College Education: Scholarship Grants or Financial Aid?
How much is the cost for a college education?
Is there an available financing scheme?
Let’s face the reality. College education is expensive! A lot of parents do a double take when their children are preparing and looking forward to attending a community college or a state university.
There are a lot of things which comprises the cost of college education and the tuition fee is just a part of the big picture of getting into college. Other everyday expenditure includes food, transportation, housing, pocket money, and other miscellaneous fees which when added up can create a significant portion in financing a college education.
A lot of families in this day and age, even if they belong to the upper-class society, think about applying for financial aid. College grants and scholarships are the most excellent kind of financial assistance.
Grant and scholarship programs do not entail students or the family to pay back. These could be of two kinds: (1) base on need, which is given due to the financial inability of the student and the family as a whole, and (2) base on merit, the talent of the student like in sports, is the main consideration. The student’s academic ability also falls under the merit-base college grant and scholarship.
Oftentimes, college grants and scholarships combine the merit and need criteria to ease out the whole financial aid process. Numerous students and their families are in the look-out for this type of financial aid. However, college grants and scholarships are limited compared with the growing number of students year after year.
Qualifying students can avail of federal and a number of state scholarship programs. Some of which are the following:
Federal or National Pell Grants – this is a program funded nationwide intended to endow assistance to any qualified undergraduate learner pursuing postsecondary schooling. Grants and scholarships of this kind are given to those who have not finished a baccalaureate degree.
The worth of the grant can vary year after year and will depend largely on the financial need of the students, the expenses that will be incurred while attending the chosen university or college, and the availability of funds from the national government.
This type of grant will open opportunity for the students to avail succeeding financial aid from the national government.
Federal Supplemental Educational Opportunity Grant (FSEOG) – this is a program for ongoing undergraduate students with outstanding monetary need. However, not all students can avail this type of grant. This will depend on the eligibility of the students and availability of finances of the concerned school.
Another form of financial aid that students and families can turn to is through loans. This type of financial assistance should be paid back. The financial need of the family should be considered thoroughly to avoid paying high interest rates.
It is also a must to understand all the terms of lending agencies such as the schedule of repayment and interest rates, before signing in or making a commitment.
Work study is a form of financial assistance which calls for students to do labor to sustain their college education. Work study is commonly done on campus and is the most typical form of financial aid in all universities and colleges. Usually, the students will render service to schools for ten to fifteen hours per week.
Scholarships, grants and other forms of financial aid to acquire college education is really multifaceted, confusing at times, and even exasperating. The good thing is college education is a non-refundable and non-biodegradable type of investment. It is for the future!
College Scholarship: Guide to Parents on Getting Financial Aid for their Children
Many believe that being a parent is the happiest moment in the life of a human being. Probably you still remember the excitement that you felt when your wife gave birth to your first child. There are times that you will not sleep because you want to take care of your child even in the midst of the evening. You want to ensure that he/she will sleep soundly through the night.
It is true that happiness comes with children in the family. However, such happiness could be achieved if you are responsible enough with your children. You need to provide all of their needs, starting from their infancy until the time that they are studying. Although it will really cost you a lot, you have the responsibility to your children, especially in giving them the education that they need.
If you have children who are now going to college, you have to think of their financial needs. Probably you still remember your own collegiate years and you are aware of the financial needs of an ordinary college student. However, the difference is that you are now the parent—you will now be the one to think of the different payments that you need to settle for your children’s college education, such as college application, scholastic assessment test expenditures, transcript of records, and others. Add to it the lodging and food allowance of your children if the college or university is far away from your own residence.
Thinking all of these college-related expenses could be overwhelming and bothering as well, especially if your salary is not enough to support such expenses and your family’s financial needs at the same time. But if you know how to get a college financial aid for your children, you will find out that everything will work out smoothly.
How you will start your search for the college financial aid for your children? Here are some tips that you can start with:
• When your children are still on their high school years, you should start searching for potential universities that offer college scholarships for deserving freshman students as well as financial aid programs funded by different organizations. You may start your search on the Internet to look for possible college financial aid options for your children.
• Once you find a prospective university, visit their main office and inquire for any college scholarship or financial aid offers.
• Always ask for the cut-off dates of filing and submission of college financial aid application forms.
• Tell your children about the importance of a scholarship to their college education. Make them aware that they have plenty of options to consider as long as they have good high school scholastic records. In this way, you will be able to motivate them to study harder and make good grades, thus increasing your chances of a good financial aid.
• You may also consider filing an application for financial aid programs funded by the Federal government. State-owned colleges and universities offer this kind of financial assistance to qualified and deserving students who want to pursue their college studies despite of financial difficulties. You may submit the FAFSA (Free Application Form Student Aid) personally.
• Make certain that you have completed all the FAFSA requirements (such as present statement of bank accounts, monthly income records, present mortgage information, and others) and understand the rights or specialadvantages before accepting the financial aid for your children. You may also check if the financial aid is renewable.
With different financial aid programs such as college scholarships and federal grants, you are assured of a bright future for your children despite of the financial difficulties that you are currently experiencing.