Making college affordable is the goal of many families. Unless you are independently wealthy, most families will have to find some way to pay for tuition, housing, and all the other expenses associated with attending university. Finding free money for college is every family’s goal. Here are some tips for finding it.
The FAFSA = Let Uncle Sam Help You Find the Free Money
Every family looking for free money for college should fill out the FAFSA. The FAFSA-the Free Application for Federal Student Aid should indeed be your first step to tracking down the free money. Lower income families may qualify for a Pell Grant. A Pell Grant is money given to college students that does not have to be paid back. In recent years, the Federal government has gradually reduced the amount of Pell Grants that are made available each fiscal year, but they are still there. Who qualifies for a Pell Grant? The federal government uses a formula to determine who qualifies for a Pell Grant.
A student’s Student Aid Report will show any Pell Grant awards, and funds are usually distributed during the first week of school. If you do not qualify for a Pell Grant, you will probably be offered either an unsubsidized student loan or a subsidized student loan. While these are technically not free money sources, a subsidized student loan can be a good way to get the funding you need at a reasonable interest rate.
Riding the Full Tuition Scholarship Wave
No one ever said that finding free money for college would be easy. Indeed, finding the free money can be a full time job. Fortunately, there are many helpful guides out there that can help families track down suitable scholarships. The most highly sought after scholarships are those that will cover tuition. These are usually paid directly by the college or university. Many state schools offer full tuition scholarships to high school graduates graduating in the top percentage of their class, as well as full tuition scholarships for students transferring to a state university from a local community college. Contact prospective college and university financial aid offices for more information about their full tuition scholarships. In most cases, you will have to demonstrate satisfactory academic progress in order to retain or renew your scholarship.
A Scholarship for Everyone - Hunting Down the Free Money
If you are not able to get a full tuition scholarship, you are not alone. Fortunately, there is a world of specialty scholarships out there that offer financial assistance for prospective college students. Visit your local bookstore or library to find a compendium of scholarships. You will find that there is free money for college available not just for ‘straight A’ students, but to anyone who is willing to look for them. There are scholarships available for students from a certain background (African-American, Irish-American, etc.), who are entering a specific field of study (Journalism majors, Accountants, Artists, etc.), who have overcome adversity (students who have lived in foster care, etc.), and many more. The monetary value attached to these scholarships can vary widely, from a full tuition scholarship to textbook money.
Contests Winning Your Way to Free College Money
Along with scholarships, there are many contests open to prospective college students or students already enrolled in an accredited college that offer anywhere from a few hundred dollars in prize money to a full tuition scholarship. Take advantage of essay exams, especially those that are open only to certain students. For example, a broadcasting association may hold an essay contest for prospective broadcasting majors only. Our guide, "529 Savings Plans Exposed" offers guidance on how to win these types of contests.
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