Financial Aid Grants for College
What is a Grant?
A grant is a type of financial aid often based on financial need. Grants are available from a variety of sources including the federal government, state government, a private organization, a nonprofit organization, or even the school in which a student attends.
Types of Federal Grants for College
There are four types of federal grants available to students:
- Federal Pell Grants
- Federal Supplemental Educational Opportunities Grants (FSEOG)
- Teacher Education Assistance for College and Higher Education (TEACH) Grants
- Iraq and Afghanistan Service Grants
The eligibility requirements to obtain and maintain a grant vary from one program to the next.
Free Grants for College
Federal grants do not need to be repaid except in certain situations that require partial or full repayment:
- Early withdrawn from the program in which grant was given
- Change in enrollment status that reduces eligibility for grant (i.e. full-time to part-time student)
- Additional scholarships or grants received that reduce financial need for a certain grant
In these instances, the student has 45 days to either pay the portion of the grants they own in full or enter into a satisfactory repayment agreement. Failure to repay the grant in the specified time will result in loss of eligibility for further federal student aid.
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