With college costs increasing and college loans being scrutinized more closely, many potential college students, whether going for the first time or returning to school, are scrambling to find sources of money that will offset some of the expenses associated with furthering their education. Scholarships are definitely a great source for funding. There are many legitimate scholarship opportunities for those who take the time and make the effort to apply.
But not everyone will be awarded or win a scholarship. So where else can one look for funding? Grants. Many individuals often forget or may not even be familiar with what a grant actually is. Below we look into the differences between scholarships and grants and make suggestions on where to apply for grants.
The main similarity between scholarships and grants is that both offer students financial assistance without having to pay the money back. Scholarships are offered by private and public companies and are awarded based on different requirements; some may require a minimum GPA, some may be awarded based on achievements. There are some highly targeted scholarships available and one need only search thoroughly to find them.
Another major difference between the two is that grants are also available to someone not going into college but starting a business, already in business or many other need-based assistance requests such as a grant to help a single working mom.
The main difference between a grant and a scholarship is that it was traditionally given by a non-profit organization and tax exempt with the government one of the largest providers of grants; however, today more than ever, we are seeing corporations and foundations providing grants to students as well.
For our purposes, we will take a closer look into various grants. Grants may be student or subject-specific, degree level, minority and gender specific and are often funded by federal and state governments, colleges and universities and public and private organizations.
In order to qualify for a federal grant, every student must complete the Free Application for Federal Student Aid form (FAFSA); in fact, everyone who fills out the form is automatically considered for all available grant programs. FAFSA does have a deadline so make certain pay attention to both the federal and state deadlines.(http://www.fafsa.ed.gov/before003a.htm#state_deadlines)
Since federal grants are tied into government budgets, be prepared to see maximum award amounts differing from year to year. The federal student grants you may be eligible for are as follows:
Every state offers a wide array of college grants. To learn more about the many need- and merit-based grants, you will need to go to your state's higher education website. (Example: For the state of New York, go to http://www.nysegov.com). To be eligible, yes you do need to be a state resident but you may find some unique and unusual grant programs while poking around many of our state's websites.
You will find grants offered through university programs, individual endowments, as well as those sponsored by organizations and corporations. There are grants for talented math students, music majors, students interested in pursuing photography… the list goes on and one. There are grants for women, grants for minorities, grants for the disabled and even grants for non-traditional students (those returning to school). Look even more in depth and, just as there are some wacky scholarships, the same holds true for grants. How about graduate students studying cereal chemistry? They may qualify for funding for research through the American Association of Cereal Chemists (AACC) International. (http://www.collegescholarships.org/grants/101-grants.htm)
The point being is that if one does a thorough job of researching sources of funding, one is likely to come across some grant you are qualified to receive.Hopefully, we have helped you get started.