College scholarships and grants: Few facts that you should know | Get Financial Freedom Tips | Transform Your Financial Future


Sunday, April 14, 2013

College scholarships and grants: Few facts that you should know

Higher education always comes with a higher price tag. Unless you can afford to pay that price, you can bid a good bye to your dream of higher education. Though the option of student loan is always available, it will always remain a burden on you and can make your financial life go haywire! In such a situation, the scholarships and grants offered by various organizations and institutions are a great way to manage higher studies and take care of your personal finance

Few facts that you need to know about scholarship and grants: 

Grants and scholarships – Types: Most of the scholarships and grants given by various institutions and organizations are divided into few types: 

College scholarships and grants: Few facts that you should know

  • Need based: These scholarships and grants are available to students who don’t have necessary finances to support their education. 
  • Merit based: Students who are exceptionally meritorious in their chosen field can qualify for such scholarships. 
  • Ethnically based: Such scholarships mainly support and financially assist students of Asian American, Latin American, African American, American Indian origin who are facing social hardships while studying. 
  • Athletic Scholarships: These scholarships mainly fund the education of students who are good athletes. 
  • Research grants: Such grants are available to researchers who are working on a specific academic field. 
  • High need professional scholarships: These grants and scholarship fund the education of students in special fields like engineering, nursing, etc. 
Scholarships and grants – How to apply: The students who want to take help of scholarships and grants can directly contact the awarding agencies for the same. However, in case of certain grants like Pell Grant, the students need to apply for it through the school they are attending or they want to attend. There are various criteria that the students need to fulfill in order to qualify for those grants and scholarships.  

Grant and Scholarship amount: Well, students should clearly note that the grants and scholarship amounts will vary from one student to another depending upon various factors. The UNCF scholarships offer $1,000 to $10,000 as of 2011 to the students. You will be surprised to note that there are some scholarships which offer $150 or $250 annually. On the other hand, some scholarships and grants cover total education costs.

Various sources of the grants and scholarships: There are various institutions and organizations which are common sources of grants and scholarship. Various colleges, universities, state as well as federal agencies offer grants and scholarships. Freeman Foundation, United Negro College Fund, Ohio Nurses Foundation, American Indian College Fund, etc. are some of the sources of grants and scholarships. It should also be noted here that the National Collegiate Athletic Association (NCAA) is the governing body for all kinds of athletics scholarships.

These scholarships and grants help students to avoid student loans and reduce their debt burden. As it is well-known, that students don’t need to repay these scholarships and grants, it becomes easier for them to take care of their personal finance in a better way. As they don’t need to pay off anything once they get a job, they can save the money and invest it in a better purpose. 

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