Monday, January 7, 2013

Grants

College education expenses are going up in a skyrocketing pace. Aspiring students are searching more about financial assistances that can minimize their financial burden. 

Details of Expected Family Contribution (EFC) provided by the students determine whether they are eligible for the grant.

Take a look at some of the popular grants:
1. Federal Grants: Pell Grant is one of the most popular federal grant in which eligibility of students is determined by comparing the EFC given in FAFSA with Cost of Attendance. 

2. State Grants: Eligibility criteria for availing state grants vary with some specific criteria set by the state government. One such example is Illinois Future Teacher Corps (IFTC) Program provided for students who want to choose their career as teachers.

3. College Level Grants: Colleges provide grants based on the submitted FAFSA details and other eligibility criteria. For example: many colleges offer grants to outstanding athletes.

4. Career Specific Grants: This grant is awarded to the students who want to pursue some specific career. Some examples are Teacher Education Assistance for College and Higher Education (TEACH) and Grant Program and Nursing Scholarship Program.

5. Student Specific Grants: It will be offered by some communities or association considering some specific family backgrounds or other features. It may be based on the minority, military background, physical disabilities and more.

6. Unique Grants: A unique hobby or talent can help students in availing a grant. It would be a less competitive area in which student with unique talents can only apply. Unlike scholarship that is given based on merit, grants are provided based on the need.

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