Federal Pell Grant

Created by the federal government in 1973 at the instigation of Senator Claiborne Pell, this type of grant provides monetary assistance to undergraduate students who exhibit financial need and have not yet earned either a bachelor's or a professional degree. Both full-time and part-time students are eligible. Originally known as Basic Educational Opportunity Grants, the program was renamed in 1980 to honor the Senator who brought forth the concept. Unlike loans, Pell Grants are not repaid. They are a financial incentive to advance your education. Awards may range from $400 to $4,050 annually. To apply, you must complete the Free Application for Federal Student Aid.

Federal Supplemental Educational Opportunity Grant (FSEOG)

Created by the federal government in the late 1970s, this type of grant provides monetary assistance to undergraduate students who exhibit exceptional financial need and have not yet earned either a Bachelor's or a professional degree. Both full-time and part-time students are eligible. Like Pell Grants, this grant does not have to be repaid. Awards may range from $100 to $4,000 annually. To apply, you must complete the Free Application for Federal Student Aid.

State-Administered Grants

These grants and their awards vary by state. You should contact your high school guidance counselor for details and application deadlines.

Scholarships

Like grants, scholarships do not have to be repaid. Awards vary, and there are literally thousands of scholarships available for students. It's important to begin looking for them early. These resources can make the search easier:

• Web sites
  Sites such as www.finaid.org and www.fastweb.com can make searching for the right scholarship easy.
  
  

• public libraries
  The reference section of the library is an excellent place to begin. Look for books such as the Annual Register of Grant Support.



• professional organizations
  A number of professional and community organizations offer scholarships, such as the Lions Club, the Girl Scouts, the Boy Scouts and The Big 33.



• employers
  Some employers offer their employees and their children scholarship opportunities.



• college counselors
  These professionals may know about grants and scholarships that match particular students.

For more information, contact our customer service center to speak with an education loan specialist at 800-762-1001, Monday through Friday from 8am to 6pm Eastern time.