What are Online College Grants?
The online college grants are the ones which provide financial aid to the students taking up courses over the internet.
In today's era, where internet is dominating over all aspects of human life, where each and every person wants the information at the tip of their finger. The medium of education has gathered much popularity in the online media with the advent of the concept of online colleges. However, unlike the cheaper availability of the internet, online education comes with an increased cost.
But did you know that there are many grants available for the students to pursue their education online?
Let's learn about the various grants available out there for Online Colleges.
Types of grants for Online Colleges
There are broadly four categories into which the Online College Grants are categorized.
Grants are provided to students depending on their financial status and needs. Based on these factors, organizations decide whether the grants should be partial or full.
And the difference between Expected Family Cost (EFC) and the cost of attendance will also be taken into consideration.
It is based on the marks and credits you score.
The students scoring the highest marks will receive the grants.
Academic Departmental Grants
These are the grants which are meant for the undergraduate students.
In accordance with the academic performance, monetary rewards are provided.
Non-profit organizations offer corporate grants.
Corporate organizations set their own criteria to determine the money to be awarded.
Eligibility criteria for Online Grants
Well, you might be curious to know what are the criteria a student must fulfill to be eligible for an online grant.
A student should have been enrolled in an Online College.
Candidates should be pursuing in any of the enlisted accredited programs.
A student should have a GPA of 3 or above.
The criterion of age should also be one of the criteria a student is subjected to fulfill.
How to apply for Online Grants?
Step 1: Firstly you should download the application form from the official website and fill in all the required details.
Step 2: Supporting documents should be duly attached.
Step 3: Mark the dates and ensure the submission of the form before the deadline.
Step 4: Wait for the organization's acceptance and approval of your application.
Step 5: After approval, the concerned organization will send the approved money to the college or university.
Who provides the Online Grants?
In the United States, there are many governments as well as non-government websites which provide grants for pursuing education online. Let's look into some of the most popular ones which had played a major role in enabling millions of students to realize their dreams. The list goes as follows:
Federal/Public Grants - These grants are provided by the federal or public bodies.
State Grants - The State governments ensures grants to the students provided they fulfill certain criteria.
Private Grants - Few private organizations take a step ahead and come forward to help the students by providing grants.
Institutional Grants - These grants are usually provided by the colleges or the universities subject to the eligibility as well as other terms and conditions which they propose.
The concept of providing financial help in the form of Online Grants has really revolutionized the concept of Online Learning as more and more students can now think more about the choice of the courses rather than the dreadful thoughts about getting the money and starting off with the academia.
With the detailed information about the various organizations which are there to help, students can save their time which earlier was invested in making petitions to various organizations.
Can you get a Pell Grant for online classes?
Yes, you can get a Pell Grant for online classes as long as your school is accredited and is approved to disburse federal financial aid funds.
Can I apply for scholarship even if I am not currently enrolled in a college?
You don’t have to be officially enrolled in a college or university to begin your search for scholarships. If you haven’t decided which school you’d like to attend, you can select schools in which you are interested while completing your profile.
When do I find out about how much money I will receive?
After submitting your FAFSA, you will receive a Student Aid Report (SAR), which is a summary of the FAFSA data you submitted. Review your SAR for accuracy, as this information will be sent to a list of colleges you select to determine your financial aid. Then according to colleges, they will send you the notification about how much money you will receive
Are these grants merit-based?
Most grants are not merit based they are need-based and also community-based.
How much money can I get from the Federal Pell Grant program?
The amount of money awarded depends on your Financial Need. For the 2015-2016 academic year, the maximum award amount is $5,775. The minimum is $588.
Who determines the award amount that I receive from a Federal Pell Grant?
Using a formula that factors in your EFC, COA and enrollment status as a full-time or part-time student, your college or career school will determine the amount of money awarded to you through Federal Pell Grant funds.
How is my Financial Need Determined?
To calculate your Financial Need, the school will subtract your Expected Family Contribution (EFC) from the school’s Cost of Attendance (COA). That number is your Financial Need and will determine the amount of money you can receive. Although the COA might differ from school to school, your EFC will not change.