A grant is a type of financial aid based on financial need (or other eligibility requirements) that you may not have to repay.
Unlike loans, you usually do not have to repay grants. However, there are situations where you may need to repay part of a federal grant:
- The amount given was more than you were eligible to receive. Errors can occur if you submit incorrect?information (electronically or on paper) or because the information that you wrote on the FAFSA or SAR was not scanned or entered correctly by the processor. In general, the school must have correct data before it can pay you. Additionally, any subsequent corrections to the Free Application for Federal Student Aid (FAFSA) can result in correcting an award.
- You withdraw early from the program for which you were given the grant. Eligibility for Title IV Federal financial aid may be restored by entering into an acceptable repayment plan with the Department of Education. As long as payments are made as agreed, the grant-originated debt does not affect eligibility for further aid. However, if you fail to make the agreed-upon payments, your eligibility is permanently lost until the debt is paid in full.
Grant over-payment debts are not eligible for either consolidation or rehabilitation.
How to Apply for Grants
- Apply to the college?and be admitted to an eligible program of study.
- Demonstrate your financial need by completing the current?FAFSA.
- Complete your financial aid file (check priority dates).
Review the following information for eligibility and other requirements for each grant.