Financial Aid Grants

Written by Seth Cotterell
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Most students are familiar with student loans. Student loans are a common means by which people pay for college. The down side of student loans is that they accrue interest and that they must be paid back once the student graduates from college. Repaying student loans can take years and interest payments can be high.

Financial Aid Grants

Another way to pay for school is with grants. Grants are a source of financial aid that have some advantages over student loans. Unlike loans, grants do not accumulate interest and grants do not even have to be paid back. Grants are gifts, usually from the government, that do not have to be repaid after graduation. This makes grants an extremely attractive method of financial aid.

The catch with grants is that they are usually awarded based on financial need. Not everyone will qualify to receive grants. Only those who can demonstrate financial need will qualify for grants from the government. Financial need can be determined based on income level or the presence of extreme hardship, such as overwhelming medical bills. Pell grants are the most common type awarded by the federal government.

If you think you qualify to receive financial aid in the form of grants, it is important to fill out the proper applications in a timely manner. Completing and submitting a FAFSA as early as possible is the first step. This will enable you to receive grants from the government. You might also want to try locating available grants through your school's financial aid office or the Internet.


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