scholarships and grants

money you don't have to repay.
now that's something to talk about.

Scholarships and grants are first on everyone’s list when it comes to finding money for college. The reason is simple: It’s money you don't have to pay back!

So what's the difference between a scholarship and a grant? And what does it take to apply for them? We’ve got you covered right here. So let's get started.

scholarships

Scholarship awards can range from a few dollars to checks that cover the full tuition bill. Scholarships are offered by many organizations, including federal and state governments and private sources, such as:

• Upromise Scholarship
• Applications for the 2009 Upromise Scholarship will open up in early 2009, click here for a list of our 2008 winners
• Employers
• Individuals
• Companies
• High schools and colleges
• Religious groups
• Professional associations

Scholarships are awarded for different reasons, depending on who's doing the giving. You can be considered for a scholarship for any of the following reasons (and more):

• Academic performance
• Athletic achievement
• Financial need
• Religious affiliation
• Minority status
• Heritage
• Community affiliations
• A unique set of criteria that's important to the organization providing funds

If you want to succeed in finding the right scholarships, be sure to start early, stay focused, and search diligently. Remember to apply for scholarships every year you plan to attend college. Start by checking out College Answer®'s free Scholarship Search.

For more information on Scholarships and eligibility requirements, visit SallieMae.com.

grants

Grants, like scholarships, are free money given to eligible students for college. There are several kinds of grants awarded by government and state agencies. Here's an overview:

The Federal Pell Grant is the largest federal grant program and is based on financial need. There is no minimum grade point average or other academic requirements, as along as you attend an eligible school. Awards are up to $4,310.
The U.S. Department of Education determines your eligibility based on your answers on the Free Application for Federal Student Aid (FAFSA). Submit your FAFSA as soon after January 1 as possible.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Schools distribute the need-based FSEOG to full-time and part-time students. Awards range from $100 to $4,000. Your college financial aid office will determine whether you're eligible from your EFC as reported on your ISIR (the school’s version of your Student Aid Report).

An ACG provides up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study to full-time students who are U.S. citizens, eligible for a Federal Pell Grant, and who had successfully completed a rigorous high school program, as determined by the state or local education agency and recognized by the Secretary of Education. Second year students must also have maintained a cumulative GPA of at least 3.0.

A National SMART (Science and Mathematics Access to Retain Talent) Grant provides up to $4,000 for each of the third and fourth years of undergraduate study to full-time students who are U.S. citizens, eligible for a Federal Pell Grant, and majoring in physical, life, or computer sciences; mathematics, technology, or engineering; or in a foreign language determined critical to national security.
The student must also have maintained a cumulative GPA of at least 3.0 in coursework required for the major. The National SMART Grant award is in addition to the student's Pell Grant award. Students must submit a FAFSA to apply for this grant.