Grants, Scholarships & Work Study

When it comes to paying for higher education, you have numerous options to consider. First on your list should be to apply for grants and scholarships, which are commonly considered "free money" options. Reason being, grants and scholarships do not require repayment.

In addition, work-study programs are widely available to supplement the money required to complete your education. Most schools have a financial aid department that will walk you through the various applications and options available to you.

View our Free Guide to Grants and Scholarships.

Grants

Unlike a loan, grants do not require repayment. Grants are available from the federal government, state government, school and private organizations.

Federal Pell Grants
Federal Pell Grants are the largest source of "gift aid" awarded to undergraduate students and are based on financial need. Pell Grant amounts for the 2005-2006 award year (July 1, 2005 to June 30, 2006) will range from $400 to $4,050. How much you get depends on your Expected Family Contribution, your cost of attendance, whether you're a full-time or part-time student, and whether you attend school for a full academic year or less. You may receive only one Pell Grant in an award year, and you may not receive Pell Grant funds from more than one school at a time.

Federal Supplemental Educational Opportunity Grants (FSEOG)
FSEOG awards are given to undergraduate students demonstrating exceptional financial need. Federal Pell Grant recipients receive priority for FSEOG awards. You can receive between $100 and $4,000 a year, depending on when you apply, your financial need, the funding level of the school you are attending, and the policies of your school's financial aid office.

For more information about applying for federal grants, speak to your school's financial aid office or view the U.S. Department of Education's Financial Aid Resource Publication.

Scholarships

Scholarships, considered "free money" because they do not require repayment, are available through a variety of sources including numerous companies, organizations and clubs. Scholarships may be based on a variety of factors. Academic performance, financial need, religious affiliation, minority status, heritage, a unique set of criteria that is important to the organization providing funds or community affiliations are all examples of what may qualify you for a particular scholarship.

Additionally, each individual educational institution may offer a myriad of individual scholarships. These scholarships are school specific. You may want to inquire about these when conversing with an admissions advisor.

Numerous scholarship applications are also available online. These large databases are able to send scholarships out monthly, weekly, or even daily.

When applying for scholarships, keep the following points in mind:

1. When writing an essay, always remember who your audience is. For instance, consider who is reading your essay, and direct your verbiage to that particular organization or institution.
2. Apply for scholarships as early as possible.
3. Ensure that you are meeting all criteria the essay requires of you. Be open, honest, and be sure to follow instructions precisely.
4. When mailing in a scholarship application, be sure to send it certified and request a receipt to ensure whoever is offering the scholarship receives it.
5. Double-check your spelling and grammar

Visit FastWeb for an online database of over 10,000 scholarships.

For more scholarship information, visit the following sites:

Sallie Mae

College Scholarships

College Connection Scholarships

Work-Study Programs

The Federal Work-Study Program provides jobs for undergraduate and graduate students with financial need, allowing you to earn money to help pay education expenses. The program encourages community service work and tries to offer work related to your course of study. Each school has work-study programs specific to that particular school. Some of you may be eligible to begin upon enrollment and others of you may have to wait until you have obtained a certain amount of credits.

Working through a Federal Work-Study Program you will gain real-life experience. You can then draw upon your work experiences when seeking employment after graduation. Work-Study gives you the opportunity to show future employers that you are hardworking and can balance the demands of school and work.

For more information on specific programs offered by schools, visit the Education Resource Organizations Directory.