The price tag of a college education gets higher each and every year. Universities and even technical schools have such high costs. Most students need financial aid to afford them. Before looking into student loans, you should first check out grants for college.
Loans require you to pay those funds back. Student loans have lower interest rates than other types of loans, but you still acquire additional charges for borrowing money. A grant can save you hundreds to thousands of dollars, and you do not have to pay back the organization that gave you free money.
Very few people have the financial ability to pay for college out of pocket. Most students and their parents look into financial aid options to help them cover the cost of tuition, books, supplies, food, and board. Most students look into getting student loans, scholarships, and grants.
You can find grants and scholarships for college that give you free money to pursue your education. Unlike student loans, you do not need to reimburse the provider. Grants can have eligibility requirements, such as your program, your financial need, and more.
You can use most grants at any type of accredited educational organization, including:
- Technical schools
- Community colleges
- State universities
- Private colleges
- Ivy-league universities
The easiest way to apply for the most grants in one try is to submit the Free Application for Federal Student Aid (FAFSA) form. After you submit this application each school year, your school will tell you which grants you are eligible for and how and when you will receive the funds.
The FAFSA form will also determine if you are eligible for other financial aid options, such as subsidized and unsubsidized federal student loans, work-study programs, and state- or school-based financial aid. It is a one-stop-shop for a government grant, scholarship, loan, and other student funding.
You might need to apply to non-government grant programs run by private or commercial groups separately. There are hundreds of grants available, and many websites allow you to search through thousands of grants.
If you apply through FAFSA during your undergraduate studies, your school will see if you are eligible for a Federal Pell Grant.