If you're truly needy, truly exceptional, or perhaps just truly lucky, your financial aid package may include federal and school-based grants or scholarships. Grants and scholarships are, in effect, "free money." Unlike loans, you don't have to pay them back. But what if you're still looking for money for September 2006 or even 2007?
Federal financial aid is limited, so college-bound students are wise to apply for as many forms of private funding as possible. The more outside scholarship applications you submit, the better your chances are of receiving some additional funding to help supplement your family's resources.
You're most likely to find scholarship opportunities within your community. Check with your religious organizations, volunteer groups, ethnic societies, clubs, employers, state agencies, service industries, and every philanthropic organization that comes to mind. Check out www.dollarsforscholarsne.org for over 1200 scholarship foundations that provide financial and academic support to local students. And don't forget to consider your talents--sports or music, for example--that may provide scholarship opportunities. You can also check with your department at college to see if there are any merit-based scholarships offered outside of the financial aid office. Always be on the lookout for opportunities to apply!
The Internet has become a great tool for searching for scholarships. But beware: it can also be a web of scams. Be wary of any scholarship search that charges a fee. Although a few fee-based searches may be legitimate, you should be able to find out all you need to know about student aid and scholarships for free. For example, you can research scholarships at www.CollegeAnswer.com, a free service that allows you to create your own set of parameters to narrow down your search. For more on finding free information on student aid, visit the U.S. Department of Education at
www.studentaid.ed.gov/students/publications/lsa/index.html.
Finally, it's important to track all financial aid information. Keep an ongoing file of scholarship and loan information, such as criteria, amounts, contact person(s), and deadlines for applying. In many cases, a scholarship's application deadline can be months before you need to file your
Free Application for Federal Student Aid (FAFSA). Other times, a university may automatically award a merit- or need-based scholarship through the FAFSA process.
Finding free money in the form of scholarships can be competitive and challenging. Expect an extensive research process and hours of essay writing. Make yourself a strong candidate for scholarship funds by taking a challenging course of study, keeping up your grades, and getting involved in activities that will increase your chances of being selected to receive gift aid.
Visit
Nellie Mae's loan center for more information on the financial aid process, types of financial aid, and ways to pay for college. And check out scholarship opportunities from the
Sallie Mae Fund.
