The two most common types of student grants are those based on need and those based on student merit. Most federal grants are based on need, while many state grants are based on a combination of financial need and academic merit.
The Pell Grant, the largest federal student grant program, offers financial aid to students who qualify financially. Eligibility is based on family income and expected family contribution (EFC), the amount of money the student and/or family is expected to contribute toward the cost of college education.
Another federal grant, the Federal Supplemental Education Opportunity Grant (FSEOG) is available for students with exceptional financial need who also qualify for the Pell Grant. Students whose family income indicates little or no expected family contribution toward the cost of schooling can receive additional assistance with the FSEOG.
Other federal grants provide money for students who major in science and technology fields or who plan to become schoolteachers. One federal program, the Academic Competitiveness Grant (ACG), assists students who meet academic and financial need requirements.
Although not strictly a grant, federal work-study programs enable students with financial need to work on campus and earn money toward education expenses.
Many college grants offered by states are based not only on financial need, but also academic merit. Information on state grants can be found at college financial-aid offices or on state government and higher education websites.