College can be expensive, but with the right financial aid, you can make your education more affordable. Here’s a breakdown of the different types of aid available and a timeline to help you maximize your financial assistance.
Types of Financial Aid
Grants:
Grants and scholarships are essentially free money for your education. Unlike loans, they don’t need to be paid back. When you apply for the Free Application for Federal Student Aid (FAFSA), you’ll automatically be considered for federal grants like the Federal Pell Grant, which is based on financial need. It’s crucial to apply for as many grants as possible to reduce the cost of your education.
Work-Study:
The FAFSA also connects you to potential work-study opportunities. This program provides part-time jobs to help pay for college. However, your earnings can’t exceed your total Federal Work-Study award, so hours are often limited. These jobs typically pay at least the federal minimum wage.
Loans:
While the FAFSA also offers loans, it’s important to approach them with caution. Loans must be repaid with interest, and over time, the interest can significantly increase the total amount you owe. Always strive to pay more than the minimum monthly payment to reduce the loan’s duration and overall cost. Remember, loans are not free money, so borrow only what you absolutely need.
Scholarships:
Unlike FAFSA, which is part of the federal government, scholarships can come from various sources, including private businesses and organizations. Finding scholarships often requires more effort, but it’s worth it. Start by reflecting on your background and interests, then search for scholarships that align with them. The more specific the scholarship, the fewer applicants you’ll compete against, increasing your chances of winning.
Senior Year - Financial Aid Timeline
Paying for college can be overwhelming, but a clear timeline can ease the stress. Here’s a senior year timeline to help you secure the most financial aid:
Fall
Consider Skipping Early Decision:
Early decision applications can increase your chances of acceptance but limit your ability to negotiate for more financial aid. Unless you’re sure you can afford your dream school, it’s better to stick with regular decision applications.
Take the SAT/ACT:
Even at test-optional schools, higher test scores can lead to more scholarship opportunities. It’s in your best interest to take these tests, even if you don’t end up submitting the scores. Check out our Free Resources for over 200 SAT/ACT merit scholarships.
Find a Financial “Safety School”:
Look for two public colleges with low, in-state tuition as financial safety nets. Attending a community college for the first two years and then transferring to your dream school can save you thousands of dollars and help boost your GPA.
Set Up a Bidding War:
Apply to at least one college that competes directly with your dream school. If accepted to both, you can use one school’s financial aid offer to negotiate a better package from the other.
Winter
Spring
Summer after Graduation
Finding Scholarships
Finding scholarships is all about specificity. The more specific your criteria, the better your chances of securing financial aid.
Student-Specific: Consider your personal background, heritage, and identity markers.
Academic-Specific: Identify subjects where you excel.
Extracurricular-Specific: Highlight your participation in sports, clubs, or volunteer work.
Degree-Specific: Focus on scholarships related to your degree level and major.
Matching Sites
Create a profile on sites like FastWeb and Going Merry, which match you with scholarships based on your characteristics. Remember, you should never pay to apply for scholarships or to join matching sites. Beware of scams!
Searching Sites
Some sites provide scholarship lists that require manual searching and applying. Rise First, for example, is a site for first-generation and low-income students, offering scholarships and mentorship opportunities.
Big Future, a part of The College Board, has a list with over 20,000 scholarships. You will need to learn how to filter your search results to find a good match, which takes effort, but there are many opportunities.
Scholarship America partners with a number of businesses like Subway, Burger King, and Chick-Fil-A to host their scholarship applications.
Scholarship Funds
Look for organizations that fundraise specifically for underrepresented students, such as the United Negro College Fund or the Hispanic Scholarship Fund. If none match your background, search online for scholarships related to your heritage.
For example:
Service Organization Scholarships
There are many service organizations that offer scholarships for high school students. The best part is - some of these national organizations that offer national scholarships have local clubs that also offer additional scholarships.
For example, the Elks National Foundation offers 500 scholarships nationally. These “Most Valuable Student” scholarships range from $1,000 per year to $7,500 per year. Male and female students compete separately. This means you could earn $4,000 to up to $30,000 over the course of 4 years. However, that is not the only scholarship they offer. Local Elks clubs normally offer their own $1,000 scholarship. So, even if you apply and do not get the national scholarship, you might still get $1,000 for the local club.
SERTOMA stands for Service to Mankind. This is another service organization that offers scholarships. SERTOMA offers specific scholarships for students who are hard of hearing or deaf. If you or your student has a specific disability, make sure to do an internet search looking up the disability and scholarships. There may be something specific for you.
Rotary International is big. There are over 46,000 Rotary service clubs. That is great news for you! Many of these clubs offer scholarships to local students. Rotary clubs award scholarships each year to students who excel in academics, community service, and leadership, and who are in financial need. In order to find a scholarship, you will first need to find a local club and reach out to them. Make sure to look at a few different local Rotary clubs and see what scholarships
These organizations (Elks, SERTOMA, Rotary) offer national and local scholarships. Here are a few more organizations that offer scholarships.
The American Legion offers a number of scholarships. For example, they have a speaking contest, and they even have scholarships for baseball players.
For the Lions Club, you will need to do an internet search to find your local club. On the local club website, you will see the scholarships they have available. Many Lion Clubs offer a $1,000 per year scholarship for local students: $4,000 total.
Optimist International has 3 scholarship contests: essay contest, speaking contest, and communication contest for the deaf and hard of hearing.
Kiwanis International has scholarships for its club members. Think about joining a service organization like Key Club or the Circle K Club. You can give back to your community, and open doors to more scholarship opportunities.
See what your State 4-H and local 4-H programs offer.
There are few takeaways here. First, besides colleges and businesses, there are many service organizations that offer scholarships. You will want to do an internet search for what service clubs are near you and reach out to them directly. Next, these clubs have 2 types of scholarships: national scholarships through the organization, and local scholarships sponsored by local club members. See if one or both are available when you reach out. Finally, look at different organizations.
Food & Drink Scholarships
There are many restaurants and businesses who donate money for college scholarships. Did you or your student work at a fast food restaurant? There might be scholarships that only you, an employee, can receive!
Some of these scholarships are open to any student between 18 - 24, such as the Coca Cola and Dr. Pepper scholarships. Some of these scholarships are only for employees or children of employees.
Think of this list as a starting point. There are many restaurants in the local community that offer scholarships to students. See if any of your local restaurants like pizza shops offer scholarships or are willing to sponsor a student.
Food & Drink Scholarships:
Got Milk Scholarship (DFA Cares Foundation Scholarship Program)
McDonald’s (Hacer) Scholarship
Must be Hispanic
Must be an employee/family but no essay
Chick-Fil-A Remarkable Futures
Must be an employee/family
KFC Scholarship (Reach Educational Grant Program)
Must be an employee
Taco Bell Scholarship (Live Mas)
Must be an employee
Must be an employee
Travel & Study Abroad Scholarships
Are you interested in traveling? Do you want to study abroad? There are scholarships for US citizens to study overseas!
For example, the Rhodes Scholarship is a merit-based award that gives students the opportunity to study at the University of Oxford in the UK for two or more years.
The Gilman Scholarship enables students of limited financial means to study or intern abroad. To be eligible for the Gilman Program, applicants must demonstrate need and receive a Federal Pell Grant.
The Marshall Scholarship is a merit-based fellowship that funds up to three years of graduate study at any British university for American students.
If you or your student is interested in studying abroad, make sure to look for specific study abroad scholarships!
Housing Scholarships
When you apply to your dream school, do an internet search for housing specific scholarships. You might also find scholarships for books or for food.
There are also some organizations that are dedicated to helping students with housing. For example, in Florida, the Southern Scholarship foundation provides rent-free housing through partnerships at schools like the University of Florida, Florida State University, Florida A&M University and others. While SSF does not provide monetary-based scholarships, it offers rent-free homes located near partner institutions. See if you can find housing scholarships in your state.
Florida Schools: https://southernscholarship.org/
Comments