Grants – A gift of money that does not have to be paid back.
Who qualifies for grants? Grants are usually awarded to low-income students that demonstrate financial need. By completing the FAFSA, you are asking college financial aid administrators to determine if you qualify for a grant. The amount of grant money you receive is determined by your estimated family contribution from your FAFSA. You may receive different grant amounts from different colleges because the costs of tuition, fees, and other expenses vary from college to college.
Where does grant money come from? A large amount of grant money is provided by federal and state government programs. Funding for these grants is limited. To maximize your chances of receiving a grant, complete the FAFSA as early as possible after January 1, 2015. Other sources of grants are private organizations and colleges. Visit www.grants.gov to search for available grants.
How will I know if a college awards me a grant?
Colleges provide a financial aid award letter to all students admitted to their college. Your financial aid award letter will list any grants you have been awarded and the amount of grant money you will receive.
What else should I know about grants?
At the beginning of the fall and spring semesters, colleges will receive grant money from your donating organizations. Grant money will first be used to pay for tuition and fees. Any remaining money will be sent to the student by check from the college.
What are some popular grants available to students?
Federal Pell Grant
·Undergraduate students that have not already earned a college degree.
·Students must demonstrate financial need.
·Maximum award is $5,775.
Federal Supplemental Educational Opportunity Grant (FSEOG)
·Undergraduate students with significant financial need.
·Awarded to Federal Pell Grant recipients.
·Awards range from $100 - $4,000 for each year of college.
Illinois Monetary Award Program
·Undergraduate Illinois resident.
·Students must demonstrate financial need.
·Enrolled in an Illinois college for at least 3 hours per semester.
·Must be in good academic standing as determined by the college.
·Maximum award is $4,720 per academic year.
National TEACH Grant
·Undergraduate or graduate education majors.
·Must teach in a low-income area for four years.
·Must complete terms of agreement or student must pay back funds.