Pell Grant Alternatives
In addition to getting the Pell grant there are several other types of financial aid you can get to help you pay for school. Since the Pell grant is not easy to get, you will need to know about all the alternatives out there to help pay for school. Since the Pell grant is free money that does not have to be paid back, we will start out with other free money that is available for school.
1. FSEOG – This is the Federal Supplemental Education Opportunity Grant. This alternative to the Pell Grant can get you up to $4000 a year for school.
2. ACG Grant – This is a new grant that gives students up to $750 for the first year of undergrad work and up to $1300 for the second year of study.
3. SMART Grant – This grant is for students in their third and fourth year of undergraduate study and it provides up to $4000 a year for students in the math and science field.
4. TEACH Grant – This grant is also new and a great alternative to the Pell Grant. It provides up to $4000 a year for students who plan to teach in an elementary school that serves low income students. If you fail to complete the obligation, all of the grant will convert to a loan.
5. State Financial Aid Grants – Each state in the US has state based financial aid and almost all of them give out free money as well. There is a list of all the grants for state on easyaid’s state financial aid grant page.
6. Scholarships – Scholarships are easier than you think to get. Many scholarships go unawarded because people do not apply for them. Below is a quick list of some very easy scholarships where you can win up to $10,000. All links open in a new window.
7. Student Loans – The majority of students absolutely have to take out student loans. There are several types of student loans that suit the needs for students. No matter what, all student loans do not have to be paid back until you have graduated. You must stay in school to defer payments though.
a. Subsidized Stafford Loans – The government will pay your interest on the loan while you are in school at least half time.
b. Unsubsidized Stafford Loans – The interest accrues while you are in school. You do not have to make interest payments while you are in school, but it a very good idea to do so, it will add up quickly.
c. Perkins Loans – These are loans that are given out by the school. The school is the lender and the payments are also deferred until you graduate.
d. PLUS Loans – The PLUS loan is a Parent Loan for Undergraduate Students. This is a loan that parents take out to help fund the education. There is no grace period on this loan and payments must start immediately.
e. Private Student Loans – Private student loans are very useful if all the other financial aid you are offered does not fund your education.
As you can see there are lots of alternatives to the Pell Grant. Even though all of them are not free money that does not have to be paid back like the Pell Grant, they work for the goal of getting an education.