You just received your college diploma and are ready to get out
there and fully experience life. Unfortunately, with the average
college graduate leaving school with over $20,000 in student
debt, finding free money to pay for college is critical.
Earning a college degree will help you command a higher salary;
however it may take some time to benefit from the higher salary
while you're trying to pay of your student loan debt. There are
several ways you can earn a college degree while avoiding the
student debt that plagues so many graduates.
College grants offer students that qualify money for college
that does not need to be paid back. College grants are need
based money, meaning they are awarded based on financial need.
The federal government is supplies the majority of the grant
money for college students. Below is a list of college grants
that are offered based on need.
1) Pell Grant
2) Supplemental Educational Opportunity Grants (SEOG)
3) SMART Grants
4) Leveraging Educational Assistance Partnership (LEAP)
5) Academic Competitiveness Grants
In addition to federal student grants there are also a wide
variety of state grants available as well. Be sure to visit your
college's financial aid office to see what type of grant money
is available to students in your state. While you're there be
sure to meet with your financial aid counselor and fill out the
Free Application for Federal Student Aid (FAFSA).
The FAFSA application will determine if you qualify for need
based college grant money. Be sure to fill out this form
completely and note any recent change to your financial
situation. If your past doesn't reflect your current financial
situation let them know. There may be a recent change that
affects your finances like divorce, unemployment, or major
medical issues, that may make you eligible for need based grant
money.
Scholarships and grants differ in that scholarship money is
not so much need-based as it is merit-based, meaning they are
awarded based on your personal accomplishments or background.
Scholarship money is available for almost anyone that seeks
money for college. Whether you have good grades or bad, whether
you're an athlete or bookworm, president of the ethics club or
social wallflower - there are scholarships available for you. It
doesn't matter where you are in life now either. There are
scholarships available for people that are getting ready to
graduate high school, in college now, or an adult looking to go
back to school.
Merit-based scholarships are scholarships are based on your
personal qualities and achievements. Being athletic, artistic,
academic, involved with your community, or have hobbies - there
are a wide variety of scholarship money available for you.
Let's examine your scholarship potential by examining
different types of students. Of course, if you were class
president, were head cheerleader, have a 4.3 GPA, and actively
participate in non-profit organizations - there will be a lot of
scholarship money available for you. If you're a student who
scored decent on tests, have a 2.7 to 3.3 GPA, and participate
in a sport, there are going to be a fair amount of scholarship
money for you as well.
Now, if you're coming out of high school with a 2.2 GPA and
are on MySpace all day, scholarships will be harder to find, but
they're out there. You can increase the chances of getting a
scholarship by taking some simple steps before you begin the
scholarship application process. Donate your time with a
charity; get involved in extra-curricular activities and you may
get your share of free scholarship money for college.
You can earn scholarship money for a lot of reasons. There
are location specific scholarships, national scholarships and
ones that are awarded by the college that you are attending.
College specific scholarships may include academic, athletic
and/or departmental awards. There are many other organizations
that give students scholarship money for college. These include
private corporations, unions, religious organizations,
non-profits organizations, chambers of commerce and a wide
variety of other organizations.
The most financially beneficial options to receive money for
school come from college scholarships and college grants. Both
offer you ways to receive free money for school that does not
need to be paid back. However if you need additional money to
pay for school there are other options.
Student loans offer you another resource to pay for school.
There are two types of loans you may qualify for.
1) Subsidized loans. These loans provide money to students
based on need. Subsidized loans give students a break on the
interest rate and payment terms. For example, the interest may
not begin until after you graduate. If you're going to get a
loan for school, a subsidized loan is your best bet. Federal
Perkins Loans and Federal Stafford Loans are two of the
subsidized loans that may help you to finance your college
education.
2) Unsubsidized loans. If you don't have luck qualifying for
subsidized loans or not enough money to cover your financial
need, check into unsubsidized loans. With these loans you are
paying the full interest amount, typically right after you
graduate. Unsubsidized loans should be your last resort when
trying to finance your schooling.
There are also alternative programs that can help you pay for
college. Here are a few examples below.
1) Reserve Officer Training Corps (ROTC) program, in which
you are able to go to school now with the promise of serving in
the military later.
2) The Peace Corps and Americorps also allow college students
to go to school now and work for their organizations later.
3) Work-study programs offered by some colleges allow you to
work part-time to help pay for school.
4) HOPE scholarship tax credit that allows you to pay a
reduced amount of taxes.
5) Lifetime Learning tax credit gives those that pay taxes a
break.
If you feel you cannot afford college, or are already in
school and see the debt starting to pile up - winning
scholarship or grant money may help you out. You will leave
school in a better financial position, with a degree, and you
will have the world at your fingertips. You'll feel great
knowing you're free of student debt and able to do the things
you love the most.
Visit
http://www.FreeBy30.com
for your free video lessons on how to get money for
college. Vince Shorb, author of 'Graduate with Money' shows you
practical steps to avoid student debt and how to get your
finances under control.
