A grant is financial aid a student receives from a government or private institution. What separates a true "grant" from other aid, such as student loans, is that a grant requires no repayment. It is, in effect, a gift based on merit and other qualifications that the granting institution feels the student has demonstrated.
The federal government houses 26 grant-making agencies, including the Department of Education, which offers grants to students attending all universities (including Full Sail). At www.grants.gov you can find a full list of categories available, with downloadable forms as well as online applications. Another great resource for the student is www.scholarships.com, which features a search engine where you can look for the grant that best meets your needs.
Full Sail, like other institutions, offers its own merit- and academic-based grants. Its Merit Scholarship Program is open to entering full-time students who have maintained at least a 3.0 grade-point average throughout their secondary education. Any student accepted to Full Sail can request the scholarship information through an admissions counselor.
Full Sail also sends students a list of the best places to seek out grants and scholarships with their initial financial aid packets. Outside of academic achievement, the federal Pell Grant is an income-based program that generates grant money for lower-income families. You have to fill out a FAFSA form to determine your eligibility for federal financial aid. Visit www.fafsa.gov to begin that process.
According to www.communitycollegereview.com, 24 percent of Full Sail students receive federal grants, getting $2,815 per year on average. For many, this money is the linchpin of their financial aid package, and it is what allows them to continue their education. The right aid package should include only what the student needs to attend school, cover tuition, books, with room and board. Private loans, which tend to have variable interest rates and are much more difficult to consolidate and repay after graduation, should be kept to a minimum or none.
Outside of income-based grants is the competitive world of free money ruled by grade-point averages and talent that promises brilliant careers. It is important to remain focused after securing grant money. You must live up to the specific requirements of the granting institution once the funds have been extended. In short, if your grant requires you to keep a 3.5 grade-point average to show academic progress and maintain annual funds, make sure your nose is in the books. Once grant money is gone, it's gone.
Beware of scammers, fly-by-night companies that charge families to find grants but fail to produce results. The North Carolina Department of Justice recently broke up a grant scam ring that charged people as much as $24,000 for help winning grants but left consumers complaining that they didn't receive a thing for their money.