5 Things to Know about Scholarships
Scholarship searching should be an important part of everyone’s college funding plans. Start your scholarship searching by ninth grade. This will give you time to learn how to effectively search and win scholarships! Here are the basic 5 things you should know about scholarships.
1. Scholarship deadlines are NOT just in January or June. Scholarship deadlines are sprinkled throughout the year. This means you should be searching and applying for scholarships all year long!
2. Always search for scholarships at your chosen college. Once you know where you will be attending use MeritAid.com to search for college specific scholarships.
3. When you apply for financial aid it is a gateway for state, as well as institutional aid, and scholarships! Most states use your FAFSA data to determine State aid and scholarship eligibility. Always file financial aid by your college’s priority deadline. These deadlines vary greatly form college to college.
4. Many scholarship applications do NOT require long essays or applications. Many scholarship committees use short online applications to help them determine winners more quickly.
5. Most colleges do NOT penalize students that win scholarships by lowering their financial aid. Every college will have a different policy, but most colleges are pro-scholarships.
To learn the latest scholarship searching techniques consider attending a ScholarshipEdge seminar offered by COACH2college. Learn the latest techniques on scholarship searching and organizing to win scholarships, regardless of income. Learn about Googleing for Dollars, Cyber Begging, and how to use other social media to fund your college dreams.
Paying College Tuition in 5 Easy Steps
College tuition bills are usually due during the month of August. Leaving funding decisions until the last moment is not recommended. Here are five easy steps to help you fund college tuition using the lowest cost resources first.
1. Accept ALL Grants, Awards, and Scholarships offered on the Financial Aid Award Letter. Learn more about Federal grants, awards, and scholarships at www.StudentAid.ed.gov.
2. Consider using a payment plan for some portion of the tuition. This is a great option that can turn into a habit each year and help save big on interest charges. Every college uses a payment plan company that offers a variety of 2, 3, 5 and 10 month plans.
3. Next, students should accept and apply for the Federal Stafford loan, sometimes referred to as a Direct Student Loan at www.StudentLoans.gov. Using the subsidized portion or the loan first and then the unsubsidized portion if needed. This is a low cost loan that provides many benefits and requires no credit check. Students offered a Federal Perkins Loan on their Financial Aid Award Letter should use this resource if needed also.
4. Finally, a Federal Parent PLUS Loan or a Private student Loan can cover any remaining costs. Be sure to look closely at interest rates, terms, fees, payment options, and interest rate reductions available before making a choice.
5. Prepare for next year by learning more about scholarship searching! Spend the next 12 months applying for scholarships to help lower your college tuition costs for next year.
Paying less for college means being an educated consumer and understanding all of your funding options. Smart consumers look for opportunities to maximize grants, scholarships, awards, and other free aid before reaching for loans. Being informed is a large part of paying less.
