For example, the government disburses money it receives from the Federal Reserve in the form of grants, loans and scholarships. The Pell Grant would receive an approximate amount of $12 billion each year to be disbursed to eligible undergraduates in the range of $400 to $4000. Individual campuses award this to very needy students. Another source is the Federal Supplemental Educational Opportunity Grant Program (FSEOG). Again the need has to be demonstrated. The best way to get this college grant would be to take guidance from the financial aid officer in your school. For both these grants, the Free Application for Federal Student Aid (FAFSA) needs to be submitted.

Merit-Based Grants

These are in the form of undergraduate scholarships and graduate fellowships that help pay for your post-secondary education. Federal and state government, foundations, associations, and nonprofit organizations award thousands off students. Usually the very bright and deserving candidates get these grants. Many prestigious fellowships and awards attract the best candidates, as they are very lucrative. Contests are held to decide merit students who will receive these college grants. Other merit criteria like excellence in sports and arts are also considered when awarding them.

Institutions normally send the sanctioned money, directly to your college account. Your college handles the account and balance amounts are retuned to you at the end of a term. You can also look free scholarship lotteries. Many companies offer them on random draws. So you might be the lucky one. Remember to complete your college admission application procedures. Keep all the paperwork ready and note down the deadlines for various tasks to be completed.

Institutions and individuals do not have the time to follow up on who the deserving candidates are. Make it a point to check the various directories on the internet to select the best college. Also, check if the college also offers grants. Colleges won't seek you out; you have to take the initiative. Get the dream college grant you are looking for.