How to Find Money for Existing College Students
Attending college is expensive, even prohibitive for some students. Most students are not able to cover tuition, book costs, housing and basic living expenses without help. It is for this reason that many students work hard to find grants, loans and scholarships. Students in search of money for college should be willing to spend a few hours each week researching funding opportunities. Although the search can be time-consuming, the benefits can be worth the effort.
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Instructions
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Complete the Free Application for Federal Student Aid, which is also known as the FASFA. Every student in pursuit of financial assistance should begin by completing the FASFA. This is the process by which each student's eligibility for government funding is determined. Those who complete the FASFA will be considered for government loans, grants and work study.
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Contact the college's financial aid office. The financial aid office is responsible for "packaging" or allocating student funding. The office will determine how much federal, private or scholarship funding the student is eligible to receive during a given term. The office will also have information about additional funding opportunities. For example, many universities offer private short-term loans for students in need. The financial aid office may also have information about tuition-deferment programs.
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Consider private loans. Creditworthy borrowers may be eligible for student loans from private banks. Contact your bank or credit union to see if you qualify.
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Use search engines to find scholarships. Websites such as FastWeb.com offer a large database with various scholarships. These scholarships are often targeted to students with unique qualifications, such as above-average grade-point averages or excellence in athletics. There are also grants for minority groups and exemplary students from underprivileged backgrounds.
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Pursue departmental funding. Contact the department in which you plan to major to find out if there are any assistantships, fellowships or work study opportunities. Assistantships and fellowships are designed to provide reduced tuition for students who assist with departmental research. Work study is for students who want to work in exchange for a traditional paycheck at their department of choice.
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Contact your employer. Your employer may offer tuition assistance or reimbursement for the books you purchase.
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Tips & Warnings
Students should remember that grants don't require repayment but are often given for just one year or semester. Scholarships, on the other hand, are often for four years, as long as the student keeps his grades up. Given the choice of a grant or a scholarship, a student is often wise to take the scholarship.
Student loans must be repaid. If you plan to apply for a loan, try to get a subsidized loan, because the interest won't begin to accrue until you graduate. Unsubsidized loans accrue interest while you're in school and after you graduate.
Never borrow more money than you need. Borrowing too much could create a financial hardship when payments are due.
Resources
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