Free College Money

Free College Money from Scholarships

A scholarship is an award of money, usually in the form of a bond or direct payment to the school on behalf of the student. Scholarships are given to students who meet the requirements of the scholarship. Common scholarships include:

• Awards for GPA or grade level achievements
• Sports scholarships for sports performance
• Club or organization awards to student members
• Location scholarships given to those living in specific areas
• Religious scholarships for students active in their religious community
• Specific course of study scholarships
• Financial need plus other qualifications
• Awards for winning contests of any type

Of all college funds, only 2% actually comes from scholarships. Every student should work with his or her school guidance counselor and through online scholarships search websites to find opportunities for this free money for college.

State and Federal Grants

The largest source of free money for school comes from [[College Grant|state and federal grants]. Approximately 40% of all money available for college education comes from grants of one type or another. Like scholarships, this is free money, not needed to be repaid.

There are several many types of grants to look for:

• State Grants: Given by most states, on a need basis, grants usually are available for study in specific areas, such as education or nursing. Find the available sources of grants on your state's website. Income restrictions are usually in place. An example is California's teacher grants which allow for low income students to gain up to $19,000 in payment towards their education.
• Federal Supplemental Education Opportunity Grants: A $100 to $4,000 grant given to students coming from the neediest families. To find out if you qualify, talk to your college's financial aid office where applications are available.
• Federal Pell Grants: The most common grant is the Pell Grant. Federally approved guidelines are in place and these grants go to students in need, based on the college of their choice. Each eligible school gets a set amount of Pell grant funds, which is given to students as they apply. They have only a fixed amount, so funds can run out quickly. Talk to your financial aid office as soon as possible for more information.
• Institutional Grants: These are grants coming from the college, given when federal and state aid fails to meet a needy student's needs. These grants are often given to students who the school wants to enroll. These grants are applied for, but given from the school to those students they wish to encourage to enroll.

How You Can Improve Your Chances

Grants and scholarships numbers are limited, in all forms. You can improve your chances of getting them, however. Here's what to do.

• Choose a school as early as possible.
• Know the school's deadline for financial aid and when you can first start to apply for it.
• Fill out the Free Application for Federal Student Aid as soon as possible. FAFSA applications can be done online for the fastest results, or at your financial aid office at the college you plan to attend. You can also get a copy of the form mailed to you by calling the US Department of Education at (800) 433-3243 and requesting it. January 1st of each year is the soonest you can send in your application for the following school year. Deadlines are usually around the middle of February. Grant funds usually are complete by the time the organization stops taking applications for them; being late will cost you this free money.