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How To Get Awarded A Personal Grant

One of the little known secrets of the financial world is that there are lots of personal grants out there for people who will use them. You would think that people would be lining up to get the free money to start their own businesses or pay for their education, but this is not the case.

Most people don't understand the vast number of grants that you can get if you will only look. This is good for everyone else, though, because it leaves much less competition for grants if you do apply. So what can you get grants for? Where do you get them? These are valid questions that should be answered for people seeking this money.

Federal and private funding sources

When talking about grants, it is important to understand that there are federal grants and grants that are privately funded. The federal grants are handed out by the government for a host of different things. With the government trying to pump money into the hands of consumers to help the economy, the opportunity for more grants is there at the current time.

Some of the most popular federal grants are the education grants, including the often used Pell Grant for undergraduate education. These grants can be had on a need basis, so if you are having trouble paying for college, filling out a Federal Application for Student Financial Aid (FASFA) will give you a chance to get those. Likewise, federal grants exist for getting out of debt and for starting a small business, among other things.

Visiting the government website will give you a chance to see all of the grants. From there, you can search using a keyword that pertains to you, or you can peruse the site. Narrowing down the grants that you are eligible for is one of the most time consuming parts of the entire process.

Private grants are typically provided by a charitable foundation or by an individual. These are specialty items that might be used to go towards a certain type of person or a certain purpose. More private grants are available for education than anything else, but there are some local, private grants for the purpose of promoting economic growth within a community.

Who gets these grants?

With federal grants, applicants have to show that they have some need. For instance, if you are going to get a debt relief grant, you have to show that there is no way for you to possibly pay off the loan the way things stand for you today. If you are going to get an education grant, you have to show the inability to afford college on your own.

When you visit the government grant site, you will see that there is a "synopsis" section where you can see all of the details for qualification. Under synopsis, you will be able to see the total amount of the grant, as well as the things you need in order to get the grant. For instance, if you ran an infant day care center and you wanted to find a specific grant, you might search for "infant day care", then you would read that this particular government grant is only available to those who have more than 50 kids under their care. Though that is a rough example, it's true of how the process plays out.

With privately funded grants, the money will usually go to someone who falls in a certain category. For instance, some of the private college grants are for people who have worked at a certain company in high school or for someone who plays a certain sport or instrument.

How do you apply?

A quick search on the federal government's websites will reveal the forms that you need in order to apply for federal grants. With student aid, this happens with the previously mentioned FASFA form. For the other grants, an individual application must be filled out and mailed to them with all of the adjoining information. Someone will review your case and if you meet the qualifications, they will notify you about a grant.

An important part of the process is the grant proposal, which will have to be molded to suit the needs of each individual grant. The proposal needs to include information and proof on how you meet each of the qualifications and you will want to show any special circumstances that make you a better candidate than the next guy who is applying. Putting together these grants in a way that is effective and persuasive is a huge part of the equation.

Getting a grant can be an excellent way to jump start your financial life, either through debt relief, a new business, or your continuing education. With so much money out there, it only makes sense to pursue it for your own personal benefit.