Student Financial Aid for Your Future
By making the decision to obtain higher education, you’ve decided to do something positive for your future that could have a great financial impact. The very reason many of us further our education is so that better paying jobs are within our reach. However, these opportunities come at the price of tuition, books, lab fees and the list goes on.
Before classes begin hefty bills will start coming in which can make higher education impossible for most people. That is, unless you can obtain some sort of student financial aid for your education. There are numerous ways in which students can find money for school. Below are some of the free options.
College Scholarships
Scholarships are basically the best way to pay for college since it is free money that is given to a student without the need to be repaid. Scholarships come in many forms and their monetary value varies greatly. In addition, scholarships can be awarded in one installment or multiple installments.
Scholarships can be awarded based on any number of things and the criteria is set by the organization or individual awarding the scholarship. Most often academic achievement, athletics and public service are factors in receiving a scholarship. Look towards scholarships from the school you’ll be attending and your local community first as well as any organization you are a member of or that you or a family member have worked for. There are also numerous online resources and scholarship search services, like Fastweb, that a student can utilize.
College Grants
Grants are essentially free money because students do not have to pay back the money they are awarded. Though there are requirements that need to be met for grants, with many taking financial need into account, it’s estimated that nearly 1 in 3 full-time undergraduate students will receive a grant before graduating. This is one of the best financial solutions of college so should be pursued before getting a loan.
Pell Grant
The Pell Grant is one of the easier grants to obtain if you are an undergraduate student who has yet to earn a degree, which is the bulk of those awarded the grant. Unlike some other financial methods, already being awarded the Pell Grant won’t make you ineligible for other financing. The maximum amount that could be awarded is preset each year, but a number of factors determine how much an individual will receive. Financial need of course is the biggest factor, but also the cost of college, whether you’re a part-time or full-time student and more will be considered. The Pell grant maximum for the 2008-2009 school year has been set at $4,731.
Federal Supplemental Educational Opportunity Grants
The Federal Supplemental Educational Opportunity Grant, or FSEOG, was created for those with serious financial need in undergraduate programs. The first to be considered for FSEOGs are Pell Grant recipients with the lowest expected family contributions. Other than financial need other factors that determine eligibility are the financial aid office policies and funding for your school. FSEOGs will award anywhere from $100 to $4,000 each year.
Academic Competitiveness Grant
This grant can also be in addition to a Pell Grant which a student must first be eligible for. Students must also have met certain academic achievements within state-approved programs in high school, be a full time student as well as maintain a 3.0 gpa if they are in their second year of college. The Academic Competitiveness Grant awards students up to $750 their first year and $1,300 their second year.
National SMART Grant
The National Science and Mathematics Access to Retain Talent Grant is commonly called the National SMART Grant and was recently began in the 2006-2007 year. Again to be eligible students must first qualify for the Pell Grant. This grant is specifically for students in their 3rd and 4th year of school with a major in mathematics, engineering, physical, life, or computer sciences, technology, or a foreign language deemed critical to our national security. Students must also be full-time with at least a 3.0 gpa or higher in their coursework to qualify. But for that hard work students can get up to $4,000 for their 3rd and 4th year of undergraduate school.
TEACH Grant
The Teacher Education Assistance for College and Higher Education or TEACH Grant is the newest addition to federal grants and takes effect this year. The grant is awarded to those planning on teaching in public or private school systems primarily for students of low-income families. The maximum award for this grant has been set at $4,000 for the 2008-2009 school term. There are numerous requirements connected with this grant so make sure you are eligible before applying.
Federal Work-Study
Federal Work-Study programs are slightly different than other methods listed here. With FWSs, as they are also known, graduate and undergraduate students have the opportunity to work part-time to pay for the cost of education. These jobs are typically for the college the student is attending and in a field of interest to their major. However, these jobs can often be outside of the school with non-profits or public agencies and schools can arrange for work with a for-profit organization.
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