Need Based Grants
What are ‘need based grants’?
A college degree is considered necessary for securing a good job, opening up opportunities for advancement, and obtaining job security. However, the costs involved in earning a degree deter most bright students from enrolling in a university. In order to tackle this issue and produce a competent workforce, the US government as well as private businesses and individual donors have set up a number of ‘need based grants’. Need based grants offer full or partial tuition coverage and allow more and more students from different walks of life to obtain a higher level of education.
What types of need based grants are available?
A large number of student loans and need based grants are available to students, depending on the area of residence, college, or program in which a student is enrolled in. A grant can be considered as a gift or present that goes towards meeting your educational and living expenses. On the other hand an educational loan needs to be paid back to the original provider. Need based grants are awarded by the federal government on the basis of financial need, which is determined when students fill out their ‘Free Application for Federal Student Aid’ (FAFSA). During the application process, students are required to attach copies of their family’s tax returns and bank account statements. This information is then processed by the Department of Education to determine the amount of a need based grant to be awarded to a particular student.
In addition to the federal government, need based grants are also awarded by state and local government bodies - in addition to that, a number of private businesses and individual donors also award grants to deserving students. Among federal need based grants, the Pell grant is probably the most sought after in the country. This grant is named after Rhode Island senator Claiborne Pell, and since its inception in 1972, has helped hundreds of thousands of students fulfill their dreams of obtaining a college education. A Pell grant covers between thirty to sixty percent of college tuition fees, and the amount for individual grants has been raised by more than twenty percent between 2008 and 2010. Additionally, more than 25 federal agencies such as NASA run more than nine hundred grant programs across the country. Over 300 billion dollars are awarded need based grant programs annually, and the success rate of such programs has been phenomenal. Over 80% of students going to college on a need based grant completed their programs within the prescribed time frame, as compared to less than 65% of students who supported themselves through college – a fact which speaks volumes about the success and necessity of need based grants.
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Q:How much is annually spent on need based grants?
A:Approximately over 300 billion dollars are kept for awarding need based grant plans for education.
Q:What do we have to submit along with the application of need based grant?
A:Along with the application of the need based grant, you are required to attach copies of their family's tax returns, bank account statements, property records and various other items that vary from grant to grant that can help determine if the applicant is eligible for the grant or not.
Q:Are there also any degree based grants?
A:Yes, many bodies offer grants based on the degree program chosen. You can explore our website to get more details on degree based grants.
Q:What is Need Based Grant?
A:Need Based Grants are awarded to the applicants on the basis of their demonstrated needs through FASFA. These grants are categorized as gift aid that does not have to repaid like loans.
Q:As I read about the need based scholarships and grants, there was mention of the course on College Mathematics. What are the contents of this course?
A:It is common to get to read about the course on College Mathematics while going through the Need Based Scholarships and Grants. This course usually is worth 2 credits in total. It is designed to provide students with strong understanding of the various mathematical skills and the various concepts attached to it. Hands on experience is also added.
Q:How can I get need based financial aid?
A:For a student to get need based financial aid, he/she should demonstrate a financial need. Financial need is the difference between the expected family contribution and total cost of attendance. The amount of this difference can be financed be need based grant. Students who want to apply for this type of aid should fill out the FAFSA application.
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