In regard to studying, a grant is a sum of money given to a person to cover educational expenses. However grants are also given in other areas, for example, for funding different researches or for development of some interesting projects. Grants are considered better than simple loans even though there are issues that need to be considered while receiving a grant.
Get to Know about Different Types of Grants
Federal Grants
If you want to know what are the different types of government grants, you should find out more about federal grants. There are many agencies that offer grants annually. One of them is, for example, Environmental Protection Agency. Generally, over 1,000 grants are offered by such agencies in different spheres. However, these grants are not given to separate individuals. Most often such grants are given to different non- and for-profit organizations, small businesses, educational organizations, etc. The categories in which such grants are given also range from art to spheres of community improvement and development. Some of the Federal Grants include the following:
In the category of community development:
- The National Institute of Food and Agriculture’s Rural Youth Development Grants Program;
- The MERIDA Small Grant Program for Community Youth at Risk.
In the category of art grants:
- Save America’s Treasures grant;
- National Endowment for the Arts’ Learning in the Arts for Children and Youth grant.
Some other grants may also include Disaster Prevention and Relief, grants related to the sphere of environment improvement, etc.
In order to apply for a grant, one has to use governmental website grants.gov. Here you can find information about all possible federal grants, as well as find information on requirements for the applicants.
College Grants
If you ask yourself: What are the different types of grants for college? This type of grants would be interesting for you. Grants for college are given for students in order to help them cover educational costs. One of the most popular college grants if Pell Grant. It is considered to be the grant that exists for the longest period of time. It was established in the 70th and is given to students who have financial difficulties but are willing to study. The grant is actually working and is given to a great number of students each year. You can easily apply for a grant if your total annual income is below 20,000 USD. The biggest amount of money you can get after application for the grant is 4000 USD. However, the sum may be lower considering your financial position. However, college grants are not only given to individuals from low-income families. These recipients of the grants can also include women, military students, the disabled, students in health care, or students who want to receive education in a specific field, including science. These grants can also be sponsored by corporations or some non-profit organizations.
Others
While answering the question. “What are the different types of grants?” we should also mention a number of other grants that are no less helpful for people who need them and that are given by charitable organizations. Such grants are given to different individuals, families, etc. These grants are given with a noble aim to overcome such issues as homelessness, health issues, etc. Some examples of the companies that give such grants include National Foundation for Transplants, which helps people, who need transplants, to get them and cover related medical costs, Children’s Care Foundation that helps poor children, etc.
Answering the question: What are the different types of grants?, it is important to mention that grants are used by different charitable and non-profit organizations to fund different projects aimed at improvement of overall condition of people. Grant funding can be divided into two categories:
- Based on Purpose
Depending on the purpose, grants can be of different types. However, the most common ones include operating support and project support. Even though operating support grants are not so wide-spread, they are given to non-profit organizations for covering different administrative expenses. New non-profits are most likely to get such grant for expanding and development of their programs. On the contrary, project support grants are awarded to companies to support their activities. Such projects have specific set goals and expected outcomes, as well as specific deadlines.
- Based on Source
Charitable grants are usually characterized by the source of funding. There are three ways charitable organization can get necessary finances:
- From traditional foundations;
- From family foundations;
- From businesses.
Traditional foundations give grants based on specific criteria and use specifically designed application process.
Family foundations use more liberal approach towards awarding grants and very often consider personal interests and relationships during this process. Businesses use corporate foundations to award grants and take into consideration goals of the supporting business.
In-Kind Grants
These type of grants are characterized by the fact that they do not presuppose monetary support. In their turn, they provide support by offering services and goods that can help non-profit organization to reach its goal. Such services may include legal support, accounting services, etc.
Donor-Directed Grants
These grants serve as a mediator between rich donors and those individuals who need finding. They make decisions in this regard based on personal observations and information. Very often, such types of grants are considered as individual gifts and giving.
