Universities Granting Student Aid: Who, What, And How?

Grants are a form of financial aid that does not need to be repaid. They are typically awarded by the federal government, states, or colleges, and the amount of aid a student can expect varies depending on factors such as the student's financial need and the type of institution. Colleges and universities are the largest providers of grants, awarding about 44% of all grant aid. To be eligible for most grants, students must submit the Free Application for Federal Student Aid (FAFSA). The financial need demonstrated through the FAFSA will help determine a student's eligibility for grant funding. In addition to federal and state grants, there are also institutional grants offered by colleges and universities, which are typically need-based but may also be merit-based.

Federal grants

The first step in applying for federal grants is to submit the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to determine a student's financial need and eligibility for grant funding. It is important to submit the FAFSA as early as possible, as the amount of funding available may be limited. The deadline for submitting the FAFSA is usually the end of June, but students should check the specific deadlines for their state and school, as these may be earlier.

There are several different types of federal grants available. One of the most well-known is the Pell Grant, which is the largest grant program offered by the US Department of Education. Pell Grants are awarded to undergraduate students with financial need, and the amount of the grant depends on factors such as the student's financial need, the cost of attendance, and the student's enrollment status. For the 2019-2020 award year, the maximum Pell Grant award was $6,195, while the minimum was $650.

In addition to Pell Grants, there are several other federal grant programs available, such as the Federal Supplemental Educational Opportunity Grant (FSEOG) and the Teacher Education Assistance for College and Higher Education (TEACH) Grant. FSEOG is aimed at undergraduates with significant financial need, while the TEACH Grant is for students who plan to pursue a career in teaching in a high-need field. It is important to note that the TEACH Grant requires recipients to complete a teaching service obligation, and if this is not fulfilled, the grant is converted to a loan.

State grants

The application process for state grants usually involves submitting the Free Application for Federal Student Aid (FAFSA). The FAFSA helps determine a student's financial need and eligibility for state grant funding. Some states may have additional documentation requirements and varying deadlines, so it is important to consult with a financial aid office or counsellor for specific information.

Certain state grants are administered on a first-come, first-served basis, so timely submission of application materials is crucial. States issue grants directly to students, while also providing institutional grants to colleges and universities to help offset education costs.

State-funded grant programs vary across different states. For instance, the California Student Aid Commission's Cal Grant Program supports higher education in California by granting funds based on financial need and academic performance. In Texas, the Towards Excellence, Access, and Success (TEXAS) program provides tuition reimbursement for in-state students who demonstrate financial need and academic motivation.

It is important to note that state grants may have specific requirements and conditions attached to them. For example, nursing and teaching grants in some states may require recipients to work in underserved areas for a certain period after graduation. Failure to fulfil these obligations may result in the grant being converted into a loan that must be repaid with interest.

Institutional grants

At public community colleges, around 16% of students received institutional grants in 2015-16, while private four-year colleges offered grants to 81% of students during the same period. The average grant aid awarded also differs between public and private colleges, with public four-year colleges awarding an average of $5,700 per student and private colleges awarding $19,100 per student.

To apply for institutional grants, students usually need to submit an application to the college, and the school will then review and determine the financial aid package offered. The Free Application for Federal Student Aid (FAFSA) is often used by colleges to evaluate a student's financial need and determine eligibility for institutional grants. It is recommended that students fill out the FAFSA annually and as early as possible to maximise their grant opportunities.

Work-study programs

Federal Work-Study is a need-based financial aid program that offers students part-time employment with flexible hours to ensure adequate time for studying. The money earned through this program is not considered when determining a student's financial need for the following year. To be considered for Federal Work-Study, students must indicate their interest on the Free Application for Federal Student Aid (FAFSA). As the funds for this program are limited, it is advisable to complete the FAFSA as soon as possible.

If eligible, the college will specify the amount the student can earn in their financial aid award letter. Students may need to actively look for a job, and the specific rules and procedures can vary across colleges. The earnings from Federal Work-Study jobs are paid directly to the student, who is responsible for managing this money wisely.

In addition to the financial benefits, Federal Work-Study jobs offer opportunities to meet other students, network with teachers and administrators, and gain career experience. These jobs can be found in various departments and areas of interest within the college, such as biology labs or art galleries. There are also opportunities in non-profit community outreach organisations.

It is important to note that eligibility for the Federal Work-Study program is limited and based on financial need. If a student is not qualified for this program but still wishes to work on campus, the college may offer other non-work-study employment opportunities. However, earnings from non-work-study jobs will be counted as income on the subsequent year's FAFSA.

Private scholarships

The application process for private scholarships may require students to submit essays, letters of recommendation, or other materials that showcase their qualifications and alignment with the scholarship's goals. Private scholarship awards vary widely in terms of the amount awarded and the scholarship duration. Some might be one-time awards, while others could be renewable. However, it is estimated that private organisations award over $7.4 billion in scholarship money annually.

• Ask colleges about scholarships: Check with the financial aid departments of the colleges you are applying to. Many times, just by applying to the college, you can qualify for merit scholarships based on your GPA and possibly test scores.
• Check scholarship websites: Numerous scholarship websites and online resources are available, such as Bold, Sallie Mae, and Appily. These websites typically require users to sign up and create a profile, after which they match scholarships that fit the user's criteria.
• Start looking early: It is recommended to start the scholarship search process as early as your freshman year, as it can be time-consuming. Most scholarships have the same annual deadline, so creating a list of scholarships to apply for can help with organisation and prioritisation.
• Look into niche-specific scholarships: Consider your unique interests, hobbies, and personal characteristics when searching for scholarships. For example, if you are an engineering student, search for scholarships catered to seniors interested in engineering programs. If you are adopted, look for scholarships for adopted students.
• Read the fine print: Be sure to read the fine print to ensure your eligibility for the scholarship and gather all the required application materials.

Some examples of private scholarships include:

• The Gates Scholarship: Awarded to 300 minority high school seniors every year, recognising students who exhibit strong leadership skills and academic records and who are in financial need.
• National Merit Scholarship Program: Almost 7,600 high school seniors a year receive awards based on PSAT/NMSQT scores and other criteria.
• Coca-Cola Scholars Program: Scholarships of $20,000 per person are awarded to 150 students based on their academic merits, leadership skills, and service.
• Society of Women Engineers Scholarship: A range of awards totalling more than $1 million are given to support women interested in careers in engineering, computer science, and engineering technology.
• Google scholarships: Google offers specific scholarships for women, underrepresented minority students, and those with disabilities looking to study computer science. For example, the Google Lime Scholarship is a $10,000 award for students with disabilities pursuing a degree in computer science, computer engineering, or a related field.

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