Basics: Scholarships

 

Grants and scholarships are closely related; sometimes their names are used interchangeably. Therefore, some facts about the grants will show up in this Basics segment as well. This can get confusing, but the bottom line is, they are both used to help pay for college, and that’s all that matters in the end.

Why go for them? Like grants, you do not repay scholarships.

What are they? Scholarships are free money awarded to a student, often coming from donations, not necessarily the government.

How do you qualify? Scholarships are often based on merit – academic achievement, sports, or some other talent. Others are based on minority or marital status, or intended field of study. But there are others that are only based on financial need.

How do you apply? Generally, filling out the FAFSA is still a good idea. Since scholarships can come from so many sources, you will need to do a little digging. Look into any group, club, or association you are connected with in any way. Churches, youth programs, your parents’ companies, may all have scholarship opportunities.

For scholarships your college offers, start with the financial aid office, your academic department, admissions office (of you are a new student), and specific programs at school if they apply to you, like athletics department, Honors, etc.

Other sources, like Scholarships.com, give instructions on who to contact and what is required, i.e. essays to write, application details, and eligibility.

The Basics: Grants

 

Why go for them? You don’t have to repay them. ‘Nuff said.

What are they? Grants are free money (to you, anyway) paid by one of at least three sources:

Government: Either on a federal or state level.

Colleges: Some colleges and universities offer their own specific grants, so check out the schools you’re considering.

Companies: If you have decided on or at least narrowed down your major, you could check into company grants. For instance, State Farm Insurance Agency provides some aid to insurance majors, and accounting students can find help from the National Society of Accountants.

How do you qualify? Eligibility ranges from your financial situation to special talents, chosen majors as above mentioned, ethnicity, gender, and the list goes on and on. And don’t worry; if you didn’t have the greatest GPA in high school, it doesn’t automatically take you out of the running.

How do you apply? The most common ways to get grants are through the government. Go online to http://www.fafsa.ed.gov/ and fill out the Free Application for Federal Student Aid. Then as above, call the HR department of companies in your field of study, and call the financial aid office at the schools you’re looking into.

More to come on FAFSA in the next few weeks.