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Scholarship Grants or Financial Aid?
By Owen Jones | December 2, 2009
What is the real cost of a college education and is there a financing scheme available? Well, lets face reality – a college education is very expensive, causing a lot of parents to do a double take when their children are looking at attending a community college or a state university.
There are a lot of things that go to make up the total cost of a college education and the tuition fees are only a rather small part of the big picture of getting into college. Some everyday expenditures include food, transport, accommodation, pocket money and other sundry fees, which, when added up can be a significant portion when financing a college education.
These days, many families, even those belonging to the upper class, think about applying for financial aid. College grants and scholarships are an excellent method of financial assistance. Grant and scholarship programmes do not require the students or even their families to pay back the amount given.
Scholarships and grants are of two basic kinds: (i) scholarships awarded based on financial need, depending on the financial inability of the student and their families to pay for the college education, and (ii) scholarships based on merit, for example the talent of the student in tennis is the deciding factor. A students academic ability comes under the merit-based college grant and scholarship system as well.
Often, college grants and scholarships combine the merit and need criteria to ease the whole financial aid process. Numerous students and their families are looking for this kind of financial aid. However, college grants and scholarships are limited in number although there is a growing number of students year after year.
Qualifying students can get into federal and a number of state scholarship programs. Some of which are the following:
Federal or National Pell Grants ” this is a program, available nationwide, which is meant to provide financial assistance to qualified undergraduate learner pursuing post-secondary schooling. Grants and scholarships of this type are awarded to students who have not yet finished a baccalaureate degree.
The worth of the grant can vary each year and will depend largely on the financial needs of the student, the expenses that will be incurred while attending the chosen university or college, and the availability of funding from the national government. This sort of grant will open up an opportunity for students to succeed in securing financial aid from the national government.
Federal Supplemental Educational Opportunity Grant (FSEOG) ” this is a program for continuing undergraduate students with exceptional financial needs. However, not all students qualify for this kind of grant. It will depend on the eligibility of the student and the availability of funds in the school concerned.
Another kind of financial assistance that students and families can turn to is student loans. However, this sort of financial assistance must be paid back. The financial needs of the family must be considered thoroughly to avoid paying higher interest rates.
It is also necessary to understand all the terms of the lending agencies such as the schedule of repayment and interest rates, before making a commitment.
Work study is yet another form of financial assistance which calls for students to work to sustain themselves during their college stay. Work study is usually done on college campus and is the most usual kind of financial assistance in all of the universities and colleges in the USA. Usually, students will render service to schools for 10-15 hours a week.
Scholarships, grants and other sorts of financial assistance to acquire a college education is really multi-faceted, confusing at times, and even down-right exasperating. However, the good thing is that a college education is a non-refundable and non-toxic type of investment. It is for the student’s future!
If you want more information on obtaining financial aid or college scholarships then you really must visit our website on College Scholarships You are welcome to reprint this article – but get your own unique content version here.
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