Arguably the best known of the grants is the Federal Pell Grant Program. Named after U.S. Sen. Claiborne Pell, it provides need-based grants for low-income undergraduate students and some graduate students. The grant amount is based on several factors, including the student's expected family contribution (EFC), cost of the school and if the student will be attending school full-time or part-time. Approximately 5,400 schools are included in the Pell Grant program.
Another federal grant is the Federal Supplemental Educational Opportunity Grant. Also known as FSEOG, it is for undergraduate students who are seeking access to to post-secondary education, and there are about 4,000 participating post-secondary institutions. Pell Grant recipients with the lowest family contributions might also be eligible for FSEOG. Students can receive between $100 and $4,000 per year.
Some grants are for students who graduated high school from a specific state or even city. Qualifications vary and may include SAT scores, extracurricular activities and intended field of study, in addition to financial need.
While the Pell Grant and the FSEOG are available to students at thousands of colleges, other grants are for a specific school. Many colleges and universities offer grants to low income students studying within a certain field. Grants for education, medical, engineering and even art degrees, among others, may be available. The money for many of these grants is donated by local businesses or individuals. Check with your school's financial aid department to see what grants may be offered.
The Serviceman's Readjustment Act is more commonly known as the G.I. Bill. Originally written to provide jobs and training for servicemen returning from World War II, it now helps to defray the costs of education. Programs are different depending on how long someone was in the military. Money from the G.I. Bill is often combined with a Pell Grant or other assistance programs.
Make sure you do your research. In the day and age of the Internet, scams are prevalent. Remember, if it seems too good to be true, it probably is. Make sure you research the grant, and check with the school's financial aid department if you have any questions.