Grants for Undergraduate Students
See Why Grants are the Best Funding Source
According to financial advisors, parents should begin saving for college as soon as a child is born. To help defray the hassle and offer tax-free incentives, state governments have even set up state-managed savings accounts, called 529 savings plans, so individuals can save for college education.
However, most Americans are delinquent in saving for college and the cost of higher education shows no abate. In response, private banking institutions have expanded to offer private student loans and corporate student loan providers are part of a growing industry.
Federal Grants
Most undergraduate students apply for federal student loans, such as the Stafford and Perkins Loans, but the Pell Grant is also available for those students who can prove the most financial need. Thousands of Pell Grants are awarded each year to assist undergraduate students in funding their college education.
Undergraduate students who are awarded the Pell Grant must also consider a couple of auxiliary grants for undergraduate students available from the U. S. Department of Education:
- Academic Competitiveness Grant
- National SMART Grant
The Academic Competitiveness Grant is available for freshman and sophomore undergrads that maintain a 3.0 GPA and have demonstrated proficiency in handling a challenging college preparatory high school curriculum. Students may be awarded up to $1300 in addition to their Pell Grant award.
The National SMART Grant is designed to pick up where the Academic Competitiveness Grant leaves off, with junior and senior undergrads. Students must consistently maintain a 3.0 GPA and be majoring in mathematics, technology or one of the sciences. Awards are available up to $4000.
Grants from Colleges and Universities
Colleges and universities extend millions of dollars in grants to undergraduate students annually. Many smaller, private institutions specialize in diversifying their student bodies. Through their active alumni gifting programs many institutions spend large amounts of money helping financially needy students through their campus gates. Shopping for college? Ask the financial aid advisors at the school for any information on undergraduate student grants.
Minorities and Women
Minorities have an easy task of finding extra grant money, especially in underrepresented areas of study, such as the sciences, engineering, biology, computer science and mathematics, for example:
Raise the Nation is an organization devoted to providing grant money for single women raising children. This extremely disadvantaged student set faces steep challenges when it comes to college.
