The Best Sources Of College Money Are Grants And Scholarships

Category: Finance.

In most families, parents are the main source of funding for college costs.

Here are some ideas on how many families and college bound students can pick up some extra help. With the costs of college spiraling upwards, parents and students, however often need to find additional sources of money. The best sources of college money are grants and scholarships. The difference between the two is that a grant is money awarded on the basis of financial need. These financial aids do not have to be paid back. A scholarship is awarded based on many different criteria such as athletic abilities, specific educational needs, honors programs. The Pell Grant Program is one of the most popular.

The next best source of funds is through federal grants. These are government grants that are awarded each year. You can pick up applications for these grants at high schools or colleges. They are given to qualifying undergraduate students. There are also many state grants and state scholarships available. It should be noted that many state programs require that the student attend a local college or university.

State grants and scholarships are available to students who are legal residents of the state offering the grants and scholarships. There are some exceptions to this. Normally, students have to demonstrate financial need and meet certain school requirements in order to be eligible but these programs can be very helpful even if only in helping pay for books or living expenses. It will vary from school to school but college grants and scholarships are a great way to find college money. The National Merit Scholarship Corporation is the largest private scholarship source in the US. For more information on this awards program you should visit with your high school guidance counselor. These financial awards are given based on Preliminary Scholastic Aptitude Test/ National Merit Scholarship Qualifying Test scores that are taken by high school juniors.

Many students participate in the Reserve Officer Training Program( ROTC) hosted by many colleges. High school guidance counselors have a list of ROTC schools that you can look at. Those students who agree to serve in the military as commissioned officers after graduation can qualify for scholarships. Stafford Loans can be an outstanding source of financing college. Repayment of the loan does not kick in until six months after graduation. This is a government subsidized program and is available to qualifying students based on a needs analysis.

The PLUS( Parent Loan for Undergraduate Students) program is a new program and it allows parents another good way to find money for college. It should be noted, that PLUS loans, however are used primarily to assist with the cost demands of very large tuition bills. Parents of undergraduate students are eligible to borrow regardless of their current income. You can learn more about PLUS loans by doing an online search. Your local library or college financial aid counselor can offer even more possibilities and it worth the effort to search them out. These are only a few of the many sources of college money that is available.

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