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Home | Reference & Education | College And University College grant money is, in fact, a type of financial aid that is awarded to deserving individuals. This form of financial assistance is offered by the federal government, non-profit civic groups and private institutions to help certain students on the basis of economic need. Contrary to what many people believe, a college grant is not the same as a student loan. The most significant difference is that a qualified individual is not required to repay the grant money. In contrast, a student loan applicant must meet his or her obligation to repay the money within a certain specified period. The terms of the loan will depend on the agreement between you and the lender. This significant difference is why students and parents alike favor college grant money to student loans. In an effort to determine the amount of college grant money you may receive, most colleges and grant programs will factor in your parents' income as well as the average cost of college. The result is a basic estimate of how much money you may be eligible to receive from your grant. Most college grant money programs fix a certain amount which they then send to the colleges and universities where the grant is awarded. A student with a grant may either receive the money in checks via the postal service or the college would automatically credit the amount to the student's account. If you would like to receive college grant money through federal financial assistance, you'll need to fill out the free Application for Federal Student Aid, or FAFSA. The easiest way to do this is to visit the FAFSA.ed.gov website and fill out the form online. The FAFSA can not be filed before January 1st of the year you will be attending college or university. However, be cautious of the dates on which you will be filing for college grant money. Sometimes, the deadlines announced by the federal student aid programs and your college of choice may vary. Just to be safe, file your application long before any of the dates. In addition to the FAFSA, there may still be other forms you will need to submit. Incoming freshmen may also need to complete the CSS Profile Application, as required by a number of private colleges. Your CSS profile provides administrators with additional data from which to derive your eligibility for institutional need-based assistance. This profile application usually becomes available in the middle of October. It's also possible to register and apply online at collegeboard.org. Using the processed information from your FAFSA or CSS Profile, the school administrators will determine your eligibility for college grant money. This decision will be based on your demographic, household and financial data. Article Source: http://www.articlewheel.com
Columnist Ramona Mackgil is an author for several Internet magazines, on family matter and growing family subjects.
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