How to find the funds to foot the bill
College admissions offices say there is more financial aid available than ever before—which is great news for students who’ve been watching tuition costs rise each year.In fact, with the huge number of scholarships out there, it’s next to impossible not to find one that fits you. There are scholarships for left-handed people, musicians, athletes, leaders, farmers, animal lovers, artists—the list goes on and on.
Although many scholarship rewards may be small, the number of scholarships for which you can apply is limitless. This means there’s an opportunity to gather a significant sum of money towards your education, and unlike loans, scholarships don’t have to be paid back. It’s free money that just takes a little time and effort on your part...
How to get your share of the money
An important key to obtaining financial aid is making sure you apply early.Many scholarships are available on a limited basis and if you wait too long, you may find yourself competing for money that’s already been awarded.
Two kinds of scholarships are available: institutional grants awarded by colleges and universities and outside grants awarded by other organizations.
Know Your Vocab
Financial aid breaks down into several different types.
Grants are usually given based on need and—this is important!—do not require repayment.
Scholarships are typically awarded based on academic achievement, skill, ability, or community service. Like grants, scholarship money does not need to be repaid.
Work-study programs enable students to earn money to offset the cost of their education.
A student loan is money borrowed from a bank, the government, or educational institution that must be repaid. However, low-interest loans are available and you don’t have to begin repaying the loan until after you graduate or leave school. It’s important to try to gather as many scholarships and grants as you can so that you can keep your loan amount as low as possible.
Institutional scholarships are usually based on merit, financial need or both.
To be considered for most student aid, you need to use the Free Application for Federal Student Aid, or FAFSA. Forms like the FAFSA and CSS/Financial Aid PROFILE, which certain private colleges also require, can be filed online.
The information you submit on the FAFSA is based on your tax information for the year ending on December 31. In order to meet financial aid deadlines, it’s critical that you get the FAFSA forms completed as soon after Jan. 1 as possible—even if it means using estimated figures. The longer you wait to file the FAFSA, the more likely it will be that colleges will have run out of grant money by the time they receive your application.
For outside grants, students should research their eligibility. In certain cases, where you live or a family member’s job can make you eligible for scholarships.
Most outside scholarship programs have application deadlines in February or earlier. Some, like the National Merit Scholarship, require applicants to take the PSAT/NMSQT in October of their junior year.
So, the money is out there. Let the search begin!
Financial Aid Q & A
Q: How do you qualify for financial aid?
A: Financial aid is awarded based on need or for academic achievement, athletic ability or other skills and talents. Financial aid packages are typically handled by the school’s financial aid office according to program guidelines and regulations. Aid packages are often a combination of grants, scholarships, loans and/or a work-study program.
Q: Who provides financial aid?
A: Financial aid is available through schools, state and
federal governments, and private organizations. The Commonwealth of Kentucky has several financial aid
programs, including the Kentucky Educational Excellence Scholarship (KEES), the College Access Program Grant, the Kentucky Tuition Grant and the KHEAA Teacher Scholarship.
Q: How can I apply for financial aid?
A: In order to be considered for financial aid, you must
complete the Free Application for Federal Student Aid (FAFSA), which is available from either your high school guidance counselor or through the financial aid offices
of colleges, universities and technical schools. Also,
check with the school in which you’re interested to see if additional application forms for financial aid are required.
Q: When do I need to apply in order to get financial aid?
A: High school seniors need to send in their FAFSA after January 1, as soon as your family has received its tax preparation information. Students who file by March 15 have the best chance of receiving financial aid. (However, application deadlines will vary from school to school.
Your best bet is to check with the school’s financial
aid office.) Generally, though, the earlier your FAFSA
is submitted, the better chance you have of landing
some financial aid.
Your How-To Guide for Landing a Great Scholarship
There are literally millions of college scholarships out there—the trick is finding them. But some investment of time on your part can bring a big payoff.One college admissions counselor tells of a student who was determined to find the money to put herself through college. Beginning in her junior year of high school, she started devoting time each day to searching for and applying for scholarships. By the time she graduated, she had pieced together enough scholarships and grants to manage a full ride to a private four-year college!
- Do as many scholarship searches as you can. Sites like FastWeb.com let you create a profile and then notifies you when new opportunities become available.
- Being involved in school, church and community activities are the best ways to make an application stand out.
- Study hard and get good grades. SAT/ACT scores do count.
- Check all of the local chapters of national organizations such as Rotary Club, Lions Club, Elks Club, etc. Ask if they offer any scholarships to local students; a lot do.
- Take the time to fill out your scholarship application so that it is as neat as possible. Be sure to check spelling and grammar.
- Select the right people to write your recommendations.
- Don’t shy away from scholarships based on difficult essays. If everyone is afraid of them, fewer people apply.
- Above all, BE HONEST. Don’t lie about finances, grades, work experience—or anything!
Source: www.fastaid.com
