What are Grants?
Grants are essentially free money from the federal government you do not have to pay back. It is an important part of the financial aid process to help relieve the amount of money college and university students have to pay back at the end of their degree programs. Grants are typically limited in the number of people who will be awarded. While the government is the most common source of grants, you can find grants from other sources too, such as businesses and non-profit organizations. Keep in mind that grants are different from scholarships.
You do not have to pay scholarships back either. However, scholarships often come with fewer restrictions. Grants are typically awarded to individuals based on a specific aspect of their life, such as financial need or military service. You will also be required to meet stipulations, such as a minimum GPA, to ensure the renewal of your grant money. Many scholarships are awarded in small sums as a one-time offer. These can be based on a number of factors, such as age, gender, county, minority status, education discipline, and other identifying characteristics and interests.