Common Types of Financial Aid

If you are planning to attend college or the parent of a child you hope will attend college, I'm sure you are concerned over how you are going to be able to afford the process. A college education in many cases is a significant investment. The good news is that there are many options for the average family when it comes to paying the high costs involved in higher education.

Types of Financial Assistance for Educational Expenses

Scholarships. You will find that scholarships come in many different shapes and sizes and have all kinds of strange requirements in order to qualify to receive them. Some are based on need while others are based on merit. You will also find that there are many community and faith based organizations that offer scholarships in addition to certain corporations that offer scholarships in a gesture of good will to employees and the children of their employees. These are an excellent source of educational funding, as they do not need to be repaid.

Federal Pell Grants. This is another financial aid source that doesn't require repayment. However, you must qualify based on need in order to receive this particular type of college assistance. You can only obtain a Pell grant if you are an undergraduate college student who has not yet earned a college degree. There is a formula that is used to determine the amount of award for which you are eligible. This depends greatly on your means as a family and how much you can realistically expect to contribute towards the cost of your education.

Loans. This should be used as a last resort when it comes to paying your college expenses, as this is money that must be repaid with interest. There are several types of loans that are available and you should consider carefully and weigh your options before taking out a loan. However, if this is the only method you have for covering the cost of your tuition it will be money well spent once you've managed to repay the debt.

1) Student loans. There are three different types of student loans: subsidized, unsubsidized, and Perkins loans. You must qualify in order to receive an unsubsidized loan, which will put off your interest accumulation until after graduation or you cease to be enrolled the minimum number of hours. You do not however, need to qualify in order to receive an unsubsidized student loan, which will begin accruing interest immediately. If you happen to be in exceptional financial need you can apply through your university for a Perkins loans. These are low interest loans that must be repaid to the university.

2) Parent Loans. These are commonly referred to as PLUS loans (parent loan for undergraduate students). These loans allow parents to borrow the money required to cover the costs of education that are not covered by other means of financial assistance. Repayment on these loans begins 60 days after the funds are transferred and can take up to 10 years.

3) Private loans. These loans are not guaranteed and are solely credit-based loans. They do not however, have the same limited scope that government loans have and in many cases can help bridge the gaps in actual educational expenses and the amount of money that you are allowed to borrow through traditional financial aid opportunities.

Before signing up for any particular sort of financial aid it is a good idea to see a financial aid counselor at the university you are planning to attend. They will have the best information about what steps you need to take in order to apply for financial aid at that specific universities and unique scholarship or grant opportunities that might be available to you through your state or the college. Higher education is a dream that is definitely worth having. Do not allow financial limitations to keep you from your goal if possible but enter into all financial arrangements with great caution and thought.

Getting your Way towards becoming a College-Bound Student Athlete

Supposedly you are a high school athlete who want to continue his sports career and has high hopes in entering the varsity when you go to college. You are confident enough that you will be able to attract the attention of college varsity coaches who might offer you some scholarship money that will help you a lot with regards to your college studies. You are aware that studying in college is expensive, and your parents may not afford it. Thus, you are using your talent as your capital in getting into any college sports scholarship program and at the same time continue your passion—being an athlete.

Thus, you need to start some research so that you will be able to arrive with a college sports scholarship program. But where will you start? Getting a college sport scholarship is probably a new thing to you, and definitely you will start from scratch, constantly wondering where to beginyour researching tasks.

How about getting the famous Peterson’s guidebook about getting a college sports scholarship? Instead of spending long hours in front of your personal computer and yet ending up with nothing, you may consider reading this guidebook and learn how to grab the best college sports scholarship that will match your college needs.

Published in August of 2004, this Peterson’s guidebook complete title is Peterson’s Sports Scholarship and College Athletic Programs, which is an “all-inclusive, college-by-college look at different college sports scholarships, intercollegiate athletic programs, and other financial information that is intended for high school athletes who want to continue playing at intercollegiate level and at the same time having the financial difficulty of getting to college”.

Sounds interesting, doesn’t it?

It scans different college sports scholarships available in the United States. The guidebook’s content reveals the detail of various athletic programs from over 1,700 two- and four-year schools, including their respective national association and conference affiliations. From this guidebook, you will also get the names and contact numbers of college team coaches, descriptions of sports facilities, and graduation rates for student-athletes. In addition, it also lists around 30 types of sports games (everything from basketball to wrestling), both for men and women as well as their cross references from other schools offering those sports. Thus, you will be able to check if your sport is among the ones that offers college sports scholarship.

Here is the summary of the contents of Peterson’s Sport Scholarship and College Athletic Programs:

• The Recruiting Process, which tackles finding your perfect fit with regards to college athletics, and other recruitment-related issues.

• Coach’s Forum, which includes views of head coaches of different sports in various colleges and universities across the United States.

• The NCAA (National Collegiate Athletic Association) Guide for College-Bound Student Athlete, which tackles the eligibility-requirements of student athlete to different college sports scholarships as well as NCAA initial-eligibility clearinghouse.

• The alphabetical listings of various college athletic programs.

• Indexes, which include geographic listings of various college athletic programs, which is also sorted according to the sport and division where it belongs.

Through the Peterson’s Sport Scholarship and College Athletic Programs Guidebook, you will be able to reach your dream of becoming a college-bound student athlete while at the same time getting your college degree. It is the best gift that you can give to yourself, so do not ever miss the opportunity to do so.

How to Apply for a Scholarship: College Freshman’s Recipe

When we speak of college scholarship application, the burden is always on the parents. Since they have the responsibility over the education of their children and they know what will be good for them, parents apply personally for the college scholarship of their children.

What if we turn the tide? From primary to secondary education, your parents accepted the responsibility. But you are old enough to take care of a simple college scholarship application. It takes some courage, self-confidence, and some excellent academic records to apply for a college scholarship. Keep in mind that is you who will utilize the financial aid that comes with the scholarship and not your parents. Thus, applying for a college scholarship is now your business, and you can do it with less supervision from your parents.

The procedure for college scholarship application is similar when you apply for college. You need to learn every scholarship opportunity available and make a list of potential prospects that you think will fit your personal needs. Once through with the list, you need to create an application letter and state your achievements (good high school scholastic records and recommendation letters from your high school director and teachers) and you are now on your way on getting into college for less, if not for free.

The above-mentioned procedure is the most common way of getting a college scholarship. However, the chances of success lies in you, and you need to exert more effort to assure yourself of a financial aid when you go to college. To increase your chances, here are some pointers that you can consider:

• You should start as early as your high school years. There are many college scholarships that open during your senior high school year. In addition, these financial aid programs are only open in a specific period of time. Once the application closes, you have to wait for another year before you can file for your application. Starting early will give you better chances of getting the best financial aid available.

• Give importance to the scholarship requirements. Keep in mind that among all available scholarships, there are only few that will fit your qualifications. Read the eligibility standards of the college scholarship that you want to apply. If you found out that the financial aid does not fit with the qualifications that you have, search for another. Do not insist yourself on scholarships where your chances of success is minute.

• Do not forget to complete the requirements asked by the college scholarship. Prepare the documents that are commonly asked by the scholarship grantee to its applicants.

• Your application letter will be your “speaking alter-ego” to the sponsor of the college scholarship you have applied for. Thus, you need to create an application letter that will convince the sponsor that you honestly need the financial aid and you deserve to get one, state honest information in your application. Never include false information especially if your purpose is just to “flatter” the sponsor with your achievements.

After you followed the aforementioned recipe, you are now ready to submit your application to the scholarship screening committee. Be prepared for other requirements (such as interviews and examinations) that will determine if you are eligible to receive a college scholarship.

Follow the aforementioned college freshman’s recipe when you apply for a college scholarship. And best of all, do not forget to pray that the sponsor would consider you eligible for the college scholarship. Good luck!