Today, few students are able to simply foot the bill for a college education. Only the wealthiest can manage this and their numbers are few in comparison.
The average cost of a private, four-year college is well over $20,000 per academic year.
Divide this figure in half and you have the average tuition for a public university; in half again, the still formidable tuition at a community college.
The purpose of college grants is to make educational funds however minimal, available to financially needy students to help defray the cost of a college education. Students seeking grant money may begin by searching for grants by student-type or subject-specific grants.
Grants—Different from Scholarships and Student Loans
Grants are distinctly different from both scholarships and student loans in that they are free gift money—so unlike student loans that must be repaid—and primarily need-based, compared to traditionally merit-based scholarships.
Grant Categories
Grants may be divided into the following searchable categories:
- Student-specific
- Subject-specific
- Degree Level
- Minority
Common sources for grant funding:
- Federal and state governments
- Colleges and universities
- Public and private organizations
Because most grant recipients are financially impaired or otherwise disadvantaged, there are many grants specifically designed for minorities and low-income students.
Federal Grants
The federal government is putting more money into the hands of college students than ever before and much of the impetus behind it is the No Child Left Behind Act. The measures help to assure that more primary and secondary schools are held accountable for making sure kids get the attention and education they deserve without prejudices. Which means a much higher percentage of high school students are earning diplomas. More students stand a chance of attending college when the right financial and social resources are available to them along with educators with the know-how and experience to guide them to the right academic and career choices.
The following federal grant programs offer hundreds of thousands of students the necessary assistance that makes college a financial reality:
- The Pell Grant, in existence since 1972, remains one of the staples of federal funding for millions of low-income students. This fundamental grant program is somewhat at the mercy of the federal government's budgetary and political whims, but nevertheless remains a valuable source of funding for impoverished undergraduate students.
- The Academic Competitiveness (AC) Grant is available to undergraduate freshman and sophomores with outstanding academic records and with demonstrated aptitudes for leadership and service. Qualifying candidates must also be Pell Grant eligible.
- The National Science and Mathematics Access to Retain Talent Grant (SMART Grant) picks up where the Academic Competitiveness Grant leaves off – with $4,000 awards to undergraduate juniors or seniors studying computer science, engineering, mathematics, or sciences. Applicants must be eligible for and receiving the Pell Grant.
