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You may have heard of the Free Application for Federal Student Aid, or FAFSA, if you or someone you know has plans to attend a college, career school, or university. Last year, over 60% of high school seniors submitted a FAFSA to the Department of Education to secure financial assistance. But what many prospective and current students may overlook are the various federal grants awarded to students in need each year.1
Granted value
Most federal grants, unlike loans, function as sources of funding. There are some exceptions, though. For example, if a student is awarded a grant, but withdraws from the program in which they’re enrolled, they may be required to pay back all or a portion of that grant.2
Know your grants
The Department of Education offers multiple aid packages as part of the Federal Student Grant Program. The following four are granted most often, and each has different requirements for eligibility. The information below applies to the 2020-2021 academic year:
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