Scholarships For College And School Grants | Money For Students | Student Financial Aid

Parents, your child is well on his way to graduating high school and has all the ambition in the world to pursue a college education. You are proud of him for his accomplishments and his drive, but you are worried that college may not be a feasible reality – you are stressed about money.

Stress and heartache over college funding is nothing new. It is probably safe to say that most families do not have enough put away to fund their children’s college education. Nowadays, economic crisis has made this task increasingly difficult, compounding the problem. Fortunately, there are a few savvy things you can do to help fatten up your child’s college fund.

Your child may first consider attending a state college over an elite private school. Many of these schools offer tuition discounts, a relief to your wallet not available at Ivy League colleges. Your child might even attend a community college for his first two years before transferring to a four-year college. This option alone can save thousands of dollars.

Diligently troll the internet for scholarships. These are available in every imaginable size, shape, and form. From your child’s artistic or athletic abilities to his ethnic heritage and gender, there are likely dozens of scholarships that your child qualifies to receive. The task is in finding them and making sure your child fills out and submits them before the deadlines. Scholarships are free money that will help tremendously.

Apply for as many grants as possible as well. Grants are like scholarships in that they do not need to be repaid. Again, free money. Special grants are available to ethnic minorities, women, low-income students, and those pursuing an area of study much in demand. You can find out all about state-based grants at CollegeScholarships.org. You may consider looking into the Academic Competitiveness Grant, which awards up to $1,300 to high school students who have completed a rigorous high school program, and the National Science and Mathematics Access to Retain Talent Grant, which gives up to $4,000 to undergrads in specified fields of study.

You should not resort to loans unless it is your last option. When you do, be sure that you take out subsidized loans. The interest on subsidized loans is paid for by the federal government until a predetermined grace period has expired. You can get additional information from the U.S. Department of Education’s Federal Student Aid Information Center at studentaid.ed.gov.

In addition to loans, grants, and scholarships, Federal Work-Study (FWS) is one effective way to make money to pay for college tuition. This program is federally funded and allows students to earn money to pay for their studies by working a part-time on-campus job. The federal government provides part of the payment, while the employer pays the remaining balance. This system enables students to pay for college while at the same time providing necessary services for the college community.

Both undergraduate and graduate students may qualify for Federal Work-Study based on a variety of factors, mainly your level of financial need. Although approximately 3,400 institutions across the United States participate in the Federal Work-Study program, you may want to check to ensure that your school is one of them. In order to determine your eligibility for FWS, you must apply for it while filling out the Free Application for Federal Student Aid (FAFSA). When you reach the part in the application that inquires whether you are interested in student employment, clearly mark “yes.” The financial aid award letter you will soon receive will list your FWS award. Keep in mind that this is a projected estimate of how much you are eligible to earn and put towards tuition – not a dollar amount that has already been applied to your bill.

If you missed this opportunity and have already submitted your FAFSA, visit your school’s Financial Aid Office. Counselors can meet with you to determine your eligibility and help you make use of the FWS system.

Federal Work-Study jobs are usually on-campus and benefit your school by contributing to its various departments. These include but are not limited to the cafeteria, library, IT department, and administrative offices. Oftentimes the program will encourage you to obtain a job related to your chosen major.

Off-campus FWS jobs may be available as well. These are usually done for private non-profit organizations or for public agencies. Often these off-campus jobs will pay more than on-campus ones to cover driving expenses. You can obtain a list of FWS jobs from your Financial Aid Office.

The hours you will work cannot exceed those listed in your financial aid award letter. A considerable benefit of FWS is that work hours are flexible and determined by your class schedule. Employers will consider both of these factors when developing your work schedule. This system allows you to keep your studies the main priority.