Post-secondary education is expensive, but there are federal, state, and university scholarships available in the United States. To be considered for most scholarships, students must complete the FAFSA. There are four types of federal scholarships, and many states and universities also offer scholarships. Eligibility requirements vary.
Post-secondary education can be the key to a student’s future success and the start of a rewarding career. Unfortunately, the cost of attending a college or university often prevents otherwise eligible students from pursuing the dream of higher education. Fortunately, in the United States, there are several federal, state and university scholarships available to help defray the high cost of attending a university.
To be considered for most college scholarships, an applicant must first complete the Free Application for Federal Student Aid (FAFSA). The FAFSA can be completed online and has a priority deadline of March 1 of each year for the following school year. The FAFSA determines the “expected family contribution” (EFC), which is used to determine eligibility for many different financial aid programs, including scholarships.
At the U.S. federal level, there are four basic types of college scholarships for which a student may be eligible, including the Pell Grant, the Federal Supplemental Opportunity Grant (SEOG), the Academic Competitiveness Grant (ACG), and the National Science and Education Access Mathematics for Talent Retention (National SMART Grant). Both the Pell Grant and the SEOG are based solely on the student’s EFC, while the ACG and National SMART Grant are based on the EFC in addition to academic standards or skills. Recipients of any of the federal grants can receive the full amount or a portion of the maximum amount based on CEF as well as available funds. These donations do not need to be refunded.
In addition to federal college scholarships, many states also offer scholarships to state residents. As an example, the state of Florida offers a FRAG (Florida Resident Access Grant Grant) to eligible Florida residents attending a college or university. Most states have a similar concession for state residents. The amount of state grants varies by state and also does not require reimbursement.
Many universities offer various scholarships to students. In most cases, these scholarships are private, funded by donations from alumni or philanthropists who believe in the concept of higher education. Eligibility requirements for university-based grants vary by university and the rules of the grant itself. Private grants do not require reimbursement.
A variety of additional conditions may apply to university scholarships. The student must generally be enrolled for at least halftime and maintain satisfactory academic progress. The definition of satisfactory academic progress varies by university, but generally requires completing the majority of attempted credit hours and maintaining a certain grade point average.
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