Searching for Dollars
Funding an education beyond high school can be difficult, but certainly not impossible. There is a wide range of opportunities out there to fund your further education.
Scholarship Tips
Grant Tips
Military Programs
Work-Study Programs
Loan Tips
Related Resources
Scholarship Tips
Some helpful guidance on finding scholarships:
Take personal responsibility for getting scholarship aid, and forget about scholarship search services. Many of these services can be scams, and nine times out of ten merely tell you things you can find out yourself. There are thousands of scholarships out there. You just have to be willing to work hard to land one or several.
These sites may be a good place to begin:
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Fresch: free scholarship search
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Fastweb: scholarship and college searches
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Fastaid: free scholarship search
Your hometown probably has many resources; organizations such as 4H Club, the Jaycees, Lions Club, the Chamber of Commerce, unions, and local businesses frequently offer scholarships. These local organizations like to award scholarships to local candidates.
Always apply for multiple scholarships concurrently. One person actually applied for more than 100 and it paid off! Follow up on the phone with each one, keep application duplicates, and never, ever miss a deadline!
Make yourself into a better scholarship candidate starting freshman year. If you're involved in extra school, community, hobby, and work activities, you'll have a stronger scholarship application. Remember, don't leave out any of your activities or accomplishments; applications are no place to be humble.
Complete every part of the application. Be totally accurate and honest in every detail. Have someone double-check your spelling and grammar. It really counts!
Tailor each application to the interests of that particular scholarship. This shows that your brain is fully engaged and that you're sincerely interested.
Don't buy into the scholarship myths! The experts at Thomson Peterson's have important advice on
common scholarship myths.
Grant Tips
Grants can be another good source of educational funding. You may want to review the U.S. Department of Education's Student Guide to Financial Aid, and these grant programs:
- Pell Grants: These are need-based and awarded only to undergrads who have not yet earned a bachelor's or professional degree.
- Eligibility depends in part upon your Expected Family Contribution (EFC), your costs, and whether you are a full-time or part-time student. The most you can expect from a Pell Grant is around $4,000 per year (2004-2005 figure).
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To apply, visit the U.S. Government's FAFSA site. |
- SEOG (see-og) Grants: These grants are federal funds issued by individual colleges. Grants can range up to $4,000, but commonly are around $1000. SEOG Grants are awarded on the basis of need.
To try for one, ask your campus financial aid office for the details. Make sure you know the SEOG deadline — it's usually earlier than the FAFSA deadline. Also, since a college's SEOG funds are limited, you must apply early. Don't miss out simply because you didn't have your act together.
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- Campus Matching Grants: Some colleges will match a grant or scholarship you receive from the outside — up to a certain dollar level. Be sure to ask the college financial aid office about them.
Military Programs
Serving in the U.S. Military is surprisingly one of the best ways to pay for college these days. While there is a commitment involved, there is a wide range of programs for servicemembers.
- More about Military College Programs like the Montgomery GI Bill, college fund programs, and community colleges
- ROTC (Reserve Officers Training Corps) Scholarships: With ROTC, you're guaranteed a job right after graduation as an officer in the U.S. Military. There are many types of college scholarships in two-, three-, and four-year lengths, covering varying amounts of tuition, fees, and incidentals—up to 100 percent—but remember that specific scholarship terms vary by military service. There is lots of competition so be sure and ask about the deadline:
- Service Academy Appointments: The four service academies provide full scholarships (and small paychecks) to all their students. Upon graduation, you'll become a second lieutenant in the Army, Air Force, or Marine Corps, or an ensign in the Navy or Coast Guard. Appointments are limited and very competitive, so if you are driven to be the best, contact the academy of your choice right away:
Work-Study Programs
- Federal Work-Study Program jobs pay part-time job wages — an hourly wage at least equal to minimum wage — for students with financial need. Jobs can be on-campus or off. By law, your school must pay you at least once a month. This program encourages community service work (which looks great on your résumé, by the way) or work related to your course of study.
Hint: If you want a federal work-study position, turn in your FAFSA as soon as you can after January 1 since work-study awards are made on a first-come, first-served basis.
More info from the Student Guide to Financial Aid
- Campus work is also offered by colleges as part of your financial aid package. Campus work is varied and diverse — you can work as an assistant answering phones or as a student manager running a show. If you are offered one of these opportunities, take it. It'll force you to budget your time better, and your experience will broaden. You could reduce the amount of your loan, and you might actually get better grades!
- However, it's a good idea to limit your work to no more than 20 hours a week. Any more than that can be just too stressful. Remember that you are in school to learn, not earn.
Hint: Normally, your wages for campus jobs are not deducted from the costs in your financial aid package. If you're unclear about how you'll be paid, or what the total college costs you have to pay are, ask the college billing office.
Loan Tips
There are two basic kinds of loans to know about:
federal loans (made available by the Department of Education) and
private loans (more expensive, as a rule).
Start with the federal type; they're better deals.
- Stafford Loans (Federal): Stafford Loans are the major form of financial aid direct to students from the government. They're called subsidized loans when based on financial need. There are also unsubsidized Stafford Loans that are not based on need. No interest is charged on subsidized loans until repayment begins, so they're a much better deal. Maximum loan amounts vary with your dependency status and year of study. Make sure you understand the promissory note before you sign it!
- PLUS Loans (Federal): PLUS Loans, made from the government directly to parents, are non-need-based. To apply, parents fill out a Direct PLUS Loan Application and Promissory Note, available from your school, a lender, or the state guaranty agency. It is usually not necessary to fill out a FAFSA as well. Three different repayment plans are available.
- Perkins Loans (Federal): Perkins Loans enable an undergraduate student to borrow up to $4,000 per year at five percent interest (fixed). Your school is the lender, and the loan must be repaid. Repayment schedules usually involve a grace period before repayment starts, and you can defer repayment completely under certain conditions.
- Loans from private sources: Loans from private sources including banks and financing companies should normally only be used if there's still a financial gap after you obtain all the federal loans you need.
Related Resources
Student Guide to Financial Aid
Comprehensive government resource listings and info
eStudentloan
Search, compare, and apply for different types of student loans
Collegescholarships.com
Scholarships, loans, aid
Get Recruited
Find the right info on colleges, programs
Guaranteed Scholarships
Listings at various colleges
