Today, we’re in a society that is more familiar with loans than grants. In fact, the average student loan debt for the class of 2017 was $39,400, and that number is growing annually. In total, Americans owe an astonishing $1.48 trillion in student loan debt, which is more than the total U.S. credit card debt.
However, we’re not here to talk about loans. We’re here to talk about the money left on the table that could decrease these loans in areas of academia, medical services, and more. The high school class of 2017 left $2.3 billion in federal grant money for college on the table, which is simply astounding.
What is a Grant?
A grant is a non-repayable fund or good that provides financial assistance to individuals and organizations. Now, before you start getting excited about free cash, you should understand that it’s not something that’s just handed to you.
Grants are awarded under certain conditions and serve a specific purpose.
Organizations that distribute grants are looking for individuals that will make the best use of the money and accomplish the goals of the grant program.
Who Provides Grant Funding?
Since you now know what a grant is, you’re probably interested in knowing where to look for funders. Grant funders usually include large corporations, philanthropist, public and private foundations, and the government. Each funder has their own set of rules and their own application process.
Searching for grants can be an exhausting task if you’re leaving it solely up to Google, and we strongly advise against doing that. Instead, you should look for a platform that breaks the search down by:
- Category – research, projects, medical, schooling, etc.
- Agency – the federal government, private foundations, etc.
If you use a platform like File for Grants, you’ll be able to easily go through grant listings to see what works best for you.
Reasons Why You Should Apply For A Grant?
The main reason individuals apply for grants is for the opportunity to earn “free money”. Remember we mentioned the $39,000 in student loan debt earlier? Well, wouldn’t that sound a lot better as zero? Of course it does!
Grants can literally help you fund your dreams without the worries of having to pay it all back.
If you’re a non-profit organization, a grant may give you the opportunity to expand your programs and help more people. It also increases collaboration with organizations that have similar initiatives as you and could foster a potential partnership. In addition, receiving grants gives nonprofits and small businesses the ability to bring their ideas to life. The potential for organizational growth is expedited when grants come into the picture.
Resources To Look For When Completing A Grant
The opportunity to obtain free money sounds great and all but it doesn’t come without putting in some hard work. After all, the funder is looking to make a difference and wants to ensure what they’re giving away goes into the right hands. It’s a competition and you want to ensure you stand out from everyone else who wants the same thing as you.
The best way to stand out is by knowing what you need to successfully complete a grant. Each agency has a different process, but most of them require similar documents. Grant seekers often refer to File for Grants because they provide real parts of applications that have actually been approved for grants.
For example, almost all agencies will require a cover letter, proposal, and letter of inquiry. Why go through the trouble of winging it when you can review real documents that have been approved? Not only will you find those documents, but you’ll also find this information on File For Grants:
- A sample government grant
- A grant proposal template
- Resources for personal grants
- Resources for educational grants
- Information for business grants
No More Leaving Money On The Table
Whether you’re going to school, needing medical assistance, starting a small business, or trying to grow your nonprofit, don’t forget to look for grant opportunities. Make a commitment to yourself this year that you will no longer leave money laying on the table. Why pay a loan back with interest when you can get money to fulfill your dreams? With a little hard work, dedication, and the right resources, you can do anything you set your mind to (and for free).
