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Education grants are financial aid awards that don't have to be paid back. Many grants are available through the federal government. A few grants may turn into loans if certain signed agreements are not met.

A TEACH (Teacher Education Assistance for College and Higher Education) Grant of up to $4,000 per year is available from the federal government to those pursuing a degree in education. If awarded, TEACH Grant recipients must agree to certain conditions; if they are not met, the grant turns into a federal loan that the student must pay back. To qualify, applicants must complete a FAFSA form, be enrolled at an eligible school, and meet specified academic standards.

The main service requirements of the TEACH Grant Agreement to Serve are that the recipient must teach full time for at least four years within eight years of completing their program. Teachers must also be considered a highly qualified teacher in a high-need field at a low-income school or educational service agency.

Examples of fields the federal government considers high need are: special education, bilingual education and English language acquisition, foreign language, math, science and reading. The Teacher Shortage Area Nationwide Listing is a complete listing of high-need areas — both by subject and location — in each state.

The annual Teacher Cancellation Low Income Directory is a list approved by the U.S. Department of Education that can be used to look up low-income schools and educational service agencies by state.

More information about the TEACH Grant can be found on the Federal Student Aid website. Students should read over all the information carefully before applying for this grant.

AmeriCorps is an organization allowing individuals to be involved in intensive community service while learning leadership and job skills and earning money for college in return. Teach For America is an AmeriCorps program that recruits college graduates to become teachers. Teachers commit to two years of teaching at a public or public charter K–12 school in a low-income community.

Teach for America teachers are considered faculty members and receive a school district salary and benefits as well an education voucher of $4,725 at the end of each of the two years to help offset educational costs such as teaching credentials or loans. Depending on the location of the school, the salaries vary significantly from $24,000 to $55,000, according to Teach For America. Teachers in this program may also be eligible for grants or fellowships.

Teach for America has a list of characteristics that successful Teach for America teachers tend to have. Some examples are leadership skills, perseverance, commitment and respect for diversity. Reading through the website carefully to fully understand what the program is about can help you determine if you are a good fit.

The Teach for America website is the best resource to find out more about the program. The AmeriCorps website provides general information about the organization.

The U.S. Department of Defense's Troop to Teachers (TTT) program helps veterans begin new careers as teachers by providing them with financial assistance and job search counseling. TTT is designed to alleviate the teacher shortage in public schools serving low-income students, especially in subjects considered high need, such as special education, math and science.

TTT states if approved, eligible veterans may receive a stipend of up to $5,000 to pay for costs associated with teacher certification. Veterans can also apply for a $10,000 bonus through TTT that is available to those teaching in public schools serving a high percentage of low-income students. Recipients of TTT funds must agree to teach in schools serving low-income families for three years.

Troops to Teachers provides information on the program and eligibility. Each state also has a Troops to Teachers office to assist participants.

Student loans are funds borrowed specifically to pay for educational expenses such as tuition, books, supplies and housing. Students often use federal student loans, which are mostly based on need.

Federal loans are funds borrowed from the federal government. These loans tend to have lower interest rates and more flexible repayment schedules than other types of student loans. State loans may provide supplemental funding for college, and their terms and eligibility requirements are similar to those for federal loans. Private loans are available to qualifying students through institutions such as banks and credit unions.

Students should first research other ways to pay for school prior to taking out loans. Students should research loan options, interest rates, payment plans, loan forgiveness programs and starting salaries for their chosen field to get an idea of what repayment might look like after graduation. Students planning to enter teaching careers can also research the eligibility requirements for various loan forgiveness programs.

The government's Federal Student Aid website has some useful information about loans and other types of financial aid.

This program is designed to encourage people to become teachers and stay in the teaching profession. Individuals must teach for five years in an educational service agency or school serving low-income families. If eligible, up to $17,500 in subsidized and unsubsidized federal loans may be forgiven.

In addition to teaching for five consecutive years in certain low-income schools, the loan must have been made before the end of the five years. Benefits received through teaching with AmeriCorps do not count toward the five-year requirement. The loan must not be in default, unless payment arrangements have been made, and there cannot be any late balance on it.

The Federal Student Aid website has a complete list of requirements used to determine eligibility for this program.

To encourage individuals to work in public service, those working for the government (teaching in public schools) or a nonprofit organization may be eligible to have the remainder of their loan forgiven after making 120 payments on a direct loan.

You must be employed full time by an approved employer, such as a government organization, a nonprofit providing a specific public service, or the Peace Corps or AmeriCorps. The loan type must be a direct loan, and 120 payments must have been made since October 1, 2007. Payments do not need to be consecutive, but can be no longer than 15 days late. The payment plan must be either the 10-year standard repayment plan or an income-based payment plan.

Information regarding this program can be found online. The Federal Student Aid website provides more details on this program, which should be read carefully.