| One of the most worrying aspects of applying to | | | | while private groups or companies fund others. Be |
| college is working out how you are going to be able | | | | sure to check whether the grant you aim for has |
| to pay for your studies. Check out our guide below | | | | strings attached - you may find that there are certain |
| to see the options that may be available to you. | | | | qualifying requirements connected to your program |
| Need-Based Aid | | | | of study or your future career. |
| Need-based aid is money awarded based on the | | | | Merit Aid |
| ability of you and your family to pay for college. To | | | | Merit aid is usually awarded as a scholarship, in |
| apply for most need-based aid, you need to first fill | | | | recognition of your personal achievements in a |
| out the Free Application for Federal Student Aid | | | | specific area of study, sports, the arts or community |
| (FAFSA). FAFSA is the determining factor controlling | | | | activity. The great thing about merit scholarships is |
| all federal aid programs, such as student loans and | | | | that you do not need to pay back the money, and |
| grants. Many other forms of financial aid for students, | | | | may be offered on a renewable basis for several |
| including college scholarships and private initiatives, will | | | | years. Another advantage is that merit-based |
| also use FAFSA information as a factor in determining | | | | scholarships are not competitive in its nature - as long |
| who is eligible for their financial aid programs. | | | | as you meet the specified requirements, you are |
| Scholarships | | | | eligible to receive this form of financial aid. |
| Like Merit aid, scholarships are another type of | | | | Student Loans |
| financial aid that you won't have to worry about | | | | As with a normal bank loan, you will be charged |
| paying back! The government, colleges, public | | | | interest on student loans for college courses. The |
| institutions, private companies and religious groups are | | | | good news is, institutions that offer student loans are |
| all possible sources of scholarships. Most are awarded | | | | limited to charging a capped rate of interest, so they |
| based on specific criteria, such as your academic | | | | work out to be cheaper than other types of loan. |
| performance, extracurricular activities, community | | | | Another big advantage is that you will not usually be |
| involvement, ethnic heritage or religious affiliation. | | | | required to start paying back your student loan until |
| Some scholarships are also need-based. No matter | | | | you've secured employment after graduating. You |
| what the requirements, applications for scholarships | | | | can find out which federal student loans you are |
| are always hotly contested, so apply early! A small | | | | eligible for by filling out the Free Application for |
| batch of students with 4.0 GPAs and high test | | | | Federal Student Aid (FAFSA). While some, such as |
| scores may win a disproportionate number of | | | | the unsubsidized Stafford Loans and Parent PLUS |
| scholarships. | | | | loans disregard your perceived level of need, others, |
| Grants | | | | like a Perkins loan, are needs-based. If you're still |
| Another great way to fund your way through | | | | strapped for cash after trying all the federal |
| college, grants are in essence money for nothing | | | | opportunities, you can choose to look into private |
| financial aid. The government aims many grants at | | | | loan contracts with banks and credit unions, although |
| students who would otherwise struggle to pay | | | | the conditions of these may not compare favorably |
| college fees, and these may be offered at state | | | | to federally sponsored loans. |
| level, or through federally sponsored programs like | | | | Work-Study |
| the Pell Grant. They may be tailored to students who | | | | Exactly as the name suggests, work-study programs |
| excel in an area of academic study, or be linked to | | | | offer you a financial incentive in exchange for work |
| the course or career that you choose to study for. | | | | that you carry out while studying at college, and |
| Some colleges offer their own grants to students, | | | | usually involve jobs that are completed on-campus. |