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SCHOLARSHIPS AND FINANCIAL AID
DON'T TELL me that I CAN'T go to so and so college because it's too expensive. I've heard this excuse too many times! Cut the crying and get back to reality! YOU CAN AFFORD COLLEGE! Yeah your pockets may be empty but just imagine all the money you can gain from scholarships, financial aid, grants, work-study programs and loans!



SCHOLARSHIPS AND FINANCIAL AID

This is one word that you are going to love while on your search to find money for college! Scholarships are available through many service clubs, churches, organizations, companies, foundations, and colleges. There are so many scholarships out there.

Financial aid is awarded through the colleges that you apply to. Awards given are usually based on the difference in what a family can afford and what the college costs.
There are 2 different types of aid programs:
  • Merit-based aid programs are awarded on the basis of scholastic ability, talent, area of study, church affiliation and/or leadership potential.
  • Need-based aid programs are awarded on the basis of financial need.

To begin applying for scholarships now and get financial aid help go to Sites for more help and information to begin your scholarship search and get fiancial aid help at helpful scholarship and financial aid web sites!!!

GRANTS

Grants are awarded through the government, the state ect. Look in the table below to get an idea of what grants are and what types are available.

WORK-STUDY PROGRAMS

This is the largest source of student financial aid. Work-study programs generally provide employment opportunities for students to earn money for educational expenses.

LOANS

Loans are offered through colleges, banks, governement, state ect. Loans help to bridge the gap when scholarships, grants, work and family resources are insufficient to cover the total cost! These have to be repaid. Be careful on how much money you or your family borrows. Only borrow what you or your family can repay, or you will end up in educational debt, which is very common. Some people are 45 yrs. old and still owe money to their former college!

DIFFERENT TYPES OF GRANTS, LOANS, AND SCHOLARSHIPS

AID PROGRAM DESCRIPTION ANNUAL AMOUNT REPAYMENT
Federal Supplemental Eduacational Opportunity Grant (FSEOG) A monetary gift awarded to undergraduate students. Eligibility based on financial need, priority give to applicants qualifying for Federal Pell Grants. Between $100-$4,000. none
Federal Pell Grant A monetary gift to qualified undergraduate students. Eligibility based on financial need. Up to $3,300. none
Federal Work-Study (FWS) Allows students to work part-time to earn money for college expenses. The school cordinates the job. Eligibility based on financial need. Earnings are at least minimum wage but may be more. none
Federal Perkins Loan 5% fixed interest loan with the college serving as the lender. Eligibility based on financial need. Up to $4,000 anually for undergraduates, $6,000 for graduate or profession study. Repayment may run up to 10 years. Repayment Begins 9 months after the student graduates.
Federal Stafford Loan (subsidized & unsubsidized) Annually adjusted variable interest rate with 8.25% maximum. Eligibility is based on financial need for the subsidized loan, but not on the unsubsidized loan. Full-time dependent undergraduates:$2,625 1st yr., $3,500 2nd year, and up to $5,500
Independent: $4,000-$5,000
Graduate:$8,500-$10,000
May run up to 10 years. Begins 6 months after graduation.
Federal PLUS Loan (parent loan for undergraduate students) Annually adjusted rate with 9% maximum, based on need. May borrow up to the cost of college minus extimated financial assistance. Repayment begins 60 days after loan is fully disbursed.
Insurance Policies Often allows the holder to borrow against the cash value of a life insurance policy. varies vaires
Home Equity Loans Allows home owners to borrow funds against the appraised value of their home minus the amount owed on the first mortgage. varies varies
Private Scholarships and Grants from corporations, civic groups, organizations, parent's workplace, and religious or secular organizations. varies varies



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