Paying for college can be difficult. The financial aid process is really confusing and parents and students both struggle with understanding the difference between a grant and a loan. You see, grants are a gift from the government that can be used to pay for school. You will never have to pay this money back. Loans on the other hand are just as the name implies, a loan. They accrue interest and will need to be paid once you finish school. Some people believe that grants are impossible to get. This is not true. There are grants out there and these can really help you to go to school without getting buried in debt.
If you want financial aid of any type, loans or grants, you will start the process by filling out a form known as the FAFSA. This application will allow you to determine what loans and grants you qualify for. You don't have to accept the loans if you don't want them, so it is always a good idea to fill this form out to see if you qualify for a grant. It is possible to be eligible for both loans and grants and generally if you receive a grant, you will also receive a loan so pay attention when the results come in.
Let's learn a little more about the 3 most common types of government grants that can be used for school so that you can have a better idea of what you are accepting and how the process works.
Pell Grants
The Pell Grant is the most common type of government grant that you will encounter. This program was established in the 1970s and receives more funding than some of the governments other grant programs. The amount available varies year to year and is entirely dependent on the government's yearly budget.
AC Grant
The AC or Academic Competitiveness grant was created to help those that are just starting out in college, the freshmen and the sophomores. This grant is awarded based on need and academic excellence. If you have great grades and strong leadership experience, you might qualify for this government grant for education.
SMART Grant
The SMART (Science and Mathematics Access to Retain Talent) grant is given to juniors and seniors in college that are pursuing a math or science degree. Check with your school for more information and to see if you qualify.
As you search for government grants, also make sure that you check with your state and see what programs they have available. Many states also have grant programs. If you need money for school, it is worth exploring all of your options. You can even find grant writing services to help you create a great grant application. By reading grant writing service reviews you can find a company to suit your needs.
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