Grants & Scholarships—Free Money for College
You have a number of opportunities to receive free money—that is, aid you don’t have to pay back—to help defray the cost of your education.
Federal Pell Grants
One important source of funding is Federal Pell Grants, which are awarded by the federal government based on students’ financial need. Eligibility and grant amount are determined by the cost of attendance at your school, your financial need, and whether you are at school full time.
For the award year 2008 – 09, which ran July 1, 2008 – June 30, 2009, the maximum Pell Grant award for the award year was $4,731. The maximum can change each award year, depending on how well-funded the program is and what financial resources have been set aside for the awards.
To apply for a Pell Grant, fill out the Free Application For Federal Student Aid (FAFSA), just like you would for other forms of student aid. You will be notified of your eligibility for a Pell Grant in your Student Aid Report (SAR). If you are awarded a grant, the funds can be sent to you or directly to your school.
Your school is obliged to inform you in writing about the amount of your Pell Grant, when it will be paid, and in what form (check, direct deposit, and/or applied directly to the school). The funds will be disbursed at least once per academic year, and usually follow your school’s semester or trimester schedule.
Other Grants and Scholarships
There are hundreds of different kinds of grants and scholarships available for hundreds of different reasons. Check with your financial aid officer and the following websites as you research different ways of funding your education:
