Scholarships, Grants, Education Loans
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Scholarships, Grants, Education Loans
Funding for your college education can come from three principle sources; scholarships, grants, and education loans.
Scholarships
As scholarships do not have to be paid back, you should seek these out. Your college may offer scholarships under various headings. Did you do really well at high school? Are you gifted in sports or music? Do you come from your college’s state? Are you enrolling on a particular degree program? These are just some examples of areas which might make you eligible for some scholarship funding.You should contact your college about possible scholarships. They will also advise you on your general eligibility for Federal Student Aid and help you with the application process.
Grants
The foundation grant is the Federal Pell Grant. You are broadly eligible for a Pell Grant if you are a US citizen (or eligible noncitizen), are enrolling on an eligible undergraduate program, and can show financial need. If you have exceptional financial need you may qualify for a Federal Supplemental Educational Opportunity Grant. Students who excelled at high school can apply for a Federal Competitiveness Grant. If you are studying science, mathematics or other approved subjects, you may be able to obtain Federal SMART Grant.Education loans
Federal Stafford Loans and Perkins Loans are made to you, the student. You pay interest on these education loans and repay the capital over a period of years after graduation.PLUS loans are made to your parents, and have a lot in common with ordinary commercial loans.
The eligibility conditions, repayment periods, and interest rates vary between education loans, so be sure to ask your college financial aid office for guidance.
