Different Types of Federal Grants

For those planning to attend career school or college, there are various grants available, most of which don’t need to be paid back like loans. These grants come from different sources, including the federal government, non-profit organizations, private companies, career schools, state governments, and colleges. You can apply for as many grants as you’re eligible for, potentially saving you thousands on your education.

Make sure to keep track of grant deadlines and give yourself enough time to submit your application. Set reminders on your phone, computer, or planner to avoid submitting late, as late applications are usually disregarded.

While most grants don’t require repayment, there are exceptions. For instance, if you receive a TEACH Grant but don’t fulfill the service obligation, you’ll have to repay it. Withdrawing from school before completing a certain enrollment period may also require repayment.

Types of Grants

The US Department of Education offers several federal grant programs for students attending career schools, community colleges, or universities. Below are some of the main grant programs available:

1. Teacher Education Assistance for College and Higher Education (TEACH) Grants
2. Federal Pell Grants
3. Iraq and Afghanistan Service Grants
4. Federal Supplemental Educational Opportunity Grants (FSEOG)

Check the award limits and details of each grant program to find the one that suits you best.

Grant Eligibility

Most grants are awarded based on financial need. To apply for federal grants, start by filling out the Free Application for Federal Student Aid (FAFSA®) form. You’ll need to submit this form each year you attend school to continue receiving federal student aid. Once your school receives your FAFSA form, they’ll notify you of your eligibility and when the aid will be disbursed.

Maintaining Eligibility

Each grant program has its own requirements for remaining eligible. Visit the specific program’s page to ensure you meet the criteria. If you have any questions, reach out to your school’s financial aid office.

When Repayment May Be Necessary

While federal grants usually don’t require repayment, there are situations where repayment might be necessary:

1. Failure to meet TEACH Grant service obligations.
2. Receiving additional grants or scholarships that reduce your federal aid need.
3. Withdrawing from the program early.
4. Changes in enrollment status, such as switching from full-time to part-time.

Repaying Your Grant

If you need to repay your grant, your school will contact you. You can either pay the full amount within forty-five days or arrange a repayment plan. Failure to comply with repayment options can affect your eligibility for future federal aid.

Don’t Hesitate to Seek Help

If you have questions or concerns about your loan requirements or repayments, seek financial advice. Don’t be afraid to ask for help or explain your situation. The financial aid department is there to assist you and can discuss various options to find a solution that works for you. Remember, being honest about your situation is crucial to finding a suitable repayment plan and protecting your credit rating.