Grants can be an important part of your financial aid package. They’re especially nice because you don’t have to repay them.
If you have filled out your Free Application for Federal Student Aid (FAFSA), you’ve automatically applied for the major federal grant programs. To receive a grant, you must have financial need as defined by the federal government. You also must meet the eligibility requirements for financial aid
There are two major types of federal grants:
- Pell Grant
- Supplemental Educational Opportunity Grant
Federal Pell Grant
The Pell Grant program is the federal government’s largest student financial aid program. You can receive maximum up to $5,775 each academic year, although the actual amount you’ll get depends on a number of factors. If you’ve already received a bachelor’s degree, you’re not eligible for a Pell Grant.
Federal Supplemental Educational Opportunity Grant
Pell Grant recipients with exceptional financial need may qualify for the Federal Supplemental Educational Opportunity Grant (FSEOG). Funding for the grant is limited, and priority is given to students with the lowest Expected Family Contribution (EFC). A typical grant is $1,000 for the academic year.
Tuition Incentive Plan (TIP)
The Tuition Incentive Program (TIP) is a program funded by the State of Michigan that encourages eligible students to complete high school by providing tuition assistance for the first two years of college and beyond. For more information, please check the State of Michigan website.