April 25th, 2010
Want to go to college, but just don’t have the funds? College is expensive and not everyone has the personal financial resources to pay for it themselves. But sitting around dreaming about it isn’t going to get you anywhere. Start looking into financial aid options and learn the different resources you can utilize today to make your education possible.
First, there are thousands of different types of scholarships available each year, many of which can go unclaimed. You can make sure that doesn’t happen by applying for both institutional and private scholarships. Institutional scholarships are those offered at your specific school and are often funded by alumni and available to students enrolled in a specific college or academic department. Private scholarships are offered through private companies and organizations, where money is awarded then sent to your university to be disbursed. Check with your school’s financial aid department to see what kind of institutional scholarships you might qualify for. The financial aid department may also be able to help you find private scholarships, or you can search scholarship Web sites, such as FastWeb.com, to find local as well as national opportunities to apply for aid.
For many students, the pursuit of higher education would not be possible without with help of Federal aid programs. According to the U.S. Department of Education, the largest source of student aid comes from Federal student aid programs which provide more that $100 billion a year in grants, loans, and work-study assistance. Loans allow students to borrow money that they must repay with interest, grants are considered gift aid and do not have to be repaid, and work study programs allow students to earn money to help pay for education expenses while enrolled in school. Those interested in qualifying for Federal aid must fill out the Free Application for Federal Student Aid, known as the FAFSA, and aid is usually awarded based on need, enrollment status, and cost of attendance.
When Federal aid and scholarships are not enough to make education possible, many students turn to private education loans. These types of loans are designed to assist students with additional assistance for educational costs and are available directly from private banks and lenders. Students have to apply for these types of loans and meet requirements depending on each lender’s specific criteria. Approval for a loan can depend on income, credit score, and school enrollment status, and often students are even required to obtain a cosigner.
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