College Grants for Low-Income Students

The price of college makes it nearly impossible for most people to pay for their education without outside assistance. Grant money is especially helpful because it does not have to be paid back.

Types

Grant money can come from the federal government, state governments, your college or university and private foundations.

Applications

You apply for federal grants like the Pell Grant by completing the Free Application for Federal Student Aid (FAFSA). Private grants, like those from the Gates Foundation, usually require a separate application.

Considerations

Federal grants such as the Pell Grant are determined by looking at a family's income and size, the cost of attending school and whether the student is attending full time or part time. The criteria are usually similar for private grants but may take into consideration other factors like academic achievement.

Size

The federal government awarded over $25 billion worth of Pell grants for the 2009 school year. In December 2008, Bill Gates donated $70 million for grants for low-income students.

Benefits

Grants reduce the amount of money that students must earn to pay for college. According to "The New York Times," 75 percent of low-income students finish a degree.

References

• Federal Pell Grant
• Free Grants to Pay for Your Higher Education
• Gates Grants Aim to Help Low-Income Students Finish College

Resources

• Pell Grant Historical Figures