Financing College Through Grants

A grant is a form of academic assistance, similar to a scholarship, that is given by an organization, and that does not have to be paid back. Usually, grants are provided by foundations or governments. They can either be awarded on the grounds of merit or on the grounds of financial need.

One of the most common types of grants awarded to students is the Federal Pell Grant. This money is given to assist low-income families with their undergraduate education. In the 2002-03 school year, this grant program provided over eleven million dollars to just under 5 million students. Most of these grants range from $400 to $4,000 a year. Typically, students that received the Pell Grant in 2000 came from families with an average income of $21,600.

Another federally funded grant opportunity for students is the Supplemental Educational Opportunity Grants Program (SEOG). This grant is provided on top of the Pell Grant to help make college attainable for students from low-income families. An additional source of aid is the LEAP program, which is provided through both the federal and state government. These are just a few examples of the many grants available to students. In recent years, grants given by colleges and universities have become the second most common type of aid given to students.