Many American undergraduate students qualify for the Pell Grant. The Pell Grant was established in the 1970s with the goal of helping academically successful students pay for expensive colleges and universities. The award is named for Claiborne Pell, an education advocate and United States senator. Grants of up to $4,050 are given directly to colleges and universities through their financial aid offices. Financial aid officers assess students savings and Expected Family Contribution (EFC) when deciding who will be awarded a grant. Many students qualify for less than the maximum amount, as well. Pell Grants do not need to be paid back.
Most colleges and universities have their own funds for needy prospective students. Admissions counselors and financial aid officers work together to maximize the amount of award money they can provide to both incoming and continuing students. Additionally, many colleges use their financial aid programs to balance their admissions, attracting specific races or genders with certain awards. Students who are low-income, non-traditional or represent a marginalized class qualify for need-based grants. With these grants, there are usually academic and civic requirements that must be met to qualify for and maintain the scholarship.
Many students do not necessarily need financial help to attend college, but can still benefit from merit-based awards. The parameters for these awards are set by specific colleges, companies or wealthy donors. The majority of merit-based grants require students to have a high grade point average (GPA), good test scores and excellent leadership qualities. Sometimes, family and friends of a dead alumnus of a particular university establish a scholarship fund in honor of their deceased friend to help a promising student attend that college. There are many types of merit-based awards, almost any student can find one for which they qualify.
Throughout the United States, many charities, corporations and community organizations have scholarship competitions. A lot of these competitions allow students to write essays or conduct research or science projects to earn extra money for college. Some of these competitions require an entrance fee.