So, you’ve decided to apply for college. If you’ve been accepted to the program of your choice, congratulations! Now, it’s time to start finding ways to fund your education.
There are generally several ways to access money to pay your college tuition. Grants, bursaries, and scholarships are sources of funding that you don’t have to pay back. Loans, on the other hand, do need to be paid back.
What’s the difference between grants and scholarships?
The most common difference between grants and scholarships is that grants are based on need, while scholarships are usually merit-based, focusing on grades and achievement. Both are offered at the college, state, and government level for students enrolled in college and university.
What types of college grants exist?
Grants are most often based on financial need, which means that they’re very specific to your circumstances. You will have to prove, either through bank statements or tax records, that you meet a certain standard of need. In addition, other factors may contribute to whether or not you qualify. These include where you live, where you plan to go to school, and what your family situation is—for instance, whether you have a deceased parent who served in the war.
Where should I look for college grants?
The federal government offers college grants to eligible students. The first step to applying for federal government grants is filling out the Federal Application for Student Aid, which will help you to determine whether you qualify for grants.
In addition, you should try to look elsewhere for grants, especially if you have a unique living situation or come from an underprivileged background. State governments, including those in your home state and those in the state where you will attend college, also offer grants. The college you attend, in addition to some non-profit organizations, may also serve as potential sources of grant money. Of course, it’s up to you to do the work. While a grant generally won’t cover the entire cost of your college education, it can be helpful when combined with other forms of financial aid for students, including scholarships and loans.
When should I look for college grants?
Look for college grants as early as possible—even if you haven’t applied for your college program yet. The earlier you can identify which grants you qualify for, the more chances you’ll have of submitting a complete application by the grant’s deadline. Many grants require you to submit an application before a deadline. You may be considered automatically for certain grants, but it’s always best to do your research to make sure. You don’t want to miss out on grant money simply because you weren’t prepared enough ahead of time. In addition, many grants are awarded on a first-come, first-served basis, which means that the earlier you get your application in, the higher your chances of being awarded the money.
Where can I find more information about college grants?
If you’re looking for more information about funding your college education, you can begin by visiting the Federal Student Aid website (https://studentaid.ed.gov/sa/). But remember to look into other sources of funding. It’s best to search widely.