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There are basically two kinds of business school grants. There are the kinds of grants that are awarded by the business school you will be attending and there are those grants that are given out by the federal government. Federal grants are available to most individuals and require the student to fill out a free application for federal student aid also known as the FAFSA. Surprisingly there are a large number of business school grants on hand from the federal government. These grants are commonly known as the Federal Supplemental Education Opportunity Grant and the Federal Pell Grant.

The amount of money available for these grants awarded to each student varies as much as their availability. Federal grants may vary in amount and availability depending on when you apply and your level of need as well as multiple other factors. FAFSA applications are usually available for the following academic year beginning in January. It is recommended that students seeking school grants fill out this application by March in order to have the best chance at being awarded financial aid.

Business school students are unfortunately not eligible for many of the common aids available from the federal government as most of these grants are reserved and awarded only to undergraduate financial aid seekers. However, most business schools provide their own specific business school grants as financial aid and awards for outstanding students who have displayed academic merit or financial need. Certain schools will refer to this aid as a grant; others will call this financial aid a scholarship or fellowship.

School initiated grants are just about always available for both undergraduate students and business school students the same. Depending on the school, the availability as well as size of tuition grants can vary greatly. Large and well known business schools have more funds available for aid than other smaller schools with lower budgets. However, government grants are available equally to all students regardless of the school they are attending.

To get a business school grant you must apply early. Most business school grants are given on a first come and first serve basis, especially if the grant is coming directly from the school. It’s a smart plan to request and apply early to get the most grant money possible.

All students should start by filling out the FAFSA and contacting the school you are accepted to and decide you will attend. Contacting the business school you plan to attend and speaking with their financial aid office to inquire about grant money, scholarships or fellowships or any other aid that is not on a loan basis can help you get an advantage and head start on funding your education. Keep in mind that more time than not, business school grants are not heavily advertised. However, funds are available to students, but require students to seek these grants out on their own, apply on time and follow up to confirm receipt and completion of all applications.