Preface on Gift Aid

Gift Aid doesn't have to be earned or repaid by the student. Original Source:  Straight Talk on Paying For College This helpful book provides exclusive insider tips from financial aid experts and real-life stories of families paying for college, plus tuition and aid data on 328 popular colleges.

Institutional Grants and Scholarships

What is It? Gift aid received from colleges and universities is referred to as institutional aid, since the money comes directly from the school's resources. These awards, particularly those that are merit-based, are usually highly competitive and may be awarded only to those who meet school deadlines and demonstrate academic achievement. What Can You Receive? Varies widely depending on the school and the program. Award amounts can range from as little as several hundred dollars to a full scholarship. Eligibility Again, depends on the program. Most are based on academic performance or athletic ability. Conditions Depends on the program; but most require students maintain minimum academic standards. How Do You Apply? Contact the school's financial aid office for details.

State Grants

What is It? Most states have grant programs-some based on financial need, others on academic distinction. What Can You Receive? Varies widely depending on the state and the program. Award amounts can range from as little as several hundred dollars to a full scholarship. Eligibility Again, depends on the program. Most are based on financial need or academic competitiveness. In addition, many state programs require that you be a resident of that state. Conditions Many state programs require that you attend a college or university in that state. How Do You Apply? Varies. Check with your high school guidance counselor or contact your state's department of education.

Federal Pell Grant

What is It? The Pell Grant is the single largest grant program in the country, totalling more than $7 billion in award money. What Can You Receive? The maximum grant award for 2002-2003 is $4,000. Eligibility Eligibility for this program is based on financial need, the cost of the school, and full/part-time status. Most middle-income families do not meet the need-based criteria. Conditions Federal Pell Grants do not need to be repaid. How Do You Apply? You must complete and submit the Free Application for Federal Student Aid (FAFSA).