What Are Grants for College?

Looking up a college’s published tuition and fees can be a shock – especially for learners who are balancing their education with professional and caretaking responsibilities. 

The good news is that many students don’t pay the “sticker price” you see online. That’s largely thanks to grants, which are an essential funding source for many students.

Here’s what you should know about grants and how to get them.

What Is a College Grant?

Grants are a form of financial aid that fall into the category of “gift aid,” along with scholarships. That means it’s money that’s given to you outright rather than loaned. 

While the terms “grant” and “scholarship” are sometimes used interchangeably, grants usually refer to need-based aid, meaning that it is provided to students who don’t have the financial ability to pay for the entirety of their degree themselves. 

Scholarships, on the other hand, are often awarded based on “merit” (such as high grades) or having certain characteristics, such as belonging to a minority group, being from a particular area or having a specific life experience. 
 

When it comes to paying for school, grants are among your best options. But do you know how to find them? Remove the guesswork by downloading this free guide

Do You Have to Pay Back Grants for College?

Unlike student loans, grants are not meant to be repaid. Instead, grants are funds that simply reduce the cost of your college education. 

The exception to this rule is if you use grant aid to pay for a semester of college and then withdraw before completing the semester. In that case, you may be expected to repay those funds.

Most grants don’t have any additional strings attached. However, if your grant is tied to specific criteria which you do not fulfill (for example, if you receive a federal grant for future teachers and you choose not to go into teaching), you will be required to either repay that grant or convert it to a loan. That’s why it’s always wise to carefully read the terms of any grant you receive to understand potential risks and obligations. 

Who Are Grants for College For?

Most college grants are awarded to students enrolled in an eligible program who lack the financial resources to pay for a degree. All federal grants, and most other grants, are open to students of any age. Some grants are designated specifically for undergraduate study, while others are available for graduate or professional programs. 

Some states offer grants to specific groups of students, such as adult learners, who also demonstrate financial need. Educational institutions and outside organizations may offer grants solely based on financial need or on financial need in combination with other characteristics. 

What Types of Grants Are Available for College?

A number of different types of grants are available to help you pay for college, and understanding the differences can be confusing! Here’s what you should know about some of the grants you might be eligible to receive. 

Federal grants

The federal government awards several different types of grants based on student financial need and other criteria. 

• Pell Grants are awarded based on exceptional financial need. They are awarded for students pursuing their first bachelor’s degree. Lifetime eligibility for Pell Grant funding is capped at the equivalent of 12 full-time semesters, though students can receive the grant at various enrollment levels. The amount of funding awarded varies based on financial need.
• Federal Supplemental Educational Opportunity Grants (FSEOGs) are also awarded to students with exceptional financial need. Priority is given to Pell Grant recipients. It’s important to note that not all schools participate in the FSEOG program, and funding limits vary between schools. Franklin University offers FSEOG funding to eligible students. 
• Teacher Education Assistance for College and Higher Education (TEACH) Grants are awarded to education students who agree to teach full time for four years in a high-need area. Unlike other federal grants, this grant is contingent on specific action. If you do not fulfill the teaching obligation, the grant converts to an unsubsidized federal loan.
• Iraq and Afghanistan Service Grants (IASG) are available to Pell-eligible students whose parent or guardian was a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after the events of September 11, 2001, and who were under the age of 24 or a college student at the time of their parent’s death. 
• Children of Fallen Heroes Scholarships (CFH) are available to Pell-eligible students whose parent or guardian died in the line of duty while performing as a public safety officer and who were under the age of 24 or enrolled in college at the time of their parent’s death. 
   

State grants

Most states run their own grant programs for college students. Often, grant funding is limited to in-state institutions.

In addition to grants based on financial need, some states offer additional grant funding for students who meet certain criteria or belong to specific groups. Check your state’s Department of Education website to learn more about grant options and eligibility. Franklin University can only offer state funding to students who reside in Ohio or Pennsylvania. 

Institutional and private grants

Many colleges and universities offer additional grant funding based on financial need. Typically, these types of institutional grants are meant to fill the gap between available federal and state grant funding and the cost of attendance. Some schools also offer grant funding to members of specific groups or students who enroll in specific programs. Nonprofit organizations are also a source of grant funding for some students. 

How Much Can You Get in Grants for College?

Federal grant programs have yearly limits that are revised annually and lifetime limits for how much a specific student can receive. The amount of money you receive will be tied to the amount that you are determined to be able to afford based on the Free Application for Federal Student Aid (FAFSA). 

It’s important to note that receiving significant outside support for your education, like scholarships for your grades or funding for your employer, may reduce your eligibility for certain grants. That’s because that funding shrinks the gap between what you can pay and the cost of your education. 

States, institutions of higher education and outside organizations set their own limits for grants. Check your state’s Department of Education website or the financial aid sites of the schools you’re interested in to learn more. 

How Do You Get Grants for College?

To apply for grant funding, you’ll complete the Free Application for Federal Student Aid (FAFSA). This form, which is administered by the U.S. Department of Education, asks questions about your family situation, income and assets (including savings and investments). Depending on your age, marital status and other circumstances, you may also need to provide information about your parents’ or spouse’s finances. 

Colleges and universities use the FAFSA to determine how much you or your family can afford to contribute to college and assess your eligibility for federal grants as well as grants that the school provides directly to students. 

State departments of education set their own requirements for state-funded which may require residents to complete additional forms. Remember that for the most part, state grants must be used at in-state institutions. For example, Franklin University can only offer state grant funding to residents of Ohio and Pennsylvania. 

Narrowly focused programs, like the TEACH grant for future teachers, may require additional application processes, as might grant programs run by outside organizations.

Get Helping Paying for Your Degree

In addition to offering highly competitive tuition, Franklin University is committed to helping you apply for and receive as much financial aid as possible. Franklin’s Student Financial Services team offers hands-on support that starts when you first consider applying and continues through graduation. 

When you enroll at Franklin, your tuition rate is locked for the duration of your degree. That means that as long as you remain an active student, you never have to worry about an unexpected cost increase. Plus, Franklin’s generous transfer policy means you can cut costs even further if you have studied elsewhere previously. 

Learn more about financial aid and affordability at Franklin. 

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