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Money for College – Where Is It and How Do I Get It?
Vanessa McHooley
College is expensive – but money is available to help you pay the
way! By doing a little research and filling out a few forms, you
can find money through scholarships, grants, loans, and tuition
assistance such as work study.
Scholarships
There are more than one million scholarships available each year
to reward students who have distinguished themselves
academically, athletically, musically, or in some other way.
Scholarships pay for some or all of a student's college costs
through cash or tuition reimbursements.
The primary government counterpart for scholarships is the
Reserve Officers' Training Corp (ROTC) program. Through ROTC,
military branches offer full scholarships to students who agree
to serve in the military for a certain number of years after
graduation. Religious groups, professional associations, and
civic organizations are other sources of scholarships.
Grants
Grants are financial aid awards that do not need to be repaid.
There are Federal, state, and private grants available.
Federal: There are two main types of Federal grants:
The Pell Grant is the largest federal grant program. It provides
up to $3000 per year based on financial need
The Federal Supplemental Educational Opportunity Grant provides
from $100-$4,000 per year, depending on when you apply, your
level of need, the funding level of the school you're attending,
and the policies of the Financial Aid Office where you attend school
Special grant programs through the National Health Services Corps
and the Armed Forces are available for students entering the
health and medical field.
State: All states provide some type of grant, scholarship, or
tuition assistance programs.
Your state's higher education agency can give you information
about state grants, including the State Student Incentive Grant
(SSIG) Program. This program is funded jointly by individual
states and the U.S. Department of Education.
Private: Many private grants are available. Your university may
offer institutional grants from its own resources.
Loans
Once you have exhausted all the scholarships and grants available
to you, it is time to look at loans. Federal loans are the
largest source of financial aid available. Check the information
below for information about the major types of Federal loans:
A Perkins Loan is need-based and you must be at least half-time
student. The interest rate is fixed at 5 percent and you can
borrow up to $3,000
A Subsidized Stafford Loan is need-based and you must be at least
half-time student. The interest rate is variable with 8.25% cap.
You can borrow up to $2,625 year 1, up to $3,500 year 2, and
$5,500 for years 3-5
An Unsubsidized Stafford Loan is available for any student who is
at least a half-time student. The interest rate is variable with
8.25% cap. You can borrow up to $2,625 year 1, up to $3,500 year
2, and $5,500 for years 3-5
A Parent PLUS Loan is for the parent of a dependent attending at
least half-time. The interest rate is variable with 9% cap and it
can cover the cost of attendance less total financial aid
offered. It is available year round and can even pay for back
expenses.
If you don't qualify for Federal loans, private loans are also
available through banks and credit unions.
Work Study
The Federal Work-Study Program provides jobs for undergraduate
and graduate students with financial need, allowing them to earn
money to help pay education expenses.
So how do I get all this financial aid?
Your first step in applying for any government money, whether
federal or state, is to complete the Free Application for Federal
Student Aid (FAFSA). For more information about the FAFSA and how
to apply, you can visit NextStudent's “FAFSA On The Web” section
located here: https://www.nextstudent.com/fafsa/fafsa.asp.
Other ways to find out about financial aid sources include:
Check with state agencies in both your home state and the state
in which you will attend college to find out about grant
opportunities
Check with your college Financial Aid Office about institutional
grants and scholarships
Check with your high school career counselor about grants and
scholarships you may be eligible for
Search the internet for student loans, scholarships, and other
financial aid opportunities
Check with the your parents' employers to see if they offer any
scholarships
Check with the advisors of any clubs you belong to, about
scholarships that might be available
As you can see there are many ways to get money for school. Make
sure you cover all bases and try to get the free money first, and
use student loans if the need arises, and you will end up paying
for school in the most efficient manner possible.
This article is distributed by NextStudent. At NextStudent, we
believe that getting an education is the best investment you can
make, and we're dedicated to helping you pursue your education
dreams by making college funding as easy as possible. We invite
you to learn more about how to get money for college at
www.NexStudent.com
Vanessa McHooley from SanDiego California.
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