The most common type of grant for low-income students is known as the Pell Grant. This grant is available to any student without a four-year degree. Those with family incomes as high as $60,000 may qualify for the grant. The Federal Supplemental Educational Opportunity Grant is also available for low-income students. Other grant programs target specific majors, or sometimes even particular socioeconomic backgrounds.
Grants often allocate a certain amount of money per term, sometimes based on income and need. For example, lower-income students with Pell Grants received as much as $2,675 in 2009 if they were in school full time. Those in school half time received as much as $1,337.50.
To qualify for any grant product from the federal government, low-income students must submit the Free Application for Federal Student Aid (FAFSA). This can take a couple of hours to complete, but you can do it online and most of the information is saved, so it does not need to be repeated each year.
Some students believe their personal credit rating is a factor in getting student aid. This is especially a concern among lower-income students, who may tend to have poorer credit. While your credit might affect some loan products, grants are usually not contingent on credit rating, because grants do not have to be repaid.
You may qualify for grants from private foundations. For example, single mothers, who often struggle to make ends meet, may find opportunities through the Janette Rankin Foundation Women's Education Fund, the Adult Students in Scholastic Transition grant, or grants offered by others. Always check with your academic adviser to see what opportunities may be available to you.