Top 3 Financial Aid Programs for College Students
Explore the top three federal and private grants that provide essential financial support to college students, helping them fund their education without the burden of repayment. Learn about eligibility, application processes, and benefits of these vital programs that assist students across various fields of study.
Many prospective college students seek financial support to fund their education. Since most cannot cover tuition costs outright, they turn to grants and loans. While loans help students complete their studies, they must be repaid with interest. Therefore, it's advisable to prioritize grants—funds that don’t require repayment—when seeking financial assistance. Various grant options are available from federal, state, and private organizations, assisting students across a range of academic fields, especially for those facing financial hurdles in pursuing higher education.
The U.S. Department of Education offers some of the most beneficial federal grants. These are accessible regardless of the state or university attended. Here are three leading grants available to eligible students:
Pell Grant
The Pell Grant is open to undergraduate students who haven’t earned a bachelor’s or professional degree and demonstrate significant financial need. Certain students in post-baccalaureate teaching certification programs may also qualify. Ineligible if incarcerated, the Pell Grant does not require repayment. To apply, students must submit the Free Application for Federal Student Aid (FAFSA®) annually, which determines eligibility based on factors like family contribution, attendance status, and program costs. For 2018-19, the maximum award was approximately $6,095, varying by individual circumstances.
Academic Competitiveness & SMART Grants
Launched in 2006, these grants aim to promote advanced science and math skills. The Academic Competitiveness Grant supports first and second-year students, while the SMART Grant is for third and fourth-year students pursuing demanding majors like STEM fields. Eligibility requires Pell Grant qualification, U.S. citizenship, full-time enrollment in a four-year program, a minimum 3.0 GPA, and enrollment in specific fields such as science, technology, or foreign languages. Average awards in 2018-19 were $845 for Academic Competitiveness and $3,780 for SMART Grants.
Gilman International Scholarship
This scholarship encourages students with limited financial resources to study or intern abroad, prioritizing language skills in critical need languages vital for national security. Veterans of military service are especially encouraged to apply. Applicants must be U.S. citizens, undergraduate students in good standing, and recipients of the Pell Grant. Additionally, the study abroad program must occur in countries classified at Travel Advisory Level 1 or 2 by the U.S. Department of State.
