Jan 13
22
Helpful Tips on How to Get Money for College
The cost of college education is constantly increasing. This may be tough for a lot of students, especially those with higher financial needs. However, this should not stop them from pursuing their dreams as there are various ways on how to get money for college. Some of them are scholarships, grants and loans. Graduating high school students may check with their school counselor on their options.
Federal Grants and Scholarships
Grants and scholarships are money awarded to eligible students that they do not have to pay back. The amount can be directly sent to the school account or be given in cash or check to the person.
- Merit Based Scholarships. There are various kinds of merit based scholarships and each come with their own requirements. Some of them are based on academic achievements of the student, while others are based on the special skills. For instance, those that excel on their studies may get an academic scholarship while those that excel in a specific sport may get a scholarship for that field. Students who are interested in getting these types of scholarships may check with the school for the list of scholarships offered, as well as the requirements.
- Need Based Grants. The government offers grants to students that mostly need financial assistance. Free Application for Federal Student Aid (FAFSA) must be submitted by students to determine if they are eligible for the programs. Federal Pell Grant and Federal Supplement Educational Opportunity Grant (FSEOG) are some of these. Federal Pell Grant program awards students from $400 to $4,050 per year while FSEOG program offers from $100 to $4,000 annually.
- Other Scholarships. Aside from the government, there are also companies and organizations that provide scholarships to deserving students. They are usually merit based so students must meet the specific requirements to become eligible. Some of them are scholarships from Microsoft, IEEE, Google and Apple. Those who are interested to apply may contact these companies. The scholarships mentioned can help them get money for college.
Student Loans to Get Money for College
Loans are financial aids offered by the government, as well as private institutions to help students pay for their college. Unlike grants and scholarships, students must pay the amount that they borrowed including the corresponding interest. Federal loans have lower interest than private loans that’s why it is best to go for these types of loans first.
Stafford Loans are federal loans given to undergraduate students to pay for their college education. The amount lend can be up to $5,500 with an interest rate of 6.8%. This type of loan can be subsidized or unsubsidized. The government pays for the interest of a subsidized loan while the student pays for it for unsubsidized loan. Perkins loan on the other hand are provided by the school but using federal funds. The interest rate for this one is lower than Stafford as it is 5% of the total amount. Both of these loans do not require credit check.
Aside from the methods mentioned, you may also get a part time job to get money for college. There are federal programs, as well as programs supported by organizations that allow undergraduate students to work while studying.