Q: Are there any low income grants for college to help students who do not have enough money to pay for college, but also have poor credit and can not secure private student loans?
A: Grants are a great source of financial aid for college, because unlike student loans, the money a student receives from grants will not have to be repaid. The most common low income grants for college or college grants that are based on financial need are the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant.
The Federal Pell Grant Program is probably the most recognized “low income” college grant program that supplies need-based college grants to low income undergraduate (and some graduate) students. The amount of money a student receives from the Federal Pell Grant Program will depend on a number of different factors, including: financial need, cost of attendance, and full-time or part-time student status. Federal Supplemental Educational Opportunity Grants (or FSEOG) are another type of low income grants for college. These type of low income grants for college may be awarded to students with exceptional financial need, such as students with the lowest expected family contributions at eligible institutions. To see if you will qualify for any Federal Grant Programs, students must complete a FAFSA by the deadline for any given academic year. It is also important to file your FAFSA as early as possible, since some of the Federal Financial Aid Programs are conducted on a first come, first serve basis.
As for having poor credit, federal grants do not factor in a students credit score, nor do the majority of federal student loan programs. Students must complete a FAFSA to become eligible for Federal Grant Programs and/or Federal Student Loan Programs.