Financial Aid
There is no question that a college or university education is expensive but the cost alone should not deter a determined student. There are several financial aid options open for application depending on the student’s financial need and academic ability.
Federal Student Aid
Federal Student Aid is a federally funded initiative which exists to ensure that all eligible individuals can benefit from financial assistance for education beyond high school. It is the largest source of financial aid in America providing over $150 billion in grants to eligible students.
Eligibility for Federal Student Aid is based on financial need and other factors such as:
- Citizenship or Eligible Non-Citizen
- Satisfactory academic progress
- Valid Social Security
The types of aid available from the Federal Student Aid program are:
Grants – financial aid that will not need to be repaid.
Work Study (FWS) – this part-time program provides jobs for undergraduate and graduate students allowing them to earn money to help with education expenses.
Federal Loans – this is a student specific loan that must be repaid with interest (usually lower interest rates than private loans; some with deferred repayment options).
Private scholarships
In addition to government grants, there are private and non-profit organizations that issue scholarships (i.e. Thurgood Marshall Fund, Jackie Robinson Foundation, National Action Council for Minorities in Engineering, etc).
Some are only available to students in a particular state or college while others are open nationwide but are specific to a minority group. An example of how specific the scholarships can be is the Arnold and Bess Ungerman Charitable Trust Scholarship which endows four awards of $4,000 each year to African American or native America students of the University of Oklahoma.
Many scholarships are sponsored by large NGO’s or business organizations. A good example of this is the generous Buick Achievers Scholarship Program, funded by GM Foundation which awards 100 scholarships of up to $25,000 each year and 1000 scholarships of $2,000.
Eligibility for a Buick Achievement Scholarship is based on financial need and community and school involvement. The scholarship is available nationwide but special consideration is given to first-generation college students, females, minorities, military veterans or a dependent of military personnel.
There are a lot of specialised scholarships and grants available. They will have differing cut off dates for applications as well as eligibility requirements. The financial aid office of the local school will have a lot of information but a motivated student should not forget the power of the internet.
Search Google using location and field specific terms and you might be surprised what you might turn up. An example search might be: medical scholarships in Houston or scholarships for Native Americans.
Private college loans
If you are unable to obtain a grant, federal loans or scholarship, your next option is to seek a private loan to fund your education. Many people are very skeptical when it comes to borrowing money but if this is the only way to get an education, you should consider applying (assuming that you are serious about going to college and studying hard when you get there).
You should always, however, do your due diligence, look for the best rates and seek assistance from a person familiar with the process. Many successful and now debt-free alumni had to take private loans to be able to attend college. With discipline, focus and persistence you should be able to pay back your loans in a couple of years.
Some lenders have deferred payment plans allowing you to start paying the loans after you graduate, along with payment plans that let you repay your loans in 15+ years, making your monthly payments very manageable. Check out some private loans or go to any bank to inquire about their college loans programs.
Be the Best Candidate
Good grades are the biggest factor in determining eligibly for financial aid. As with the Buick Scholarship above many scholarships and grants are tied to school performance. Working hard to get good grades through high school is the surest way to win a scholarship or grant.
Start at a Community College
Some students decide to take a totally different approach to their financial aid issues and start their education at a community college (two years), which generally have great professors and transferable credits at a fraction of the price. Students who perform well can then get most of their credits transferred to a four year college, continue their education there and obtain a degree from that institution.