Today, only the wealthiest are able to pay for a college education without some type of financial aid. Grants are available to help students defray these costs and, unlike loans, they do not have to be paid back.

Grants can be provided from a variety of sources, including federal and state governments, public and private organizations, educational institutes, and professional associations. Many grants are awarded based on the student’s financial need, but others are awarded based on ethnicity, religious affiliation, recorded achievements, association, or special interests.

The Federal Pell Grant, for example, provides funding for low-income students. Both full-time and part-time students are eligible for this award and there are no requirements placed on minimum grade point average. To be eligible, you must be a citizen of the United States and have a high school diploma or GED. In addition, you must be pursuing your first undergraduate degree and, if you are male, you must first register with the Selective Service.

You can find applications for a Federal Pell Grant at your local school’s financial aid office. You must first complete the Free Application for Federal Student Aid (FAFSA), which is the application used to determine your eligibility and financial need award amount, in order to be eligible for this assistance.

If you are eligible for a Federal Pell Grant, you may also qualify for a Federal Supplemental Educational Opportunity Grant (FSEOG). This is an additional award available to students that qualify due to exceptional financial need. This program is federally funded, but the college or university is responsible for awarding these grants.

The application process for the Federal Supplemental Educational Opportunity Grant is the same as for a Federal Pell Grant. Once the FAFSA results are received, however, the student must return to the school’s financial aid office and specifically apply for the FSEOG.

Each state also provides financial aid for college students, with each state being responsible for managing its educational grant programs. A state may offer need-based grants or administer funds based on merit or area of study. You can get information to determine your eligibility for merit-based awards by talking to your high school counselor or college financial aid office.

Other types of grants to pursue include:

- Minority Grants - A variety of grants are available to support the educational needs of minorities. Grants rewarding involvement in specialized fields of study are specifically aimed at targeting African American woman and minorities.

- Grants for Women – An abundance of grants that target programs such as the sciences, mathematics, and business are available for women who would like to return to college, or pursue a degree for the first time.

- Traditional and Non-Traditional Student Grants – Money is available for the large number of adults who are returning to college or college programs that will help them re-enter the work force.

One of the biggest obstacles for those wishing to obtain a college education is money. With the amount of financial aid available in today’s world, there is no reason a student should be denied a college education because of lack of money.

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