what is a grant?

Grant: financial aid given to a student, often based on financial need, that a student does NOT have to pay back (unless you withdraw from the school during the semester/quarter) Grants and Scholarships can come from the federal government, your college, a private or non-profit organization. Must apply for FAFSA (show example) to be eligible to receive grants from the college of your choice.

Key terms:

  • Merit-based Grant: Based on a student’s skills or ability (high cumulative GPA or talent in an extracurricular activity).
  • Need-based Grant: Based on a student’s financial need (low income family).
  • Scholarships:Money awarded to students based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.
  • Pell Grant: money that the federal government provides for low income students.
  • FSEOG: Federal Supplemental Educational Opportunity Grant, also called campus-based aid which means all schools don’t offer it. Offered to students who will receive Pell Grants first (financial need).

*Can receive $100-$4,000 based on your financial need, when you apply, the amount of other aid you receive, and the availability of funds at your college.

  • Financial Aid Office: the office at a college that is solely responsible for preparing and communicating information on financial aid. This office helps students apply for and receive grants, loans, and scholarships.
  • Financial Gap: also known as financial need, the difference between COA-Financial Aid.
  • TEACH Grant: Teacher Education Assistance for College and Higher Education,provides grants of up to $4,000 a year to students who are completing or plan to complete course work needed to begin a career in teaching.
  • Work-Study: a part-time work program to assist students with financial aid.
  1. Your total COA expenses (tuition and fee’s, room and board, personal expenses, books and supplies, and transportation) total $40,520. However, your total financial aid offered is only $32,200. How much is your financial gap? ______
  2. Imagine you are a freshman at Duke University and your financial aid check was not disbursed in time for you to buy your books. What are you going to do? ______

______

  1. If you are a student living in poverty or have a low income, what grants are you eligible for? ______

______

In your opinion, can a student from a low income household be able to afford college. Why? ______

______

  1. Which type of financial aid will help students find a part-time job? ______

______

  1. Based on the information we covered about grants, what questions do you still have about grants?
  1. What types of financial aid are available for student’s with high cumulative GPA or talent in an extracurricular activity? ______

______

  1. Normally, grants do not have to be paid back. However, when do they have to be paid back? ______

______

  1. What’s the maximum money you can receive from a FSEOG? ______

______