The Pell Grant isn’t the only game in town when it comes to financial aid, and if you want to get as much aid as possible you should always explore all of your options before you decide to pay for your education-related expenses out-of-pocket. The good news is that there are several different kinds of financial aid instruments available to you, and included in the following rundown are some of the most popular ones.
Federal Grants
Most people are surprised to find out that there are actually more federal grants available beyond just the Pell Grant. Becoming eligible, and applying for each one of these varies from grant to grant, and it is important to perform individualized research on each one before planning on receiving the appropriate funding.
- TEACH Grant (Teacher Education Assistance for College and Higher Education): 4,000/ year of undergraduate study for prospective teachers.
- ACG (Academic Competitiveness Grant): 750 first year, 1,300 second year
- FSEOG (Federal Supplemental Education Opportunity Grant): possible to get up to 4,000 annually
- SMART Grant (National Science and Mathematics Access to Retain Talent): 4,000 dollars during years 3 and 4 of undergraduate study
- State Grants: varies from state to state, see your state’s website
Scholarships
You should welcome any scholarship aid you receive as these are awards that are similar to grants in the regard that they never have to be paid back.
There are all sorts of different kinds of scholarships, and it is important to check with both your state, your college, and any other sort of relevant organizations you may belong to if you want to get approved for a scholarship.
Federal Student Loans
Federal student loans are great financial aid instruments that can provide you with an enormous amount of aid for college. They typically carry very low interest rates with flexible repayment terms, and you should explore each type of federal loan to see which ones might be right for you. The most popular federal student loans include the Stafford Loans, and the Perkins Loan.
Private Student Loans
Private student loans should be used as a last resort if you need money for college due to the fact that they have higher interest rates than federal loans, and much stricter repayment terms.
Regardless, they do have their place if you need to come up with additional monies to attend school, and just remember that you should find a reputable lender before you go ahead and sign any loan documents.
