College Grants

Written by Tara Peris
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College grants, loans, and scholarships are all mechanisms by which to secure secondary education. Although some students are lucky enough to receive full four-year scholarships, they are in the minority. Most students will have to use a combination of funding resources to pay for college. This underscores the importance of doing your homework so that you understand the financial aid process in its entirety.

Make no mistake about it: College is expensive. Costs continue to skyrocket nationwide, with even public universities announcing substantial tuition hikes. These rising costs can make it exceptionally difficult to get into school. Moreover, they can make it hard to stay there the full course of a Bachelor's degree as few people have the funds to survive four years of fees.

The Pell-Mell Money Scramble

At the same time, college is as important as ever, and most people recognize the need for higher education. The challenge, of course, is to find ways to pay for it. College grants are an ideal way to address this problem because, unlike loans, the financial award does not need to be repaid.

Pell Grants are a common example. Pell Grants come from federal funds and are awarded to individuals who are pursuing Bachelor's or graduate degrees. They can provide as much as $4,000 of assistance and they can be used for both part- and full-time schooling. Although reforms to the No Child Left Behind program may cut future Pell Grant funding, a number of other grants exist, making it worthwhile to explore avenues for federal aid.


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