The Ultimate Guide to College Funding

The first thing that you need to know about funding your college education is that there are three basic types of financial aid. They are scholarships, grants, and loans. Now, I am going to give you the basics about each kind of financial aid.

Scholarships: Money you receive for school that you don't have to pay back later.

Scholarships can be from private sources, public sources, your college/university, or other places altogether. The most important thing to remember is that scholarships are the optimum way to fund your college education because you do not incur debt.

Grants: money for your education that you usually don't have to pay back.

Grants often have many requirements that must be met, and are usually for high-need/low-income individuals. You usually do not have to re-pay grant money. However, if you have a grant and then fail to continue meeting grant requirements it is possible that you would have to pay back the money that you have received through the grant. Grants are also concerned an optimal way to fund your college education.

Loans: Money you given to you that you must re-pay with interest

When it comes to educational loans there are four main types of loans: Parent Plus, Subsidized, Unsubsidized, and Private Loans. We will talk more about these types of loans later.

Most individuals are not able to fund their college education for a singular source. Instead, they form their own personal mix of scholarships, grants, and loans to fund their college experience.

I know that by now you are either ready to dig in and get to work on finding scholarships (and lots of them!) or you are sick and tired of all the applications and seemingly no results. Well...

STOP...take a minute to breathe while I lay down some foundation information.

Before you go forward in your scholarship search, let me give you some advice. These are some common things that you are going to need when looking for scholarships:

#1 Find out your GPA (almost all scholarships will ask)
#2 Take the ACT or SAT if you haven't already done so
#3 Sit down and brainstorm a list of all the things you are involved in or things that are special/unique about you.

Now we can move on...

Tips
1. Keep a list of all the scholarships you apply for.
Things that you will need to include in your list: name of scholarship, mailing and/or web address, scholarship deadline, date you applied, and response you received if any. This is important for two reasons. First, you can keep yourself from wasting your time by double or applying for scholarships, and secondly you can check back to see who did win the scholarship and why.

2. Use your guidance office.
The guidance counselors office is an excellent place to start looking for financial aid. Many counseling departments compile file cabinets of scholarship information and applications. It's all there for you if you will just ask! And your counselor might know a unique scholarship that is a perfect fit just for you.

3. Register with scholarship search engines.
Don't worry we're going to cover this.

4. Keep a copy of all essays that you write for your scholarship applications.
If you keep a copy of your essays, you will be able to improve and tweak them as you apply for more scholarships. You might even be able to re-use a few of them. However, I do suggest that you make sure to tailor your essay specifically to the scholarship you are applying for. Don't make it generic--it just won't work for you.

5. Keep your eyes and ears open.
You never know when you are going to here about scholarship opportunities, and many of the community scholarships that are available aren't going to be found on scholarship search engines. The best way that you can find them is by asking people and listening to word of mouth.

When you are looking for funding at your school, just remember...virtually EVERY college and university has some kind of scholarship program. Next, we will talk about the different kinds of scholarships to look for at your college or university.


Academic Scholarships
Academic scholarships are pretty self-explanatory. They are going to be based on your grades and test scores. Some of them will be awarded automatically when you choose to attend that school, but others are competitive. Academic scholarships will be more competitive based if the school is small and doesn't have a lot of money to award or if the school doesn't give much financial aid because they would rather have students from wealthier families.
**Ask the Financial Aid office at your prospective school to find out more about Academic Scholarships.**


Involvement/Activities
This is scholarship money awarded for participation in certain areas. Some of the areas that may award participation scholarships are SIFE, musical ensembles (vocal or instrumental), School Publications, theatre, or "fill in the blank." Involvement scholarships vary from school to school, and can involve almost anything. Your best bet to find out what kind of involvement scholarships are available is to ask someone who is already involved in the groups that you are interested in joining.


Athletic Scholarships
For many schools, this is where the true money lies. Unfortunately it can also be harder to get because you have to have promising talent in the sport of your choice, and you have to be seen by the right people to get offered the money. If you are an athlete who wants to compete on the college level, check out The Total Student Athlete.

Transfer Scholarships
This is scholarship money reserved for individuals who have previously completed some college course credit at another school and have decided to switch to a new school. The school you are now enrolling in may offer you a transfer scholarship. HOWEVER, transfer scholarships are almost always based on your grades at your previous school so don't flunk-out and then think that some other school is going to be stupid enough to give you money just for switching schools.

Private Scholarships
These scholarships are awarded through the school, but come from private sources--often alumni. Sometimes these scholarships are only awarded to returning students because the alum giving the scholarship only wants to give it to students who show that they are really committed to an education at their Alma Mater. Private scholarships will have varying requirements as they are given by numerous different private individuals. ** Ask your financial aid office for more information **

Some schools also have programs such as A+. Don't forget to check with your specific state to see what funding is available. In Missouri, you will want to find out more about the Bright Flight Scholarship.

FYI: College financial aid offices will be interested in helping you even before you graduate from high school because they want you to come to their school and invest your money in the education that they are offering to you.

You would be surprised by the interesting variety of scholarships that are out their. This is why knowing what makes you special is important! Below, I will highlight a few of the unusual scholarships I have found and hopefully that will get your creative juices flowing and help you find special scholarships that seem to be made just for you!

The Scholarship for Left-Handed Students
The only scholarship for left-handed students is the Frederick and Mary F. Beckley Scholarship of up to $1,000. This scholarship is awarded to left-handed students who will be attending Juniata College. This scholarship is only available to students who are enrolled at Juniata College. For more information, write to Office of Student Financial Planning, Juniata College, 1700 Moore Street, Huntington, PA 16652.


The Candy Scholarship
The American Association of Candy Technologists (AACT) sponsors an annual $5,000 scholarship for college freshmen, sophomores and juniors (for use in the next academic year) who have demonstrated an interest in confectionary technology. Candidates should be attending an accredited, four-year college or university in North America, be majoring in food science, chemical science, biological science or related area, and have a GPA of 3.0 on a 4.0 scale. The deadline is March 31.

Find Out More.

Little People of America Scholarship
The Little People of America (LPA) association offers the LPA Scholarship for members of its organization. LPA is a nonprofit organization that provides information and support to people of short stature and their families. Membership is offered to people who are 4'10" or less in height. The deadline for the LPA Scholarship is April 1.

LPA was founded by Billy Barty, the 3'9" actor who starred in Rumplestiltskin and Willow. The Billy Barty Foundation also sponsors a scholarship for college students who have a medical form of dwarfism.


Duck Calling Scholarship
The Chick and Sophie Major Memorial Duck Calling Contest awards a $1,500 scholarship to the winner. The first runner-up receives a $500 scholarship, the second runner-up receives a $300 scholarship and the third runner-up receives a $200 scholarship. The contest is open to any high school senior in the United States who can call ducks. Contestants have 90 seconds to use four calls (hail, feed, comeback and mating).

Find Out More.

Scholarships for First Generation College Students
There are several different scholarships for students who will be the first in their family to ever attend college. To find out about some of these scholarship programs visit College Scholarships.org

Native American Scholarships
Click Here to Find Out More

FYI: To find out about more unusual scholarships check out the list at FinAid

Don't forget that when you join any branch of the United States Armed Forces, you are making a life changing commitment. Yes, there are ways that they will help you to fund your college education, but don't enlist lightly. You will have to change the way you live and you will be committed to military service for a specific amount of time. That means if we go to war or you are called to serve your country in Iraq then your college education will have to take a back seat while you follow your orders. Make sure that is the kind of choice you are willing to make.

**A big thanks to all the men and women who daily serve and protect their country**

Army
When you join the army their are four big ways that they are going to help you pay for your college education. They are: the Montgomery GI Bill (MGIB) & Army College Fund (ACF), The Army Reserve offers a selected Reserve Montgomery GI Bill up to $11,412, Reserve Officers' Training Corps (ROTC) Scholarship, and the college loan repayment program.

Click Here to find out more information.



Navy
"The Navy places a lot of value on education. We want Sailors and Officers who can both learn and teach - our demanding missions and high-tech work environment demand it. The Navy insists that all recruits have at least a high school diploma or equivalent and all Officers earn a college degree. The Navy encourages all Sailors to pursue their education. To help you, the Navy offers money for college, ways to pay off student loans, and even offers college courses on ships and bases." --The Navy Recruiting Website

Click here, to see how the Navy can help you fund your college education.

Marines

As a Marine, up to 100 percent of your education expenses may be paid by the federal government through programs like Tuition Assistance, the Montgomery GI Bill and the Marine Corps College Fund while you are still in the service.

Select Marines may earn a degree through the College Degree Program, which has both a four- and two-year option. Both options cover the cost of tuition, fees, textbooks and uniforms at certain selected colleges and universities.

Citizens with higher education are not only stronger candidates in the workplace, they also help strengthen our nation's communities and economy.

During Service
As a Marine, up to 100 percent of your education expenses may be paid by the federal government through programs like Tuition Assistance, the Montgomery GI Bill and the Marine Corps College Fund.

Select Marines may earn a degree through the College Degree Program, which has both a four- and two-year option. Both options cover the cost of tuition, fees, textbooks and uniforms at certain selected colleges and universities.

In addition, Marine Corps Officers have the opportunity to earn Master's Degrees and law degrees under the Advanced Degree Program, Special Education Program and Funded Law Program, all of which are partially funded by the Marine Corps. For more information about advanced degrees for officers, go to Marine Officer.com.

For more information about education with the Marines, click here.



Air Force

The Air Force offers two main ways to pay for your college education. You can go through the Air Force ROTC program or you can go to Community College of the Air Force.

Air Force ROTC
The Air Force ROTC program is available at nearly 1000 colleges and universities across the country and offers scholarships to high school and college students with outstanding academic and leadership qualities.

Air Force ROTC offers one- to four-year scholarships on a competitive basis to both high school and college students. Scholarship recipients will receive partial or full tuition, as well as a nontaxable monthly stipend. Many colleges also offer an additional subsidy for tuition, fees and books to ROTC cadets.

Through the ROTC experience, you'll be able to complete your bachelor's degree and receive outstanding leadership training that will prepare you to succeed in the 21st century.

To find out more, visit the ROTC Website.

Community College of the Air Force
America's Largest Community College
Once you Cross Into The Blue, you're automatically enrolled in the Community College of the Air Force (CCAF). It's not only America's largest community college, it's the only degree-granting institution in the world dedicated entirely to Air Force personnel. CCAF is also a unique combination of on-duty and voluntary off-duty courses with classes and times that are flexible to meet your needs.

You'll work toward your Associate in Applied Science in one of five career areas - aircraft and missile maintenance, electronics and telecommunications, allied health, logistics and resources, or public and support services. While you're earning your degree, you'll also be getting invaluable experience to help your career take off.

National Guard
The National Guard has a new program in place called College First. Basically they promise that you will receive two full years of college education before you have to worry about being deployed.

More Information about College First...
College First is an Army National Guard enlistment option that pays for you to go to college and guarantees you no deployment during your first two years, provided you meet all relevant criteria.

College First benefits:

* Two years of no federal deployment following completion of Initial Active Duty Training (IADT)
* An enlistment bonus of up to $20,000
* 100% Tuition Assistance
* The Montgomery G.I. Bill-Selected Reserve (MGIB-SR) - $309 per month for books and supplies
* The MGIB-SR Kicker - additional $350 per month for those enlisting in a critical MOS and assigned to a qualified unit

Are you eligible? You must meet the following criteria:

* You have no military experience
* You're a high school graduate or graduating senior
* You score 50 or higher on the Armed Services Vocational Aptitude Battery (ASVAB)
* You agree to complete advanced individual training (AIT) immediately following basic combat training
* You're accepted by a U.S. Department of Education-accredited college or university within 90 days of completing AIT
* You remain a full-time student in good standing for the duration of this two-year period
* You meet all other National Guard enlistment requirements

If you need additional information, contact your local recruiter.

Now that you are interested in college and you are looking for scholarships, you have probably started to hear a lot of talk about the FAFSA.

So what is it? The FAFSA is the Federal Application For Student Aide, and it is required by most schools.

What does it do? The FAFSA is the form that the federal governement uses to gather information about you, your parents, and the schools you are thinking about attending. Then it takes that information and plugs it into a formula that determines your EFC (Estimated Family Contribution). In other words, this is the amount of money that the Federal government has determined that your family should be able to contribute toward your college education for the current school year. **FYI: You will have to fill out the FAFSA every year. **

The report you will receive from the government is called your SAR (Student Aid Report) it will contain information about your EFC. It will also be sent to all the schools that you listed on your FAFSA application. It is important that you put as many of the schools that you are interested in attending on your FAFSA as possible. Anytime you update or correct your FAFSA you will receive a new SAR.

What You need to Fill It Out
~Copy of your parents income taxes for the previous year
~Copy of your government pin and your parents government pin for electronic signing
Click Here to Apply for your Government Pin
~Your Social Security Number
~Either internet access or a black pen and a paper copy of the FAFSA & a calculator.

When do I fill out the FAFSA?
You need to fill out the FAFSA as close to January 1st as you can. The sooner that you get your form in the more aid there will be available. You can submit it up to several months later but then you take the risk that all the aid will be gone. Also check with your school to see what their deadline for filling out the FAFSA is. Make sure that you have it all filled out and submitted by the deadline.

How do I fill out the FAFSA
There are two ways that you can fill out the FAFSA, you can either fill out a hard copy and mail it to the given address or you can go to the FAFSA website and fill it out online. I suggest filling it out online if at all possible because you will never have to worry about losing your application (it is saved in the FAFSA website) and you will get your response much faster.

More information to come...

Check out the Offical FAFSA Website.

First, let me talk to you about loans in general and then we will hit the highlights of the specific kinds of loans available to you as a student.

A loan is money that you will have to repay with interest. It is not free. There is a limit on the amount of money that you can borrow. Beware: Don't get into student loan trouble because even declaring bankruptcy doesn't always get you out of your student loans. They are easy to get but hard to get rid of.



Now let's talk about the different types of loans available.

Subsidized Loans
These are government loans made through recognized government lending organizations. There are many different organizations available which will lend students Subsidized loans if the government says that they qualify for them. You are not required to pay interest on your Subsidized loans while you are still in school, but these loans are based on financial need and are not available to everyone. Subsidized loans have a lending cap on the amount of money that you are able to borrow each semester. If your need surpasses that lending cap you will probably qualify for an unsubsidized loan as well (for more information see below).

Loan repayment for subsidized loans begins 6 months after full-time enrollment ends.

Unsubsidized Loans
Unsubsidized Loans, or Unsub for short, are also government loans given through approved government lenders. Qualifying for an unsub loan is also based on financial need. It is important that you are aware that you WILL be required to pay the accruing interest on your unsub loans while you are still in school. This loan has a lending cap as well but it is higher than that of the subsidized loan.

Loan repayment for unsub loans begins 6 months after full-time enrollment ends.

Perkins Loans
"The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education. Students can receive Perkins loans at any one of approximately 1,800 participating postsecondary institutions. Institutional financial aid administrators at participating institutions have substantial flexibility in determining the amount of Perkins loans to award to students who are enrolled or accepted for enrollment. Borrowers who undertake certain public, military, or teaching service employment are eligible to have all or part of their loans canceled. In general, schools are reimbursed for 100 percent of the principal amount of the loan canceled, and the reimbursement must be reinvested in the school's revolving loan fund. These institutional reimbursements for loan cancellations are an entitlement." quoted from the Federal Perkins Loan Program

Parent Plus Loan
"Federal Parent PLUS Loans enable parents with good credit histories to borrow money with which to pay the education expenses of their children. Each child must be a dependent undergraduate student enrolled at least half time in an approved college or university.
* The primary benefit of the PLUS Loans is that parents can borrow federally guaranteed low interest loans to help pay for their child's education.
* A Federal PLUS Loan allows parents to borrow the total cost of undergraduate education including tuition, room and board, supplies, lab expenses, travel less any other aid." quoted from Federal Parent Plus Loans

Private Bank Loans
This is probably the most variable type of student aid. The variation in these loans is caused by the different lending requirements of the institution issuing the loan. These loans may or may not be publicized. They may or may not require a co-signer. They will have lending limits that are predetermined by the bank. They will have varying interest rates. In other words, do your research before you jump into a private bank loan. You want to make sure that you are getting the best deal, and are making an agreement that you can live with for YEARS to come.

Loan Forgiveness & Repayment Programs
There are several different loan forgiveness and repayment programs available, but not many people know about them. I will take this opportunity to highlight a few different programs and hopefully give you ideas of where to look for other such programs.

Americorps
Depending on the program you choose to participate in the benefits from Americorp will be different. I encourage you to read more about it on their website and to contact your local recruiter.

Peace Corps
Only Volunteers with Perkins loans are eligible for a partial cancellation benefit. Fifteen percent of your Perkins loans can be canceled upon the completion of each 365 days of service during your first two years of service, and 20 percent can be cancelled upon completion of each of the third and fourth years. Therefore, four full years of service would equal a 70 percent cancellation of your existing loan.

For information visit the Peace Corps Website.

Teaching in Low-income Areas
Public Service in high need areas