There are many types of scholarships and grants out there, but not all of them offer students an entirely free ride through college. However, they are incredibly helpful. You can’t expect to just sit back and be handed one, so here are a few tips on how to acquire the funding you and your parents need to get through those college years.
Start Early
Don’t wait until your child’s second year in college to start applying for extra money. Start searching through the hundreds of scholarships and grants as soon as possible, preferably two years before they start college. Scholarships and grants come in many different types of categories, so for instance, if your child already has a good idea of what he or she wants to study, he or she can get a scholarship specifically offered to students in his or her field of study. Some scholarship websites allow you to provide personal information such as interests, demographics, and academic information to narrow down the scholarships that your child may qualify to receive.
If you and your child select a college early enough, you can enter a prepaid plan that holds the cost of college to a specific amount to avoid the anticipated rate of inflation by the time your child enters the school. If your child does not end up attending that college or is not accepted, your money is refunded with the exception of an administrative fee. If your child drops out or fails later on down the road, your refund will be prorated.
Keep in mind that prepaid programs sometimes prevent a student receiving potential grants or other forms of financial aid. Make sure you get all the details about the prepaid program from the college of your choice before committing.
More is Better, but Not Too Much More
When I graduated from college, I made it there with the help of the HOPE Scholarship-a state-wide scholarship funded by the Georgia Lottery and offered to certain students attending college in Georgia. I also had student loans, and a job to help with college finances. My point is, do not count on getting through college on one scholarship alone. The reality is that most students rely on more than one form of financial aid. Whether you pay for college with scholarships and grants, private money, student loans, a part-time job, or a combination of these funds, one thing you must make sure to do is stay on top of any debt and borrow only what you need.
What to Apply For
State and federal governments, colleges and universities offer close to $55 billion to college-bound students every year. With all that money, there is bound to be some for you and your child. There is no limit to how many or what types of scholarships and grants you can apply for. For example, even if you earn $100,000 a year, your child may qualify for "needs-based aid," as long as your assets fall below certain levels. Even those who are well-off can receive financial aid. If you earn below a certain amount a year, some aid is almost guaranteed. So apply for grants: even if you don’t think you qualify, it can’t hurt.
When you think of applying for financial aid, think of filing your taxes. It’s not fun; Congress and the Department of Education control the financial aid process, after all. The process is complex and the paperwork tedious.
Your first step will be to fill out the Free Application for Federal Student Aid, or FAFSA. This is used by every state to award aid. Colleges also use it to award grants and scholarships. The financial aid officers at the colleges for which your child applies receives this and compile a package with information on the types of aid your child is eligible for. This includes federal aid, state and college aid, loans, and work-study programs. If you’re not satisfied with the financial aid package you can always question the financial aid officer at the school about it. Outside of that, it’s a good idea to also browse the scholarship websites mentioned earlier (FastWeb is a great online resource) to see if there are any scholarships or grants you can apply for on your own.
By Kelley Caner