by Jeremiah Smith

Created on: October 20, 2008   Last Updated: March 19, 2012

Finding money to pay for an education from an institute of higher learning is not easy for many people. For those who have been unable to save in advance for it, or do not currently make enough to afford it, that degree may seem like a dream that will never be realized. Fortunately, the government offers several different types of grants to provide assistance in achieving the goal of completing a college education.

Overview of grants

The most well known grant available from the federal government is the Federal Pell Grant, which is available to undergraduate students and never needs to be repaid. This is the most common type of assistance requested by potential students. There are, however, a few other grants available that do not need to be repaid.

They are the Academic Competitiveness Grant (ACG), the National Sciences and Mathematics Access to Retain Talent Grant (National SMART Grant), and Federal Supplemental Educational Opportunity Grants. Each one of these grants carries more specific requirements than the Federal Pell Grant, so it is a good idea to head to the Free Application for Federal Student Aid website and see which one of these is available for the interested student.

How to apply

Before applying for receipt of one of these grants, the student must know what school they plan to attend (or are attending), as this information will be needed for the application. In addition, the applicant needs their financial records (tax return forms, etc) for the previous year, which will be needed to determine if there is a financial need for the assistance.

Once the information, and paperwork, is collected, the student can officially apply through a couple different methods. The first portion of applying is the same, only the end methods are different.

To begin, log on to the FAFSA website and select the option to fill out the FAFSA form. Once the form is completed, the applicant can print the form, sign it, and send it through the mail for approval. The second option, which is much easier, requires using a PIN instead of physically signing any forms. The student will need to apply for, and receive confirmation of the pin (which can be done on the website), before exercising the second option.

Once these steps are completed, the applicant will need to wait for word on whether the grant was, well, granted. If it has been approved, the money can be received through a few different methods, all of which are described when approval is given. For those who do not qualify, the search for those dreaded emergency loans begins.

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