An important, but often overlooked part of the college financial aid process are scholarships, those awards made by corporations, civic groups, churches, unions, private individuals, and foundations. Billions of dollars of scholarship money is awarded annually, monies that never have to be repaid by the student.

Sure, some restrictions are in place when applying for scholarships and the rules vary from benefactor to benefactor, but for students needing a hand in paying for their higher education, scholarships should not be overlooked.

What You Should Know About College Scholarships

Who can apply for a college scholarship? Just about anyone. Basic requirements are that you are a high school grad (or soon will be) and that you are planning to attend a school of higher learning. Some scholarships are specific to the type of schooling you will receive (e.g., engineering) while others are open to certain under served ethnic groups, high achieving students, children of union members, etc. Scholarship benefactors set their own requirements are given fairly wide latitude on whom they can help.

When should I apply for a scholarship? You can apply year ’round for some scholarships while other scholarships have an application period for when you can apply. Check with each benefactor to learn their requirements and follow those instructions carefully to avoid be disqualified.

How many scholarships can I apply for? As many as you qualify for and have time to apply to. Some awards cover full tuition, others partial, while still others offer a set amount of money — for example, $1,000 — for the student. Guidance counselors will often urge their students to apply for several scholarships to increase the odds of acceptance and the chances of receiving the maximum amount of money.

Where can I find out more information? Follow the links as shown below to find the information you need.

But I’m Already In College

Though you’re already taking classes, you can apply for scholarships now.  Some scholarships are awarded for just one academic year, meaning you’ll have to reapply or seek other funding sources to cover your tuition. Of course, the best scholarships are those which cover tuition, room and board, and your books for four years, but that leaves thousands of smaller scholarships you can still apply for.

Related Information

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Adv. — Is your family experiencing a financial shortfall this academic year? Scholarships, grants, 529 money, and part time work may not be enough. Learn about private student loans by visiting SayStudent.com, your portal for college financial assistance. We have free tools for your download and updated information about current college financing requirements.

Tags: College Financial Aid, college scholarships

With college students returning to classes in droves over the coming days, many parents are still scrambling for ways to cover the cost of higher education. A tough economy and stiffer lending requirements is putting the squeeze on some families, forcing some people to turn to high interest rate credit cards to pay for tuition.

Even the age-old fall back, home equity, has fallen on hard times as housing prices plunge and parents find that what little money is available to them won’t pay for tuition or the interest rates being charged are causing some to pause.

Worse yet, are those lenders who’ve you dealt with in the past who are no longer writing student loans or have ceased business altogether. This has been especially challenging year for families looking to renew a relationship with a lender they like only to learn that it isn’t business as usual for them.

Searching For Student Aid

Even as classes get ready to start, it might not be too late to secure funding for the 2008-2009 academic year. You’ll have to move quickly though as the number of applicants is up while the number of lenders is down — private student loan lenders are definitely being stretched. Here are some tips to help you secure financing this year:

Search Around – Our sister site, SayStudent.com, offers excellent tips and advice on how to find private student loans. Download a free copy of the free Student Loan Aid Booklet to help you get organized and track what you need.

Consider PLUS Loans — PLUS loans or Parent Loan for Undergraduate Students allow you to borrow up to the full amount of college tuition minus any financial assistance. With a fixed APR of 8.5%, this rate is much lower than a credit card and slightly below what some private student loan lenders are charging. With a PLUS loan, just remember that you are responsible to repay it, not your student.

Contact Financial Aid — Your college’s financial aid office can help you out by sharing with you a list of recommended lenders. Be careful as some schools work closely with lenders receiving contributions from them in order to be included on their list. Shop around!

Payment Plans — Some schools will allow you to make payments over the coming academic year, understanding that students might be very limited when it comes to paying for their education. Usually offered interest fee, you may have to pay an administrative fee which is typically set at $50.

It certainly is a tough year for some families, requiring parents and students to work together to find a way to pay for education. If your financial condition has worsened since your child first entered school, you could be eligible for additional relief. Contact the college’s financial aid department to find what your options are.

Tags: PLUS loans, private student loans, stafford loans, student aid, student lending