The Basics: Grants

 

Why go for them? You don’t have to repay them. ‘Nuff said.

What are they? Grants are free money (to you, anyway) paid by one of at least three sources:

Government: Either on a federal or state level.

Colleges: Some colleges and universities offer their own specific grants, so check out the schools you’re considering.

Companies: If you have decided on or at least narrowed down your major, you could check into company grants. For instance, State Farm Insurance Agency provides some aid to insurance majors, and accounting students can find help from the National Society of Accountants.

How do you qualify? Eligibility ranges from your financial situation to special talents, chosen majors as above mentioned, ethnicity, gender, and the list goes on and on. And don’t worry; if you didn’t have the greatest GPA in high school, it doesn’t automatically take you out of the running.

How do you apply? The most common ways to get grants are through the government. Go online to http://www.fafsa.ed.gov/ and fill out the Free Application for Federal Student Aid. Then as above, call the HR department of companies in your field of study, and call the financial aid office at the schools you’re looking into.

More to come on FAFSA in the next few weeks.