By definition, grants are gifts of money to be used for a particular purpose. As it relates to financial aid, grants are gifts of money from federal, state, and institutional sources used to assist in the financing of a college education.
Federal Pell Grant: Awarded based on the greatest financial need with a maximum award of $5,815 for 2016-2017.
Federal Supplemental Education Opportunity Grant (FSEOG): Grant designed as a complement to the Federal Pell Grant.
Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant Program: Grant designed to encourage future teachers to teach high-need fields in designated low income schools.
Iowa Tuition Grant: Need-based grant available to undergraduate Iowa residents.
Luther Grant: Awarded to full-time students based on financial need.