Post-secondary education can pave the way for a student’s long-term success and the start of a rewarding career. Unfortunately, the cost of attending a college or university prevents many otherwise qualified students from pursuing their higher education dreams. Fortunately, there are a variety of federal, state, and university grants available to help defray the high cost of attending university in the United States.
An applicant must first complete the Free Application for Federal Student Aid (FAFSA) in order to be considered for most university grants (FAFSA). The FAFSA can be completed online, and the priority deadline for the following school year is March 1st. The FAFSA calculates your “expected family contribution,” which is used to determine your eligibility for a variety of financial aid programs, including university grants.
The Pell Grant, the Federal Supplemental Opportunity Grant (SEOG), the Academic Competitiveness Grant (ACG), and the National Science and Mathematics Access to Retain Talent Grant are the four basic types of university grants for which a student may be eligible at the federal level in the United States (National SMART Grant). The Pell Grant and the SEOG grant are solely based on a student’s EFC, whereas the ACG and the National SMART Grant are based on both the EFC and academic standards or abilities. Depending on the EFC and available funds, recipients of any of the federal grants may receive the full amount or a portion of the maximum amount. These grants do not require repayment.
Many states, in addition to federal university grants, offer grants to their residents. The state of Florida, for example, provides a Florida Resident Access Grant (FRAG) to eligible Florida residents who are attending a college or university. Residents of most states are eligible for a similar grant. The amount of state grants varies state, and they are also not repaid.
Many universities provide students with a variety of university grants. These are usually private grants funded donations from past alumni or philanthropists who believe in the value of higher education. University-based grants have different eligibility requirements depending on the university and the grant’s rules. Private grants do not have to be repaid.
University grants may be subject to a number of additional conditions. In general, the student must be enrolled at least half-time and make satisfactory progress academically. Satisfactory academic progress is defined differently at each university, but it typically entails completing the majority of the credit hours attempted and maintaining a certain grade point average.