Can You Receive A College Grant?

It costs a lot to receive a proper education. That's why the government is doing everything it can to assist those students in need. By providing them with various student aids from employment to scholarships and college grant money, the government is in effect giving these students a chance to get the education they need. But what are college grants? And how do they differ from student loans and scholarships?

College grant money is in fact a type of student financial aid that is awarded to deserving individuals. The federal government, non-profit civic groups, and private institutions may offer these grants to students generally based on economic need.

You may be surprised to learn that a college grant is not the same as a student loan. The main difference between the two is that a college grant, unlike a student loan, does not need to be repaid. In contrast, students who receive loans are obligated to repay the money within a certain specified period, as determined by the agreement between student and lender. This is why students and parents alike favor college grant money over regular student loans.

To determine the amount of college grant money you receive, most colleges and grant programs factor in your parents' income as well as the average cost of college. The result is then a basic estimate of how much money you should receive from your grant.

Most college grant money programs will have a fixed amount that will be provided to the college or university. Then, the student will either receive the money in checks through the postal service, or the college will automatically credit the amount to the student's account.

If you think that you may be eligible to receive federal financial assistance with college grant money, you must fill out the Free Application for Federal Student Aid, or FAFSA. Applying online at FAFSA.ed.gov is the easiest way to do this is. You'll have to submit your FAFSA application no earlier than January 1st of the year you will be attending school.

The deadlines announced by the federal student aid programs and your college of choice may vary, so be cautious of the dates on which you will be filing for college grant money. File your application well before any of the dates, just to be safe.

As well as the FAFSA, there may still be other forms you will need to submit. If you are an incoming freshman, you may also need to complete the CSS Profile Application which is required by numerous private colleges. Your CSS profile would give administrators a broader set of data from which to derive your eligibility for institutional need-based assistance. Usually, the profile application becomes available in the middle of October. You may register and apply online at CollegeBoard.org.

Using the processed information from your FAFSA or CSS Profile, the school administrators will determine your eligibility for college grant money. This decision will be based on your demographic, household and financial data.