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If you are planning to attend college, it is important to learn about the differences between a federal grant and an institutional grant, also known as institutional financial aid.
Funding your college educational endeavors can be difficult when you are studying and you do not have the time to work full-time, so taking advantage of all of the grants that are available to you can relieve some of the financial burden that school presents.
Institutional grants, as the name would suggest, are awards that are offered by a specific schools, states or organizations but not the federal government. If you are interested in learning more about what institutional grants are, and how to find out what types of grants you might qualify for, read on.
What Types of Institutional Grants Are Available?
When you start to compare the cost to attend various post-secondary institutions, you will find that the cost of a degree can be very high. Rather than getting intimidated by the cost of attaining a degree, it is best to research the types of grants that you can apply for. An institutional grant category is a broad category that includes all grants that are not funded by the Federal government. This broad category includes at least three different popular types of grants that students can apply for: state, college and private grants.
A state grant is an educational grant that is funded by the state government and not the Federal government. In order to qualify for this type of grant, students must be a resident of the state and meet other eligibility requirements. Generally, when you apply for federal aide, your application will be reviewed to determine if you are eligible for state grants. In addition to state grants, there are college grants offered by a school for students who have completed a specified number of credits or earned a minimum GPA. If you do not qualify for either of these, a private grant may be offered to students based on the student’s future occupation or affiliation.
How Can you Find Institutional Grants?
After you complete an application for Federal Financial Aide, you should continue to look for private grants that are not federally funded. If you want to find a grant or a merit-based award, the key is to start the search by discussing your options with a school counselor or the financial aide department of your school. These professionals can locate whether or not you can receive state grants or college grants, and may be able to direct to resources where you can find private grants.
After you check with the school, use the Internet to find updates on institutional grants that are approaching their deadline. There are thousands of opportunities advertised on the web which totals to millions of dollars in funds that is waiting to be disbursed. Be a lucky student who receives money that does not have to be repaid by doing the necessary research.
Statistics show that at least 38 percent of first-year students receive some form of institutional financial aid. If you do not fall into this statistic, it is time to do your homework so that you can get aide that you do not have to repay. Compare grants for students with financial need, merit or affiliation requirements, and get an institutional grant that makes paying for school easier.
Related Resource: Top 25 Online Bachelor’s Degrees With the Highest Percentage of Students Receiving Institutional Financial Aid
