Tag Archives: financial aid

How to find college scholarships

Written by michael. Posted on September 16, 2010. Filed under Financial Planning. Tagged , , , , . No comments.

For more tips and advice for college, internships and much more, check out InternInc.com‘s Student Resources!

How to find scholarships for college
College is an ever-more expensive proposition these days. Paying for college can be a headache to figure out. We all hear about scholarships, but while there’s $3.4 billion available in college scholarships, there are thousands that under-applied for…meaning the competition isn’t too tough.

Part of the reason why many scholarships aren’t very competitive is that a lot of students go for the big-name scholarships for big-time money, while they neglect to take the time to apply to smaller scholarships.

Think about it, you can get five $1,000 scholarships with a little time and effort or take a stab at one big $5,000 scholarship. Everyone is looking to save time and energy, but at a time when people are debt-wary and U.S. student loan debt is soaring above $850 billion, scholarships are a long-standing way to help fund your education.

Thankfully, researching scholarships is easier today than it’s ever been before. There are a few great sites for helping you with your scholarship search. We’ll share some links for sites that can help you find scholarships below.

Before you start your scholarship search, here are a few pointers to help improve your chances of actually landing the scholarships you apply for:

  1. Apply early! Different scholarships have different deadlines, so beyond checking on individual deadlines, a general rule is to get your applications in early. For example, if you’re a high school senior, now is the time to apply for scholarship money for next fall.
  2. Broaden your search. Think scholarships are just for students with a 4.0 GPA or football prospects? Think again. There are scholarships based on merit and sports, sure, but also for extracurricular activities, community service, volunteering, special interests and even based on your planned subject of study.
  3. Search for local scholarships. From local businesses and organizations to state-funded scholarships, there’s a lot higher likelihood of landing a scholarship in your own backyard. Again, this is an instance of looking for more realistic scholarships, and local by definition is more limited than national, meaning your odds are much better.
  4. Be accurate and professional. Make sure you’re including everything the scholarship application calls for. Any errors can get your application disqualified from the start. Also, don’t be afraid to print your application on higher-grade paper. If you want to take it one step further, ship your application first class or FedEx to make an impression right off the bat.
  5. Meet with your school counselor or advisor. College students typically don’t take advantage of their career services office. Or, they didn’t until this recession hit the U.S. economy. Now students are flooding CSOs. Whether you’re in high school or college, check with a counselor or advisor to help you find scholarships. They can be an invaluable resource in letting you know which scholarships might be easier to get.

Now that you have some tips on how to have a more fruitful scholarship search and application process, here are some great sites for helping you find the right scholarship for you:

What does student loan reform mean for you?

Written by michael. Posted on September 10, 2010. Filed under Financial Planning. Tagged , , , , , , . No comments.

How does student loan reform affect you?

In the spring of 2010 when President Obama’s Administration was passing health care reform, included in the final bill were some important changes to how federal student loans are administered.

What does student loan reform mean to the average college student? Well, first and foremost it eliminated private banks from collecting government subsidies for administering federal loans to students. To put it simply, the reform cut the middleman out of the federal student loan process.

$60 billion in savings goes toward Pell grants

Obama says the student loan reforms will save $60 billion over the next decade. That money that would have gone to private banks for handling government loans, will now fund more Pell grants — welcome news to students looking to minimize their loan debt.

Read more at InternInc.com: What does student loan reform mean for you?

5 Ways to Pay for College

Written by michael. Posted on September 10, 2010. Filed under Financial Planning. Tagged , , , , , , , . No comments.

Paying for college is an increasingly expensive proposition, with tuition costs rising an average of 8% every year. College these days costs an average of about $7,000 each year for a 4-year public school and about $26,000 each year at a 4-year private school. Most students heading off to college don’t have the luxury of a college or trust fund to pay for their education. That leaves a handful of alternative methods to pay for college…

Here’s 5 ways to pay for a college education:

1. Scholarships
The first place to start is by applying for scholarships. You don’t have to be a student with a 4.0 GPA to get a scholarship. There are 1.5 million scholarships worth more than $3.4 billion, according to FinAid.org.

FastWeb.com is a great place to search for scholarships. You could qualify for any number of scholarships based on your grades, community service, ethnic background, extracurricular activities, or even what you plan to study in college.

2. Grants
Grants are different from scholarships and student loans because it’s money for your education that you don’t have to pay back. Scholarships are traditionally awarded on merit, while grants are awarded by need.

Try Students.gov or CollegeBoard to search for grants (and scholarships) you may be eligible for. CollegeBoard in particular is a good place to search as the results are based on 1,200 organizations CollegeBoard surveys to gather financial aid data.

3. FAFSA
It might seem like a no-brainer, but boatloads of students either miss the deadline for submitting their Free Application for Federal Student Aid (FAFSA), or just don’t bother.

You can submit your FAFSA here. The earlier you submit your FAFSA, the more likely you are to receive a Pell grant (which you don’t have to pay back!) or other need-based financial aid. Basically, the federal government has a set amount of aid to award, so it’s first come, first serve.

Read more at InternInc.com: 5 Ways to Pay for College