Grants

Grants

Grants are funds that need not to be repaid and are often given based on financial need. One of the best sources to find out about grants, work-study programs and available federal loan prospects for your online education is in the government publication Funding Education Beyond High School: The Guide to Federal Student Aid.

Grants can be available from federal and state governments as well as individual colleges.

Federal Grants

Pell Grants are the most common Federal grants. This is money that is sent to and distributed by the college. Each college is given a fixed amount of Pell money each year, and so it's best to apply as early as possible. Grants from this program can range from a few hundred to a few thousand dollars.

For most federal grants, you can't apply for them directly. The Financial Aid office will evaluate your application and determine whether or not you qualify.

Some specific Federal Grant programs include:

• Pell Grant. This is a federal grant that is awarded to undergraduate students who qualify.
• ACG. College freshmen and sophomores who are eligible for Pell Grants and who took "rigorous" classes in high school are eligible for the Academic Competitiveness Grant.
• FSEOG. The Federal Supplemental Educational Opportunity Grant is awarded to undergraduate students with exceptional financial need.
• National SMART Grant. For juniors or seniors who are eligible for a Pell Grant and are majoring in mathematics, technology, engineering, a foreign language critical to national security or physical, life or computer sciences, the National Science and Mathematics Access to Retain Talent Grant is a perfect match.
• TEACH Grant. The Teacher Education Assistance for College and Higher Education Grant was developed for those who plan to teach in schools that serve low-income students after they graduate.

State Grants

Many states offer grants- often meant to encourage students from certain backgrounds (financial, ethnic) to attend college. There may be stipulations in state grant money that the student "give back" to the community in some way (such as teaching in a high-needs area for a certain amount of time after graduation).

To learn more about state grants specific to your state, go to the website of your state's commission on higher education.

Tuition Reimbursement

Many companies have a tuition reimbursement program. The money, however, may come with strings attached. Often employees who take advantage of tuition reimbursement are asked to sign an agreement that they will stay with the company a certain number of years after graduation.

If you are working full-time, it's probably easier to convince your employer to reimburse you for an online degree as your education will take place outside of working hours.

Private Grants

There are a large number of private organizations- charities, fraternal orders, unions, religious institutions- who offer grants and scholarships at both a local and national level. If you are a member of a professional or community group, you may want to inquire whether or not they have scholarships.

In Summary

There are many ways to fund an online or traditional education in place of (or in addition to) student loans. It's a good idea to exhaust all of your options for grants before applying for loans. The less money you have to pay back to lenders, the more financial freedom you will enjoy after you graduate.