Higher education is a significant investment for every student. However, for many students, securing the funds to pursue a college or university degree can be a daunting experience. Grants are essential sources of financial support, enabling students to afford their tuition, books, or any other education-related expenses without the burden of repaying the funds. Grants are often considered to be “free money” for education purposes unlike loans, which makes them a very desirable option for those students who want to reduce their financial stress.
However, despite so many benefits of grants, most of the students are discouraged from applying for them. Because they have various misconceptions about the eligibility and the application process.
That’s why we have come up with this blog post, which will debunk five common myths surrounding education grants, and will help students from all backgrounds understand how grants might benefit their educational journey.
Myth 1: Grants Are Available for Only Students from Low-Income Families
One of the most common misconceptions that most students have is that grants are exclusively available to students from low-income families and backgrounds. To some extent, the truth is that need-based grants are to be awarded to students with financial need. However, this doesn’t mean you must show financial hardships to avail of grants.
The Truth: The reality is grants are available for a wide range of students and not only for students with low-income backgrounds. Many of the grants focus on various factors rather than only the financial conditions and needs of the students. Such as:
- Academic Achievements
- Talents
- Career Goals
For example: If a student is willing to enter a field of study such as STEM (Science, Technology, Engineering, and Mathematics), teaching, or the arts, grants are likely to be offered regardless of their family income or background.
Myth 2: You Can get Only One Grant
Another common myth is that students can only be eligible for receiving one grant throughout their education journey. This misconception has negatively affected the students who need additional sources of funding to cover the high cost of higher education.
The Truth: Contrary to the misconception, the truth is students can receive multiple grants and different forms of financial aid, simultaneously. In fact, many students can combine several types of financial assistance, such as – Federal, state, institutional, and private grants to cover the cost of their higher education.
How Students Can Gain Grants?
- Federal and State Grants: Many of the students are qualified for both federal and state grants, but it’s being awarded based on different criteria.
- Institutional Grants: Many colleges and universities often provide grants in addition to state and federal grants.
- Private Grants: Students can also avail of grants from foundations, private organizations, or corporations, which can be stacked up on top of other forms of financial aid.
By researching all the available opportunities and different forms of financial aid, they can maximize the financial support they get and reduce their financial burden.
Myth 3: Grants Are Only Available for Undergraduate Students
Another misconception among students is that grants are only available for undergraduate students. This misconception discourages most graduate and post-graduate students from seeking grants for their advanced studies. All graduate students think that they can only rely on loans, personal savings, or assistantships, and because of this factor, they don’t explore available grant opportunities.
The Truth: In reality, students will find many grants specifically designed for graduates and post-graduate students. You will find that undergraduate grants are more widely publicized; graduate-level funding options are there to support those students who are pursuing advanced degrees.
Popular Graduate-Level Grants
Let’s get to know some of the best available graduate-level grants:
- The NSF (National Science Foundation) Graduate Research Fellowship: This fellowship is known for offering grants to students who are pursuing a master’s or doctoral degree in Science, Technology, Engineering, and Mathematics.
- The Fulbright Program: This program is known for supporting students who are into international students and research. The Fulbright Program offers grants to graduate students for various academic and professional opportunities abroad.
- University-Specific Grants and Fellowships: Many universities offer graduate students funding opportunities that cover tuition fees, teaching assistantships, or research, that students can combine with their other received financial aid.
Myth 4: You Have to Repay Grants
Many students have the misconception that grants, like loans, must be repaid after graduation with interest. This myth might discourage many students from applying for grants, because they may not fully understand the difference between loans, grants, and scholarships. Additionally, many students may misunderstand the terms of certain grants, particularly those that come with specific conditions for eligibility and renewal.
The Truth: Unlike loans, grants don’t need to be repaid. Grants are being awarded to students based on their:
- Financial need
- Academic performance
- Field of study
Which are intended to help students to cover their higher education expenses without the burden of repayment. However, there are some exceptions.
Potential Exceptions
Grants are generally non-repayable, however, there may be some conditions. For example, to retain the grant, a student may need to maintain a certain GPA or continue studying in a particular field of study. If a student fails to follow these requirements, they may be asked to repay a portion or all of the grant money that they have gained.
Difference Between Grants, Loans, and Scholarships
- Grants: Grants are typically awarded based on financial needs or on specific eligibility criteria. And unlike a loan, it doesn’t need to be repaid.
- Loans: If students have opted for loans, then they must repay them with interest after their graduation.
- Scholarships: A scholarship is a type of financial aid that is awarded based on academic performance, athletic ability, or other merits, and typically doesn’t require repayment.
Myth 5: You Won’t Qualify if You Have a Perfect GPA or Great Test Scores
Some of the students might have misconceptions that they will not qualify for grants if they have excellent academic credentials, such as high test scores and perfect GPAs. They often assume that only those students who have lower academic performance and great financial needs will be eligible for grants.
The Truth: Grants are being awarded to students on various criteria, and academic performance is just one of the factors. Many grants are designed to help students who are under any of these circumstances:
- Financial needs
- Pursue a specific field of study
- Have strong community involvement
And none of this requires a perfect GPA.
The myths surrounding higher education grants can be confusing and discouraging, leading many students to miss out on valuable financial aid opportunities. By debunking these five myths, it becomes clear that grants are accessible to a diverse group of students, from those with moderate incomes to those pursuing graduate education, and from high-achievers to those involved in community service.
Students are encouraged to research and apply for grants based on their unique qualifications and needs. Whether you are a high school senior, a graduate student, or someone seeking to advance in your career, the financial assistance you need maybe just a grant application away.