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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

College Scholarships For Every Type of Student

Free Tuition Colleges Really Exist!

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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

Your son or daughter is heading off to college in pursuit of what you hope will be a valuable degree leading to many wonderful opportunities throughout their lives. Tuition costs are high and you’re resigned to swallowing high dorm costs, knowing that the pay off will eventually come.

Some parents, however, are thinking outside of the box and instead of shelling out the big money to
cover dorm costs, are buying real estate nearby and having their adult child live there while they’re in school. In a recent Bankrate.com article titled, “Buying A Home For A College Student,” author Steve McLinden gave examples of what some families are doing to provide a very different living arrangement for their college aged offspring.

Benefits of Buying a Home for a College Student

Buying a home for your college student to use while they’re attending college can have a number of benefits including:

Avoid dorm living — Dorm life isn’t that big of a deal for some students, while terribly distracting for others. Your son or daughter may have a choice of roommate(s) or they could be stuck with someone whose idea of dorm living is to party, party, party.

Save money – Whatever money you spend on dorm costs is money that can never be recovered. At least with a home you can eventually sell the property and perhaps realize a profit. To cut costs your child could welcome one or more roommates provided that one of the isn’t the roomate from hell.

Tax savings — A tax accountant can help you with this, but you may be able to reap a tax benefit from owning another home. Property taxes are deductible as are many improvements especially when it comes time to sell the real estate.

Disadvantages of Buying a Home For Your Student

With any decision there are disadvantages, and with buying a home near campus there are some too:

Upkeep — If you buy a house, who will keep the house in order? Someone will need to cut the lawn, trim bushes, and keep the house tidy. If you child is too busy with school, will home maintenance be a distraction? If so, you’ll incur another expense by having to hire a lawn service. Maybe a condo would be the best purchase.

Inconvenient — Unless you purchase property within walking distance or on a bus or rail line, the off-campus housing may be a little too remote for your student. Convenience is an important factor as is neighborhood safety, possible resale value, etc.

Expensive — Never mind the cost of buying the property, if you have enough money to buy real estate then money isn’t an issue, right? Well, it could be — if the home can’t be sold without cutting its price will you be able to take a loss later? What if your son or daughter leaves school early? Will you be stuck with the property? Association fees, property taxes, upkeep, and related costs can add up — is it really worth it?

A Buyer’s Market

Fortunately, many homes are selling for much less today than what they sold for in 2006 just before prices began to drop. With careful shopping you could find a bargain not too far away from campus, a piece of property with low maintenance and in a safe neighborhood.

Work with a knowledgeable real estate agent and you could end up with an excellent win-win situation.

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Adv. — It isn’t too late to find financial aid for this academic year. At OffToCollege.com, we provide information on a variety of funding choices including private student loans, PLUS loans, scholarships, Federal Pell Grants, and more. Stop by today to check out our college planning tools too!

Tags: college, dorm living, real estate, university