Pay for College – The Basics on Grants and Scholarships

Going to the college to earn the much coveted degree, is a dream come true for many students. Once this decision is taken, the next step will to be plan how to get the necessary finances to cover up the college expenses. There are many students who may not be in a position to finance their college studies by themselves. Hence, it becomes essential for them to plan how to get the finances. There are grants available for eligible students. Knowing them will be of great use to consider the right one.

Financial options available for degree seekers

  • Scholarships: A common misconception is noticed that scholarships are meant only for those students who apply directly from high school. But the truth is different types of scholarships are available these days to be applied for. Not all scholarships have been based upon academic results. Few are known to focus upon minority groups, while others focus upon specific interests or subjects. For example, super scholarships can be found for women aspiring to study engineering. These scholarships are generally offered by universities, colleges, organizations and private companies.
  • Grants: It refers to federal grant assistance provided. Several types of grants are available. But you need to find out the right type to apply, for which you are eligible. The perfect place to visit to complete the online application process and to avail crucial information about grants is the FAFSA website. Federal Pell Grant is considered to be the best federal grant on offer. Through this grant, you can avail the opportunity to get an amount up to $5350/academic year. The runner up is expected to be the FSEOG. It has been designed exclusively for those who are financially needy. It offers anything between $100 & $4000.
  • Loans: In case, you have applied for scholarships and grants and still finding the amount to be short, then a loan is what you require. Scholarships and grants are non-repayable and hence, should always form the first choice of seeking financial aid for meeting the college expenses. But if seriously short of funds, then there are readily available lucrative loans. Stafford loans and Perkins loans are great choices. Few loans do not charge interest on the principle, while others may offer loans at very low interest.

It will be wise to apply first for free money that is offered through grants and scholarships to enjoy higher studies.