Scholarships and Financial Aid For College
 | Scholarships and Financial Aid For College
It’s a fact: college can be expensive and that’s why there is college financial aid. As the saying goes, “Money can’t buy love/happiness”…or an education. With partial and sometimes even full financial aid for college, many students are able to turn their dream of higher education or a new career into reality. Financial aid is not limited to a select few. In reality, approximately two-thirds of college students receive financial aid for college in the form of grants, scholarships, work study, and loans. financial aid for college A college grant is money awarded based on financial need with specific guidelines to follow and requirements to meet. Grants can be sponsored by federal and local governments, community and non-profit organizations, schools, companies, foundations, and some employers. Generally speaking, students receiving education grants would be otherwise unable to attend college. Scholarships are similar to grants in that sponsors don’t expect reimbursement, but they are not primarily need-based. Scholarships are awarded for a variety of reasons including academic achievement, a unique skill set, minority status, planned field of study, community service or volunteering, and the list goes on. Work study programs are offered directly through some colleges and universities. In exchange for working an approved campus job and keeping up a specified grade point average, the school pays part or full tuition. This type of financial aid would be limited to a traditional versus online campus. Last but not least, financial aid is available through loans. Loans are classified as either subsidized or unsubsidized. Subsidized loans are approved based on need and the government pays the interest until loan repayments start. Unsubsidized loans charge interest as soon as funds are dispersed and continues to accrue interest until the loan is repaid in full. It’s important to remember that loans must be repaid within six months after enrollment ends. Defaulting on a loan can negatively impact long-term credit and cannot be included in a future bankruptcy claim. With the exception of scholarships, all financial aid first requires that the applicant complete and submit a Free Application for Federal Student Aid (FAFSA) form. This form combined with additional information will determine the student’s level of financial need as well as which grants and loans the student might be qualified to apply for. A crucial factor in receiving financial aid is being mindful of deadlines. There is a limit to the amount of money distributed each year so those who submit forms on or ahead of time have the best chance of receiving assistance. Most importantly, take that first step and start researching available college financial aid options. (article) http://www.youtube.com/watch?v=Af9Tb8F5dKk scholarships for college |
