Have the rising costs of college left you wondering how you can afford a college education? Scholarships are available, but not every student qualifies. Student loans are an option, but you may find yourself still paying these twenty years after graduation.
However, financing a college education is not impossible; you may qualify for an education grant. An education grant provides funds for college that do not have to be repaid if you meet eligibility requirements. Here are just three programs for which you may qualify:
Federal Pell Grant
The Federal Pell Grant is awarded to students who have not earned a bachelor’s or graduate degree. Annual awards range from $976 to $5,350 or up to $10,700 a year for a maximum lifetime limit of 18 semesters or its equivalent. Eligible students receive the full amount for which they qualify.
Federal Supplemental Educational Opportunity Grant
The Federal Supplemental Educational Opportunity Grant awards $100 to $4,000 per year to students with exceptional financial need. Recipients of the Federal Pell Grant receive priority. Not all colleges participate, and funds depend on availability at the college. To be considered, please apply by your college deadline.
Academic Competitiveness Grant
The Academic Competitiveness Grant awards to $750 per year for the first academic year, and up to $1300 per year for the second academic year. To qualify, you must be a U.S. citizen or eligible non-citizen and must be eligible for a Pell Grant. You must also have graduated from high school after January 1, 2006 and completed a rigorous secondary school program of study. For the first academic year, students must be enrolled at least half-time in an eligible program for at least one year. Students in their second academic year must be enrolled at least half-time in an eligible program for at least two years and have a minimum GPA of 3.0 for the first academic year.
In addition to these, the federal government offers several other grants. Your state may offer grants for which you may qualify as well. To learn more, make an appointment to speak with your college’s financial aid officer.
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