How to make free college money

If there is anything that I regret since my college days, it is probably the fact that I did not apply for scholarships or grants. In my opinion, they were only meant for super talented or outstanding students, so why bother at all, right?

Boy, I was wrong.

It turns out that there are scholarships and grants for almost everything. I mean, The college council even has a scholarship to study other scholarships. Do I need to say more?

Why scholarships and grants are the best help

When you are in college, you usually have access to four types of financial aid:

• Scholarships.
• Grants.
• Work-study programs.
• Student loans…

Unlike student loansto be returned after graduation and work-study programs to earn money while attending school, scholarships and grants are a form of “gift aid”. In other words, money is available to you for FREE.

Getting free money to go to college means …

• You could graduate with less debt – or no debt at all.
• You will have more time to focus on your studies as you can reduce the number of hours you work to pay for college.
• You will be less worried about money knowing that some of your expenses will be taken care of.

However, the amount of the gift aid will depend on several factors. But just to give you an idea, Rick Castellano, a spokesman for Sally Mae, says that In the past year, scholarships and grants have helped students and their families cover about 25% of college tuition costs.

So yes, you can gain a lot and basically have nothing to lose by applying (except maybe a little time).

Scholarships or Grants: What’s the Difference?

Although both scholarships and grants fall under the same financial aid category, there are some key differences between the two, including eligibility requirements and where to receive them.

Scholarships

Scholarships are awarded by schools, community groups, and for-profit and non-profit organizations. They can be merit-based or need-based.and premiums range from a few hundred dollars to full tuition fees.

Merit-based scholarships

Merit-based scholarships are scholarships that are awarded to you based on your skills, achievement, or meeting certain criteria. They are also the most common type of scholarship.

You can apply for a merit-based scholarship if …

• You excel in school, sports, or extracurricular activities such as write poetry or the game (yes, like in eSports).
• Belongs to an underrepresented group.
• Explore a career path that can benefit the community, such as training or a nurse.
• You specialize in a highly demanded field, such as technology or engineering.

Needs Based Scholarships

Needs-Based Scholarships are awarded to students who demonstrate a lack of financial resources to pay for college tuition.

You can apply for a need-based scholarship if …

• You independent student who earns little – or nothing at all.
• You are from a poor family.

Grants

While some are awarded based on merit, scholarships are often awarded to students based on economic need.

Grants are usually provided by the federal and state governments, as well as colleges and universities. The amount of remuneration ranges from a few hundred dollars to several thousand, but rarely covers the full cost of training.

One of the most popular grants available is Pell Grantwhich is awarded by the federal government to students with “exceptional financial need” and has a limit of $ 6,495 per academic year.

Are there any disadvantages to seeking these forms of assistance?

Nita Wallab, Founder MeritMore, a website that helps students find suitable colleges offering merit-based aid, says that The only major drawback when applying, especially in the case of private scholarships, is that your school may reduce the amount they provide you with institutional assistance.

“This is called a scholarship displacement. So it is often best to find out where you are going to study, contact their office and then ask them, “Do you allow applicants to bring in private scholarships without penalty?” ”

It should also be borne in mind that some scholarships and grants require an application fee that is non-refundable.

How to apply for scholarships and grants

The first thing you need to do, whether you want to apply for a scholarship or grant, is to fill out Free App for Federal Student Aidknown as “FAFSA”. Castellan of Sally Mae says:

“The FAFSA has the potential to help students and their families potentially get thousands of dollars in aid, and refusing to apply can be one of the most costly mistakes a student can make throughout college.”

Completing this application will allow you to see what forms of financial assistance you are eligible for, such as federal, state, and school scholarships, work and study programs, and federal grants. student loans…

If you do not know how to complete the FAFSA, here is our quick guide to help you…

Applying for a scholarship

When it comes to applying for a scholarship, there is no one-size-fits-all way to apply for a scholarship as they each have their own requirements.

However, there are some common ground in what you need to complete your profile.

Scholarship Application Profile

To complete this profile, you need to provide the following:

• Personal Information. Name and contact details, your gender, information about your citizenship, whether you are a minority or have any disabilities.
• Academic information. Your current educational level, the degree you are applying for the scholarship (bachelor’s or master’s), your GPA and the field of study you will be studying.
• Accessories. Whether you or your parents are members of any associations or other organizations.
• High school transcripts and standardized test scores (if you are applying for a freshman scholarship).
• Your parents’ financial information – or yours if you are an independent student (only for scholarships based on need).
• Letters of recommendation…
• Copy of your resume…
• Proof of membership if you are applying for a scholarship awarded by a specific group.

In addition, some scholarships require you to write and submit an essay along with your application explaining why you will be the best candidate for the award.

Applying for a grant

Since most grants are awarded based on your financial needs and awarded by schools, federal and state governments, the application process is much simpler and easier than applying for a scholarship.

To apply for a grant, you usually just need to complete the FAFSA and then schools and the Department of Education will accept it from there.

Some colleges and universities also use College Board’s College Scholarship Service Profile (CSS)to determine your eligibility for institutional grants. If your school is one of them, you will have to create user account and provide some information, including information about your household’s income.

Check out the complete list of schools requiring this form…

Unlike the FAFSA, which is free, CSS charges an application fee of $ 25 and $ 16 for each additional report you request, however there is exemption from payment of fees accessible.

More details: How to complete a CSS profile

Where to find scholarships or grants

Looking for gift help Erin Powers, press secretary National Association of Student Financial Aid Administrators (NASFAA) recommends starting locally and doing some research in your community to see if there are local businesses, community organizations, private foundations, philanthropists, or unions offering scholarships.

Alternatively, you can also try the following:

• Sign up to free scholarship search platforms such as Fastweb, MeritMore, ScholarshipOwl, and College Board’s A great future…
• Talk to your school’s counselor or financial aid officer as they can help you find suitable scholarships and grants that best suit your profile.
• Check to see if your parents’ employer – or yours if you work – offers some help to pay for college tuition.
• Join an organization related to your field of study, as they usually provide scholarships or grants for their members.
• Visit Department of Education website…

Receiving the money

Okay, you applied and you won. So how do you get paid?

Good, both scholarships and grants usually go directly to your school’s account to pay for any outstanding tuition fees. Any remaining money is then transferred to you. either by check or by direct deposit.

Your reward can also be one-time or partial. However, the best way to find out how you will be paid is to contact the awarding organization.

Tips for Maximizing Gift Aid

Make no assumptions

Sally Mae most of all recent training showed that approximately one-third of households surveyed did not complete the FAFSA for the 2020-21 school year. “The lowest rate since Sally May’s first report in 2008,” says Castellano.

Main reason? They thought they had no right to help, which, according to Castellano, is far from the truth.

“The reality is that almost everyone who applies is eligible for something.”

Apply as soon as possible

They say that an early bird gets sick with a worm – the same with gift aid.

Castellano notes that many federal as well as state grants are provided on a first come, first served basis.

Don’t overlook small amounts

Yes, there are scholarships for six figures, for example this is 100 thousand dollars from Dr. Pepperbut just because a scholarship or grant is only worth a couple hundred dollars doesn’t mean you should give it up.

“Every little thing helps when it comes to lowering the overall cost of college,” Castellano says, and since there is no limit on the number of scholarships you can receive, smaller amounts can turn out to be a jackpot when combined.

Work hard on your grades

Many scholarships and grants depend on whether you meet certain GPA requirements or maintain good academic performance. Some of them can even be renewed each year depending on your grades, so make sure you keep doing that.

Ask for more

Yes, that’s right, you can always ask for more help!

MeritMore’s Wallab says many students and their families are unaware that they can appeal for additional money if they think the amount of financial aid they are being offered will not be enough.

“Colleges are often set up to handle such requests. Even if you get $ 1,000 more per year, that would be $ 4,000 over four years, which is a significant amount. ”

Summary

Scholarships and grants are basically Cadillac financial aid as they are both a source of free money. If you are not sure if you meet the criteria, apply anyway! You have nothing to lose.

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