The government awards grants to students based on demonstrated financial need, and the largest program offered is the Pell Grant, allowing eligible students as much as $4,000 in grant money each year of their college education. Students receiving Pell Grants may also be eligible for three other federal grants, including a Federal Supplemental Educational Opportunity Grant, an Academic Competitiveness Grant, and a National SMART Grant. SMART Grants are given to students pursuing degrees in mathematics or sciences, and academic competitiveness grants are awarded to students who demonstrate academic achievement in addition to financial need.
Many states offer programs similar to the Federal Pell Grant program, particularly to students staying in their home state for school. California's Cal Grant program awards students up to $9,700 for each year of school and is available for students planning to attend private universities. Texas is also home to one of America's better state education financial aid programs. Check the U.S. Department of Education Web site for a directory of state education grant programs.
Though private schools generally have higher tuition rates than public schools, they frequently offer much more financial aid than public schools do in an attempt to remain in competition for the best students. Private schools are also able to offer more grant money and other financial aid to students because they are free of the budgetary restrictions and mandates that public schools face.
If federal, state and school-provided grants are not covering the necessary expenses for a student, there are yet more options available, including low-interest federal and private college loans designed for needy students. Many college loans have payment plans that do not kick in until the student has graduated.
The average cost of attendance for a private four-year university for the year 2008-09 was more than $25,000. Students are encouraged to consult the financial aid offices at their schools of interest for information regarding grant and scholarship opportunities specific to the schools, as well as other financial aid options including work-study and loans. School financial aid offices can also be a useful tool for information regarding the average amount of aid given to a student and figures on the percentage of students who receive grant or scholarship money. Students looking to receive any type of financial aid must fill out a Free Application for Federal Student Aid (FAFSA) form.