If you are struggling with the prospect of having to pay for your college education, you will be glad to know that there is a financial aid option that will give you money for school without expecting repayment upon your graduation. This type of financial aid is called a grant, and it is the most favorable type of financial aid available.

Most grants are awarded without regard to the student's race or ethnic background, but there are some hispanic grants that directly benefit Hispanic students. The U.S. Department of Education, under No Child Left Behind, has recently allotted more than 20 million dollars in grant money for institutions that serve Hispanic populations. This means that students of Hispanic, or Latino, background who have exceptional academic and civic records may be eligible to receive a portion of this grant money. The best way to find out about this type of grant is to contact your institution of choice and find out if they have grant money still available. Many of these colleges will parcel this money out in the order in which they become aware of student needs, so be sure to fill out your FAFSA early and contact the financial aid office as soon as possible.

Another type of grant that may be beneficial to Hispanic students is a grant that is awarded to first generation college students. It is a program that encourages families to begin the tradition of higher learning. If you are the first person in your immediate family to attend an institution of higher learning, you will be eligible to apply for this grant. Usually this money will come from your college's general college fund, so, again, make sure you have filled out all necessary financial aid paperwork.

Finally, Hispanic students may be interested to learn that the federal government has a program called the Pell Grant. A Pell Grant is available for students who demonstrate exceptional financial need, as shown on their FAFSA. As with other grants, you will not have to pay these funds back upon graduation; but it is important that you keep a satisfactory GPA while in school and that you make academic progress towards your degree. You will have to have all of your family's tax and income information in order to fill this financial aid out completely, so be sure to begin asking your parents to provide you with the proper documentation as early as possible.