The Getty Images Grants for Editorial Photography program is one of the best funding opportunities out there right now- they award five $20,000 grants a year to professional photographers, along with support from Getty photo editors and an optional licensing opportunity for the images.

This is the fifth year of the program, and it’s only gotten better- they’re now offering grants for students as well. For 2009, they are giving out four student grants of $5,000 each, available to students under 30 who are currently enrolled in photojournalism classes at an accredited college or university.

Applicants for either grant must submit an application form, a project proposal, and a portfolio of images. Application deadline is November 15, 2008, for grants to be awarded in February. Check out their website for more information, and to check out the work of the past winners.