It’s no secret that college is extremely expensive. However, don’t let the cost deter you from pursuing your education and reaching your goals. There are many types of financial aid available to college students.

Grants

Grants are typically awarded based on financial need, although there are also grants for minority students, students with disabilities, and other student-specific characteristics. Grants do not need to be repaid.

Federal Pell Grants are awarded to many students annually. Each school that participates in the Pell Grant program receives enough money to give to all of its eligible students. The Pell Grant is need-based, with the maximum award amount being $5,815 for the 2016-2017 school year. The amount you qualify to receive depends on your financial need, cost of tuition, and whether you are a part-time or full-time student.

Other federal grants include the Federal Supplemental Educational Opportunity Grant (FSEOG), which is given to undergraduate students with extreme financial need, Teacher Education Assistance for College and Higher Education (TEACH), for students who plan to teach in high-need positions in low-income areas, and Iraq and Afghanistan Service Grants, awarded to students with a parent or guardian who died during military service in Iraq or Afghanistan. To qualify for these grants, you must have filled out your FAFSA (Free Application for Federal Student Aid).

Federal grants are not the only grants available, however. Research grants from your state, as well as grants from professional associations and corporations.

Scholarships

Scholarships are the other form of financial aid that does not need to be repaid. Scholarships are typically awarded based on merit, but they sometimes require you to possess other characteristics as well.

If you are an exceptional student or athlete, you can be awarded an academic or athletic scholarship. When you apply to a school, if you are eligible for that school’s academic scholarship(s), you will receive an offer in your admissions packet once you are accepted to the school. This offer will detail the award amount the school is willing to give you if you accept their offer of admission.

Many states award scholarships to high school students in that state who meet certain GPA and/or SAT or ACT requirements.

Other scholarships are awarded by private organizations and institutions. These scholarships can be based on merit, religious affiliation, race, and a variety of other characteristics. There are specialized scholarships for all kinds of students. Are you extremely short? Are you left-handed? There may be a scholarship for you!

Research scholarships for schools you are interested in, the career you want to pursue, your religious affiliation (if applicable), students who live in your state, and any other characteristics that apply to you. You may be surprised by the amount of scholarships you find. Then apply, apply, apply! There is no limit to the amount of scholarships you can apply for, and you want to qualify for as much scholarship money as possible to offset the cost of tuition.

For both scholarships and grants, remember that you usually need to maintain a certain GPA and full-time student status to continue receiving aid. Make sure you are aware of these requirements to avoid the sudden loss of much-needed financial aid.

Loans

Loans do require repayment, and thus need to be carefully considered. There are federal loans and private loans. Private loans usually charge higher interest rates than federal loans and should be a last option.

Subsidized loans are available for students with financial need. In these cases, the government will cover your interest while you are enrolled in school and for a six-month window after you graduate. With unsubsidized loans, you are responsible for all interest payments.

Loans are a good option to help you pay for your education, but always remember that you will have to repay them with interest. Many individuals are still paying off college loans into their thirties and forties. It is best to avoid loans if possible, or to at least be aware of the years of payments they carry.


Research all of your options, apply to as many scholarships and grants as possible, and carefully consider how you will pay for college. Whatever you decide, you don’t have to let the rising cost of tuition limit your options!


Author: Ashley Cullins