Hey!  Tonight let’s continue our financial aid discussion with a talk about scholarships and grants.   These are absolutely awesome aid types because you don’t owe anything later.  We in the financial aid biz call this gift aid. All-aboard the free money train.

Some scholarships…

Scholarship money is provided by schools (ask your financial aid office) and organizations of all kinds.  Scholarships are very competitive because there are thousands of students grabbing for one scholarship check.  In all, there are countless scholarships to be won, but it’s a rat race and you have to shine your brightest when applying.  Highlight you best skills, achievements and traits to give yourself the best shot possible.

• Sallie Mae Scholarships.  Sallie Mae is government-affiliated funding.  Many scholarships are awarded, and winners are chosen at random.  Amounts range from the $100s to a full ride.  Recipients must be U.S. citizens attending undergraduate schools.
• The Christopher Reeve Award.  This scholarship, sponsored by the Heart of America Foundation promoting children’s literacy, awards outstanding youths.  Middle school and high school students who are active in community volunteerism and have proven compassion and courage are recognized for their selfless acts.  Each year one recipient is awarded $1,000 for their future college pursuits.
• WikiAnswers Scholarship.  Answers.com has launched its $20,000 Answers.com Scholarship Fund this year to provide funds to outstanding students.  With a grand total of $20,000, the site is now offering one $5,000 scholarship, two $2,500 scholarships and 10 $1,000 scholarships to Answers.com junkies who have responded to no less than 50 questions on its Wiki site.  Applicants must plan to attend an undergraduate program for the next academic year, and will be judged based on the accuracy and usefulness of solutions they provide to their selected 50 questions.

And grants…

Grants are applied for via FAFSA (federal grants) or are provided by outside organizations.

• Federal Pell Grant.  The requirements for the grant are pretty minimal and straightforward, one being that you must attend a participating university.  The Pell Grant is based mostly on your level of financial need.  Students are reminded to study diligently, though, because the grant can be revoked due to poor academic performance.  Funds are sent to either the school or directly to the student.  For a more in-depth look, take a look at Pell Grant Eligibility.
• Federal Supplemental Educational Opportunity Grant (FSEOG).  The same basic requirements factor into the FSEOG.  In contrast, however, this grant is reserved for students with exceptional financial need.  The FSEOG encourages lower income individuals to pursue college, providing funds to students with a low Expected Family Contribution (EFC).
• Office of Vocational Rehabilitation Grant (OVR).  Pittsburgh students may be able to take advantage of this opportunity with the help of their college.  OVR exists to help students and professionals find jobs and get educational assistance in college (i.e. special accommodations, extended and/or private test taking, etc.).  OVR helps college students who have legitimate medical or personal difficulties by supplying $2,000 per semester grants.

Free financial aid is probably the best kind.  Scholarships and grants leave need to worry about owing money later, just pure financial assistance.  Scholarships, while competitive, are available in every area imaginable and in varying amounts.  Grants are often thought of in terms of government aid, but are also sponsored by organizations.  You can’t go wrong.  If you had any worries about financial aid, hopefully we’ve offered some comfort.  If you’re still uneasy, check out our solutions for more help.

Hey guys!  Usually there would be an earlier post to read that starts by wishing everyone a happy weekend.  But there was a very important wedding on Saturday!  So, happy end-of-weekend; try to avoid a bad case of “The Mondays.”  Any who, tonight we’re going to talk a bit more about scholarships, honing in on scholarships for women.  There are a few example, so check it out.

1.  The SWE Scholarship Program.

Each year the Society of Women Engineers (SWE) awards over 100 scholarships totaling up to $500,000 to female students.  The SWE Scholarship Program is designed to encourage and aid women in engineering, engineering technology and computer science fields of study.  Individual awards amount from $1,000 to $10,000 and are available to high school seniors/will-be undergraduate freshmen all the way up to graduate level students.

Scholarship awards are announced and awarded at various times, with differences among freshmen and upper-class.  College students, sophomore to graduate level, are notified during the summertime, while freshman recipients and renewed scholarships are announced during early fall.  SWE scholarship funds are both company-sponsored and donated, and thus awards are disbursed differently, with sponsored scholarships being presented in the fall and donated funds awarded in both fall and spring.

2.  The Dr. Aura-Lee A. and James Hobbs Pittenger American History Scholarship.

Sponsored by the Daughters of the American Revolution (DAR), the American History Scholarship is designed to aid entering female freshmen in the pursuit of history and government studies.  Dedicated to the country’s history, the DAR is motivated to provide 2 renewable scholarships (pending annual transcript review) worth $2,000 each to students following the same path.  U.S. citizenship is required for the award; however citizens currently living abroad may apply via a Units Overseas Chapter of the DAR.

3.  Jane M. Klausman Women in Business Scholarship.

The Women in Business Scholarship, provided by Zonta International, is available to women pursuing both undergraduate and graduate degrees in various business specialties.  Made possible by the generous donation from member Jane M. Klausman in 1998, this award gives funds to both national district and international club members for college.  One $1,000 award is presented to a member of each U.S. district club (26 last year), and an additional 12 scholarships worth $5,000 each are disbursed to international recipients annually.

Applicants for the Women in Business Scholarship need to be studying and greatly excelling in this field and have to be nominated by their district club.

4.  New York Women in Communications Inc. Foundation Scholarship Program.

The New York Women in Communications Foundation (NYWICI) provides a great opportunity each year for female communication students to obtain scholarship awards.  There is most certainly a bias in mentioning this one (Communication major!).  The Foundation awards scholarships to 15-20 women in amounts of $2,500, $5,000 and $10,000.  Winners can be high school seniors, undergrads and grad students studying in the communications field (i.e. communications, advertising, PR, marketing, etc.) and must have a 3.2 GPA or higher.

These outstanding Comm. kids are selected based on multiple factors, including: U.S. citizenship and state of residence (only NY, NJ, CT and PA), academic excellence, financial need, school activities, honors and more.

There was a time when women were much farther behind and are still a sort of minority, but these scholarships for women and other opportunities work to move us ahead in education, work and the larger world.  If you’d like more tips and tricks as well as valuable financial aid solutions, talk to Go Financial Aid today.

You’ve done it.  You finished high school and decided to pursue higher education (a wise move, given stringent requirements for good jobs and the sore lack of them these days).  But there’s still a monkey on your back, and you wonder how to pay for college.  True, education is a HUGE investment, but there are lots of ways to pay for it.  Take a look.

1. Out of pocket (or your parents’).

While there’s a very good chance that you will not have to absorb all college costs yourself, few students go without having to pay anything (i.e. full-ride scholarships, “free tuition babies” of those working at universities, etc.).  If you don’t fall into the free categories, you will have an EFC (Expected Family Contribution) which the federal government expects your family to put forth toward educational costs (amount determined by family income).  And indeed, some students are well-off enough to pay for school without any assistance and thus pay all expenses.

2.  Loans.

This second “How-to” covers any sort of money borrowing you may do to fund your education. Loan money falls into two prominent categories: federal and private.  Private loans are those obtained via your bank or other financial organization, requiring an institution-specific application and other materials.  They typically have higher interest rates than their federal counterparts but are nonetheless valuable to those needing them.

In mentioning federal loans, one term springs to mind: FAFSA.  Ok, it’s an acronym, and it stands for Free Application for Federal Student Aid.  The FIRST thing you want to do if you are considering any sort of government educational assistance is submit this (application period: January 1st-June 30th of every year).  Commonly-awarded federal loans include the Stafford and Parent Plus Loans (for more information on these and more, check out education loans).  Remember that any borrowed money must be repaid upon graduation.

3.  Education Tax Benefits.

Certain tax benefits help students offset educational costs, and include tax credits, tax deductions and exclusions from gross income.  Technically it is not money you’re getting for school, but you can think of it the same way because it is money you’re saving.  For example, the Lifetime Learning credit gives students up to $2000 in income tax credit based on the first $10,000 spent on tuition each year. Additionally, college students who took out loans can get the Student Loan Interest Deduction.   Student loan borrowers can nix up to $2,500 in interest as an income exclusion.

4.  Scholarships.

While you ponder how to pay for college, consider pursuing some free money.  Scholarships may be obtained in a variety of ways.  Writing an essay, demonstrating exceptional skill in some area, filling out an entry form for a contest-like award and earning spectacular grades are all ways to become eligible for various awards (sometimes totaling in the thousands).  Check out some useful sites for scholarship ideas.

5.  Workstudy.

This is another fairly easy financial aid option for students.  Again, be mindful that FAFSA completion is necessary for this aid form, but workstudy doesn’t require much paperwork itself.  The FAFSA comes into play here to determine your eligibility to participate in a workstudy program at your school.  If your family income is too high, you will most likely be ineligible to obtain government money for working at your school.  Participating, however, creates wonderful opportunities to build work or field experience and save up to repay loans.  Positions are limited and HIGHLY sought-after, so move your tail and apply at school ASAP.

Still need help?  Contact a Financial Aid Consultant for more solutions, and never wonder how to pay for college!

And so it begins: college life.  Hopefully you took as much from your years in high school as you could—learning as much as possible, asking questions and taking the time to realize that high school prepares you for a more demanding academic load.  That next step, a college education, as one school puts it, “prepares you for the real world.”   Students learn field-specific skills and hone time management and study strategies, which will aid in a strong professional future.  However, with the flimsy nature of our economy, and less money coming into households, many become concerned about the affordability of a university education.  While that concern is understandable, organizations have recognized the need for assistance, and there are now many resources available.  Both companies with special consultants and different websites providing a wealth of information and financial assistance will help you figure out your financial situation. Think about the following.

• Fafsa.ed.gov.  First off, if you didn’t already know it, The FAFSA is the one application that EVERY undergraduate student must complete for consideration for federal financial aid.  That said, to make the process easier, do yourself a favor and familiarize yourself with the FAFSA website.  It doesn’t hurt to educate yourself (and/or your family) about financial aid in general, and about the FAFSA process.  There are many questions on the application, and you must be able to answer them all, whether that means learning how to do so or just knowing what information you will need.  You can even print out the paper version of the application for practice!

• Financial Aid Tips.  This website has financial assistance and information up the wazoo.  Thinking about college scholarships?  This site has a variety of resources dedicated to just that, with sections on major scholarships, scholarship database search and essay help.  Don’t go unprepared for coping with student loans, either.  This tips website breaks down some advice on loan debt and tuition forgiveness.

We won’t lie—the financial aid process has the potential to be a real pain in the behind, but you can make it easier on yourself!  Upon doing your homework and soaking in some information on college aid, if you want or need additional financial assistance, think about working with a Financial Aid Consultant.  Our Financial Aid Consultants will submit your financial aid applications for you and explain confusing details along the way.  For more solutions, and to learn more about the web resources available to you, take a look at some of our favorite useful sites.

Scholarships can be won for many different reasons: academic excellence, athletic skills and even for taking a survey.  That’s just the tip of the iceberg, however.  For your amusement, and hopefully your benefit, here are 5 truly weird scholarships.  Hey, there’s something for everyone.

1. Tall Clubs International Scholarship.  Being tall means more than reaching high shelves and the possibility of a basketball career.  To Tall Clubs International, height leads to financial aid for college.  Guys standing 6’2” and higher and gals 5’10” and taller have the opportunity to earn $1,000 in scholarship money, just by writing an essay about being vertically-advantaged.  One recent topic was, “What Being Tall Means to Me.”  The short people are jealous (I know I am).
2. Chick and Sophie Major Duck Calling Contest.  Calling all hunters and duck enthusiasts!  The Chick and Sophie Major Duck Calling Contest has a special competition for college students to win money for school.  Do you think you have a killer duck call?  Bring it!  Students from 13 different states have competed in this contest.  Three awards are given annually to the top callers—1^st place receives $2,000, 2^nd receives $1,000, 3^rd receives $750 and 4^th gets $500.  This scholarship contest is open to high school seniors preparing for college (psst—it’s not until November 25^th, so there’s still time!).
3. The Billy Barty Foundation Scholarship.  Tall people it’s time to get off your high horses.  It turns out that being short can pay off too.  The Billy Barty Foundation provides the opportunity for vertically-challenged individuals to earn scholarship funds for their college education.  Eligible individuals must be under 4’10”, be enrolled in college and have medical proof of dwarfism (still jealous—tall, short…where’s the “Average Height Scholarship?”).  Funds for this opportunity are raised via the Foundation’s annual celebrity golf competition.
4. The Kor Memorial Scholarship.  Live long and prosper.  The Kor Memorial Scholarship is offered each year by the Klingon Language Institute to college students pursuing language studies.  While being a Trekky certainly doesn’t hurt, it is not required to be eligible for the award.  What you do need is a nomination from your department chair or dean.  In addition, candidates must be full-time students, be highly accomplished in their language program and have a clear purpose for their course of study.  The Institute chooses its winner at the annual conference, the qep’a', and the award is $500.
5. The Patrick Kerr Skateboarding Scholarship.  X-Games fans listen up.  The Patrick Kerr Skateboarding Scholarship is open to high school senior skaters looking toward their college futures.  The ability to beat out Tony Hawk on the half-pipe is not mandatory, but here’s what is: 2.5 or higher GPA, an enjoyment of and appreciation for skateboarding, plans to pursue a college education and a brief essay answering, “How has skateboarding been a positive influence in your life?”.  Four awards are given out, including one $5,000 scholarship and three $1,000 scholarships.

There are a few head-scratchers in there, right?  College money is attainable to anyone, for almost anything.  There was another from a nudist colony too…You get the point: there are some really weird scholarships out there.  No matter what your strengths are, they will likely help you on the path to higher education.  Still need a financial aid game plan?  Go Financial Aid can point you toward the right solutions.

Each year, thousands of students flock towards the countless scholarship opportunities made available to them.  These scholarships more often than not require certain things from applicants—an outstanding GPA, lengthy and absolutely grueling essays or enrollment in a specific academic program/major.  You can skip right over these limiting requirements with a select few easy scholarships that need only the basics.  Take a look at some of them below.

• Scholarship Zone.  SZ provides a rare opportunity to scholarship seekers to find and apply for a scholarship with no hassle.  The application process, which functions more like a contest entry, doesn’t require any (painful) essay writing or proof of certain skills.  All you have to do is fill out the entry form/registration and you’re name goes into the drawing.  Upon entering, applicants are next prompted through a series of offers (i.e. online degree programs and the like); however participation is not necessary to win.  Added to the simple application is the absolute freedom the winner has in using the money—books, tuition, loan repayment etc. are all fair game.  And oh, did we mention the SZ scholarship is for $10,000?  Nice!

• U.S. Bank Scholarship.  The U.S. Bank rewards its online visitors by offering a $1000 scholarship opportunity.  It is slightly less competitive than others, as 40 awards are given out each year, and the application is pretty simple.  There are a few eligibility requirements, but they are the usual.  Applicants must be graduating seniors in high school or college freshman, sophomores and juniors; your university has to be participating in the program, you must actually be enrolled at the school by September 2012, and you must be a U.S. Citizen.  Scholarships are awarded randomly and winners will know by mid-April that they were chosen.  By August, each award will be disbursed.

• $1000 Monthly Survey Scholarship.  College Prowler, well-known for its college information “for students, by students,” has a monthly opportunity for students to win one of the easiest scholarships out there.  CP wants your take on your alma mater, so all you have to do is fill out a survey about your experience at your school.  You’ll have to register on the site first—don’t worry it’ll take just a minute—but it’s smooth sailing from there.  Do the survey and be entered for a $1000 award.  You know what else is nice?  Even alumni can win (maybe some extra cash to pay back loans?).  AND if you refer other people, you get more entries for the award (your friends will have to complete a survey by going through your unique referral link).  Winners are chosen randomly.

This sounds pretty good, right?  Go for it—easy scholarships mean that you have nothing to lose and everything to gain.  And hey, if there are other opportunities that—despite stricter guidelines—you want to pursue, have at it (free money is free money after all, and a challenge never hurt anyone).  No matter how you apply for them and what’s required, scholarships are an absolute asset to any student.   Questions?  Go Financial Aid has all of your scholarship and financial aid solutions, so drop us a line.

If your school does not have financial advisors, do not fret.  Financial advisors are another name, or institutional equivalent to financial consultants, who are available at your disposal to assist with financial aid troubles and questions.  In fact, hiring a consultant may well result in a more individualized approach to your college financing.  More time can be spent developing a personalized plan (since you do not share a helper with thousands of students at your school), going through options with a fine-toothed comb.

When looking for a financial advisor/consultant, experience is key.  A proven track record of at least 2 years helping students obtain financial aid legitimizes your advisor’s skills and will help your own cause.  If you run into someone wanting you to qualify for their help, walk away, as everyone can ask for such assistance without hassle.

What Your Advisor Can Do for You

• Your advisor can help you wade through the loan, grant and scholarship options.  He/she will search alongside you for aid and compare all options.

• An advisor will assist in the completion of applications such as the FAFSA and CSS Profile.  Such individuals have specialized training and knowledge of the financial aid process.  This will be a money-saver, as costly mistakes made by thousands of people every year will be avoided and possibly more aid will be obtained.

• Focus on your free aid.  When you join with your advisor to search for college aid, emphasis can be put on grants and scholarships, so as to decrease future student loan debt.

• Your advisor can assess your aid choices, letting you know if each is fair and helpful, and also aid you in deciding which financial aid awards to accept once you’ve qualified for them.

Questions for your Financial Advisor:

• Discuss scholarship options.  You may have already touched on it briefly, but ask which opportunities seem viable or about specific options.  No matter what your consultant is familiar with already, they will provide as much information and application advice as possible.

• Find out how your university choice and its corresponding tuition rates affect your financial aid award.

• Talk about the paperwork.  While everyone has to submit the FAFSA, some schools also need financial aid supplements, so find out if you are required to submit them.  You already know your advisor can help with this.

• If you’re considering it already, inquire about your eligibility to take part in a Work Study program.  Your financial need, as decided by the FAFSA, determines this, and it’s a great way to build work experience while you receive financial assistance.

Convinced yet?  It may sound too good to be true…but it’s not.  Making college a reality shouldn’t be the hard part (that’s what the actual exams are for), and this is one way to make it easier.  Let Go Financial Aid find the right solutions for you!

There are scholarships for just about everything under the sun…academic achievement, athletic prowess, membership to certain groups, etc.  Financial aid is such a complex animal, however, and it has even been set up along ethnic lines.  You may find, in your financial aid search, scholarships that require applicants to be of a specific ethnic origin.  In the pursuit of higher education, everyone looks out for each other, so various opportunities are available to different groups.  In this case, as you can plainly see by the blog’s title, we’re talking about scholarships for Hispanics.   Let’s check out some scholarships now.

• Gates Millennium Scholars.  This is a grant-funded scholarship opportunity sponsored by the Bill & Melinda Gates Foundation.  The scholarship is intended to aid outstanding minority scholars in completing Bachelor’s degrees in any discipline.  Additionally, GMS provides for Graduate-level students in such fields as mathematics, engineering and education.  Geared towards students with high levels of financial need, this program, while it awards 1000 individuals per year, requires at least a 3.3 GPA from graduating high school seniors.  Proven leadership skills are a must!

• Hacemos Scholarship Program.  Hacemos is a member organization committed to supporting its members and encouraging success in professional, personal and community-related pursuits.  The scholarships is open to Hispanic individuals and dependents of Hacemos members.  Award amounts range from $1500 to $2500 for one academic year and eligible students must have a 3.0 or higher GPA.  This scholarship is open to a wide range of students, regardless of academic major or class.  Applicants must be U.S. citizens and city/state residency restrictions apply.

• HSF/Procter & Gamble Company Scholarship.  The Hispanic Scholarship Fund, in association with Procter & Gamble, offers scholarships for outstanding Latino students.  These awards are targeted toward students in the STEM field (Science, Technology, Engineering and Mathematics), and disburses a $2500 scholarship.  Applicants must be U.S. citizens, pursuing an undergraduate degree in science, technology, engineering or mathematics and have at least a 3.0 GPA.  Pell Grant recipients are given preference for the award.

• The President Obama/STEM Teacher Scholarship Program.  This award is available to junior undergraduate students in the STEM field of study intending to pursue teaching with an award amount of $5000, split between the last two years of study ($2500 junior and senior years).  Candidates must be Hispanic, have a 3.0 GPA or higher, be a U.S. citizen and study at a 4-year California university.

As you can tell, there are a wide variety of scholarship opportunities for the Latino community, ranging from general scholarships to particular areas of study.  Indeed this just begins to scratch the surface of minority financial aid opportunities, and there’s so much more out there!  If you have any questions about these or other scholarship options, talk to Go Financial Aid today.  We’ll be sure to find the right solutions for your needs!

College is rough, and whether you’re a first year student or a veteran college-goer just looking to expand your financial aid options, you want to know what’s out there.  Totally understandable–the less you have to pay for school the better.  Let’s skim over a few of the more conventional, well-known aid forms, and then dive into a few areas that you might not have thought of.

Conventional Financial Aid

1.  Federal and private loans.  Basically federal loans are funds that a student borrows from a government agency with the promise to repay them upon completion of study.  Stafford loans, Perkins loans and Parent Plus loans fall into this category, all of which require the completion of the FAFSA in order to be eligible.  Private loans are not applied for via FAFSA and come from private organizations and even your own financial institution.  Citi Bank participates, and a list of loans they deal with can be found online.

2.  Federal grants.  In addition to a list of loans that FAFSA deals with are a handful of grants as well.  One well-known federal grant is the Pell grant, reserved for students with a reasonable amount of financial need.  Several others are available as well.

Aid to Consider

1.  Study Abroad aid.  Lots of students take advantage of the opportunity to learn in a foreign country.  An excellent idea to consider, study abroad is doubly beneficial–learning your field AND a new culture!  Quite obviously, this costs a hefty chunk of change.  You may be surprised to learn, however, that much of the aid you receive at your home college can also be provided for overseas study.  The Pell grant, SEOG grant, and federal loans often cover alternate study, so be sure to apply via FAFSA.  Additionally, special scholarships have sent many students on educational adventures. Individuals eligible for the Pell Grant are afforded the opportunity to apply for the Benjamin A. Gilman International scholarship, which is federal aid.  Providing even more motivation to perform well academically, universities and affiliated study abroad programs often have scholarship opportunities for overseas education, dependent upon GPA.

2.  Community College Aid.  Contrary to what you may think, students do not have to be enrolled in a 4-year college to receive federal aid money.  So long as enrollment status remains at half-time or more, community college students may qualify for the Perkins loan.  Additionally, $100,000 per year is allotted specifically towards community college students seeking the Stafford loan.

Financial aid types are pretty straight-forward.  However, there are so many different factors we overlook.  Hopefully you’ve gotten a better grasp on available financial aid in different circumstances.  Visit our solutions section to learn how Go Financial Aid can further help in your educational endeavors.

Loans, grants, scholarships.  The Big 3 of financial aid, and about the quickest financial aid overview possible.  Several options are available to students, but how do you pinpoint the best direction to go?  The easiest answer is to go with free money.  So that leaves us with grants and scholarships as the best financial aid.

Loans are certainly helpful as well, and are often a necessity.  But in this case, each student loan taken out accrues interest over time, and once the 6-month grace period is over after graduation, that interest keeps piling up.  Loans tend to leave the borrower with more debt than they started with because of this.

So, back to that “free money.”  Grants and scholarships are the best financial aid types because they thankfully don’t ever have to be repaid.  This is often referred to as “gift” aid.  Grants are applied for commonly through the FAFSA (Pell Grant, FSEOG Grant, etc) and are many times provided by outside organizations too (You belong to the YMCA?  American Slovak Society?  check with them…).

Consider these federal grants.

• Federal Pell Grant. There are only a couple requirements.  You must attend a participating university.  The grant is based on an individual’s financial need.  Keep up with schoolwork, though, as this grant may be revoked if their grades are subpar.  Funds are sent to either the school or directly to the student.
• Federal Supplemental Educational Opportunity Grant (FSEOG).  Similar guidelines apply to the FSEOG.  This grant is only for students with the highest financial need.  The FSEOG provides to students who have low Expected Family Contribution (EFC) levels, unable to cover college costs.

And some scholarships… Scholarship money is mostly provided by schools (ask your financial aid office about this!) and outside organizations.

• Sallie Mae Scholarships.  Winners are chosen at random, and award amounts range from the low $100s to full coverage of educational expenses.
• Corporate Scholarships.  Yes, in the current economy those with big money are in the corporate world.  So take some of it back!  Companies such as Coca-Cola, Best Buy, UPMC, Dell, Panasonic, etc all have scholarship programs for high school seniors to apply for to fund the beginning of their college education.

Scholarships are highly competitive because there are so many students vying for one (or few) scholarship check(s).  There are loads of them to be won, but must put your best foot forward when completing all application requirements so that you stand out (and in a good way).

All in all, the best financial aid is that which has no strings attached and can only help you down the road.  Gift aid is nothing but beneficial because it covers college expenses, often recognizes achievements and never has to be repaid!  Financial aid questions?  Need some clarification?  Visit our solutions page to get the answers you’re looking for today!

Loans–noun.  Money borrowed for college education expenses which will be repaid upon completion of a degree program.

Education loans come in two types:

• Federal Student Loans.  Federal loans are those that students are considered for after completing the FAFSA.  These loans are sponsored by the government and often the interest is taken care of while you’re in school.  Repayment begins 6-9 months following graduation, depending on the loan.  Commonly known government aid includes the Stafford loan, Perkins Loan and Parent PLUS Loan (taken out by the student’s family).
• Private Student Loans.  Usually students turn to this type of aid after exhausting all financial aid options (not that it isn’t a worthwhile source, mind you).  These student loans are applied for and supplied through your bank.  The reason for the “last resort” stigma is because private bank loans usually have higher interest rates attached, increasing student loan debt later.

Grants–noun.  Funding given to students with no strings attached.  Such financial aid need not be repaid after the completion of one’s education.

Again, this aid falls into various categories.  Grant money comes from all over.

• Federal Grants.  Like the loans, federal grant money is what you are considered for upon completion of the FAFSA.  The money is provided by government agencies, and it’s FREE!  Well-known federal grants include the Pell Grant (up to $5550 per year) and the FSEOG Grant (for exceptional financial need, up to $4000 per year).
• Institutional Grants.  This type of grant comes directly from the college and university a student is attending, and helps balance out attendance costs. Various academic awards recognize academic excellence in the form of institutional grant money.
• Private Grants – These grants come from the private sector.  Private and community organizations offer grant opportunities to students for a variety of reasons, including: community involvement, academic achievement, and membership to the organization.

Scholarships–noun.  Financial aid typically awarded on the basis of merit.  More free money for college.

This type of financial aid is highly competitive and is awarded through a variety of means and criteria.

• Essay Contest Scholarship.  Writing about a particular subject for an organization (global warming, pollution, economic crisis, etc etc) is a great way to earn scholarships ranging from the $100s to the low $1000s.  You may even get to have your work published in the organization’s journal!
• Academic Scholarship.  Students earning a high GPA or performing well in their major may qualify to apply for such financial aid.  To verify the validity of claims and to gain a better understanding of why a student is deserving, professor recommendation letters may be a part of the application process.

Understand that this list is not all-inclusive.  If we discussed every financial aid option, no one would ever leave the computer!  Nevertheless this should get you on the right track.  Need more guidance on financial aid?  Maybe you’re starting out smaller and want to know what’s offered for Community College Financial Aid.  Check out the other types on the Go Financial Aid website.  If you find yourself getting stuck anywhere along the way, we have the solutions to your financial aid problems!

OH MY GOSH IT IS HOT.  That really needed to be said, and hopefully you’ve either been splashing in the water or enjoying the A/C in your house this week.  Spending time in an air conditioned house is great for cooling off, but there’s only so much to do when you’re cooped up all day.  This writer solves that problem by feeding an ever-worsening internet addiction.  Chances are if you’re here, you think the same way.  So while everyone’s trying to beat the heat, it makes sense to be proactive with this free time and learn about a few things you’ve been meaning to get to–like aid for college.

“Do I have to get financial aid?”  Well of course you don’t have to, but why wouldn’t you?  Did you know that some students don’t even apply because of the lengthy application?  While it’s a no-brainer that filling out applications is less than entertaining, the FAFSA is only going to help later.  FAFSA tabulates your financial need, estimates an approximate award amount, and sends the results neatly broken down for personal review.  And just think about it: aid for college includes grants, which translates to “free money.”   Not filing means missing out on lots of funding opportunities.

Hopefully you’ve decided to pursue financial aid, so read on.  Let’s face it, college is EXPENSIVE.  But this is the education that will teach you how to make a livelihood somewhere down the road, so it is well worth it.  Everybody’s financial circumstances are different, however, so luckily this is accounted for in the financial aid process.

There will be plenty of opportunities to talk about grants another time.  For now, let’s review two basics: need-based aid and non-need based aid. 

Need-based financial aid is the money that students receive because their financial situation dictates that it would be of great help. Much of this aid comes in the form of loans, which have low interest rates because the government provides them. These loans are subsidized too, so the government bears the burden of your loan interest during school or 6 months after. 

Non-need based aid includes the loans the will help a student or family pay for education, but without regard for the overall financial situation presented (i.e. Stafford Loan).  Many individuals require aid for college, but they don’t meet the standards required for other need-based loans, having too many assets.  Higher interest rates go hand-in-hand with these loans, and the government will not cover this.  What this means to the borrower is a larger sum at the end, with all interest added to the principle amount.  A good idea, if it is feasible, is to make payments just on the interest through college (this way your debt doesn’t pile up).

Do your homework on aid for college.  Find out which loans seem like the best fit for your situation and accept the aid awards that you believe will help.  Your FAFSA will indicate eligibility, but consider accepting the most aid that you can WHILE thinking about which aid will serve you best.  There are a number of resources to consult in your quest for financial aid, and Go Financial Aid is eager to provide helpful solutions to students and families.

Hey everyone!  We’re in the heat of summer here these days, and between the cookouts and parties, parents and new freshmen looking to the future have financial aid for college on the brain.  The hard truth is that while we keep our chins up and push forward, the economy is still down.  Many families have likely wondered how in the world they would pay for school.  In fact, Pittsburgh news stations recently featured stories about children affected by their parents’ layoffs and job losses.  Struggling though they may be, many of these students have rebounded and found their way to an educational future.  But how?  By actively pursuing any and every opportunity for financial aid for college.  Let’s break down the list of what you can do to secure adequate financial aid for your college education.

• FAFSA, FAFSA, FAFSA.  Before you do anything else, get this completed.  It is the single most important document in the financial aid process.  Supplying such information as familial income and tax records helps the government in determining how much/what kind of aid you qualify for.  It can only help you to submit this–government education loans and grants play big parts in financing a college education, and your resources will drop significantly without filing it.
• Research scholarships.  What do you do well?  Do you have a certain talent such as writing or athletic abilities in a sport like soccer?  Use these to your advantage.  There are organizations which reward contest winners with scholarships in the thousands, and you can also be paid to play a team sport at the college level.
• Think about your community connections.  The old adage is, “It’s who you know.”  Maybe you volunteer for a medical organization or your parents are members of an ethnic society.  There are also opportunities for aid due to medical conditions. This writer, upon thinking about college 5 years ago, applied for a scholarship through an epilepsy organization.  Find out whatever you can from your personal connections–nonprofits and other companies offer grant money and scholarships to qualified applicants (often with some competition, of course).  The best part of grants and scholarships is that you don’t have to pay them back!
• Already chose a school?  Great.  Give the financial aid office a ring and ask about university-specific aid opportunities.  Some schools have funds set aside for outstanding freshmen.  You may even find that a generous alum had a grant or scholarship set up in their name.
• Get a J-O-B.  Certainly no one wants to think about being a full-time student and working at the same time.  That’s one busy schedule!  But consider the fact that you are giving yourself financial aid in doing this.  The more you help your own cause now, the less debt you will have to pay back in a few years.  No extra job is too small–tutoring you peers, student employment opportunities in various university offices and the campus bookstore are all great options, and any little bit helps.  Think about part time work at a restaurant or popular store as well.  Many employers will work around your academic schedule to help get your hours in.

Bottom line: Look at all of your options.  Do not leave a single stone unturned and think about who you are as a whole.  What you know how to do, who you know, and what you’re willing to do for your own finances will guide and benefit you in your search for financial aid for college.

Since state schools often receive grants for attracting in-state residents, they typically have gaps between their in-state tuition and out-of-state tuition costs. However, schools tend to have different gaps and different plans to fill these gaps with supplemental financial aid (non-loans). When deciding to go to an out-of-state school, an important consideration is how much of this gap the school will fill with financial aid that does not have to be repaid, such as grants and scholarships.