Scholarships and Grants
Scholarships and grants are the best forms of financial aid for students because neither need to be repaid. It takes time to find and apply for these types of aid, and they are not guaranteed. To make the most of this form of financial aid, you just need to know what to look for.
A scholarship is an award given to a student for the purpose of furthering their education. A scholarship can be a monetary award or an award of access to an institution. Scholarships are a vital piece of the financial aid system for three reasons:
- They provide money which does not have to be paid back
- They provide access to money which students may otherwise be ineligible for
- When used in accordance with IRS guidelines, scholarship funds are tax-free
A financial gap in education that's often overlooked is the family that isn't poor enough to qualify for federal financial aid, but isn't rich enough to pay the cost of education without assistance. Scholarships can fill this gap along with private education loans.
Grants are similar to scholarships in that they’re free money awarded to students to further their education. Grants can come from a variety of organizations including:
Learn how to use
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- The federal government (see Federal Aid Programs for a list of common federal grants)
- State and local government
- Your college or university
Finding Scholarships and Grants
The most difficult part for many students is finding scholarships and grants. A quick check of Google indicates that for the search term "scholarship", there are over 3.2 million web pages to search through. How do you find the best ones?
- Search for scholarships and grants at StudentScholarshipSearch.com. Updated regularly, this platform contains many awards and details about how to apply.
- The free Scholarship Search Secrets eBook details methods for finding and winning scholarships, and should be your go-to guide while applying.
- Always search for skills or hobbies specific to you. Base your search on your own interests and background. There are scholarships and grants for every religion, race, skill, trade, and hobby.
- Utilize your local resources such your parents, a guidance counselor or local youth center.
- The ScholarshipPoints reward program is a great resource for students to win scholarships. The program rewards visitors who participate in the site's contests. Every quarter students are awarded with free money towards their college or university.