Although a college education is probably the best investment you can make, the cost of attending college continues to rise. There are financial aid options available to help you realize your dream of a college degree. In addition to student loans, financial aid can come in the form of college scholarships and grants. Take the time to research and apply for all financial aid opportunities available to you.
Differences Between Scholarships and Grants
Unlike student college loans, scholarships and grants do not have to be paid back. If you qualify for enough scholarship and/or grant awards, you could pay for most or all of your college tuition. Grants are given by the governments and non-profit organizations. Scholarships are given by governments and foundations. The most well-known college grant is the government’s Pell Grant. The primary difference between grants and scholarships are that scholarships are solely given for college education and typically have more rigorous requirements of the applicant. Many scholarships are rewarded based on grades, area of study, gender, and ethnicity.
Types of Scholarships
There are Sources for college scholarships include: government, college, foundations, civic organizations, churches and other organizations. The types of scholarships include:
· Need – Awarded based on your and/or your family’s financial need. There are both public and private scholarships available for students in need. The first step is to fill out the Federal Student Aid (FAFSA) application.
· Merit – Merit-based scholarships are awarded based on academic achievement.
· Athletic – Athletic scholarships are available to both men and women and are based on athletic performance.
· Individual – There are scholarships available based on qualifications such as gender, race, and religion.
· Institution – Each college has scholarships available. Companies may also have scholarships available to employees, children of employees, or other students.
· Career – If you are interested in and excelling in a specific area of study, then a scholarship may be available. Art, nursing, business, political science and many other areas of college study may have scholarships available.
These websites provide college scholarship searches:
· U.S. Department of Education scholarship search
· Students.gov scholarship and grant search
Types of Grants
There are federal, state, minority, student-specific, and subject-specific grants. Some of the federal grants available include Pell Grants, Academic Competitiveness (AC) grant and SMART (National Science and Mathematics Access to Retain Talent Grant). Many states also have their own grants. Minority grants available to students include: African American, Hispanic, Native American, Asian American and Women. Sallie Mae also provide grants to disadvantage students who are first generation college students. Student-specific grants are available to students who are from low-income households, are pursuing graduate or doctoral degrees, are pursuing undergraduate grants in science, math and technology, who are in the military or from a military family. Health care, nursing and teaching students are in high demand so there are many grants available for these areas of study.
Scholarship Scams Alert! Be careful of scholarship scams—especially on the Internet. Researching scholarships is free. There are government and other credible websites you can use to find scholarships and grants. The college you plan to attend has a financial aid office that is a good resource for you also. The Federal Trade Commission (FTC.gov) suggests you watch out for these tell-tale signs of scholarship scams: "The scholarship is guaranteed or your money back." "You can't get this information anywhere else." "I just need your credit card or bank account number to hold this scholarship." "We'll do all the work." "The scholarship will cost some money." "You've been selected by a 'national foundation' to receive a scholarship" or "You're a finalist" in a contest you never entered. Be wary of companies asking for big upfront fees to find scholarships for you. With a little bit of time, you can find scholarships and grants yourself. Visit the FTC website for more information about how to avoid scholarship scams. Research all Online or Campus Based Degrees:
