Types of Educational Grants

The four main types of government grants for education are the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Academic Competitiveness Grant (ACG), and the National SMART Grant, or the National Science and Mathematics Access to Retain Talent Grant. The great thing about school grants is that they are free forms of education financing. You do not need to repay the funds. Further, unlike loans, you do not need to deal with interest rates. You are required to pay back if you leave the educational institution before the scheduled time, however.

Federal grants are available to needy students. Thus, they are need-based forms of financial aid. The amount awarded through a Federal Pell Grant depends on the cost of school attendance, as well as expected family contribution, enrollment status (part time or full time), and the amount of time the student will be attending school. Students who are not accepted to receive a Pell Grant cannot receive the other three types of government educational grants.

An educational grant is a great form of school financing, but it will not pay for all the expenses of an education. Therefore, for other types of student financial aid, like federal loans might be needed. While the loans do not offer free federal funds, they can ease the financial crunch. A scholarship is also a great option for qualifying students.