Getting Started: Schools, Scholarships & Grants

The hunt for college financing should always begin with a search for free money such as scholarships, grants and institutional aid from the school of your choice.

Choosing the Right School

Differences: Loans, Scholarships, and Grants

Taking Advantage of Grants & Scholarships

Choosing a College

How to choose the right school for you

With over 4,000 colleges and universities in the United States, there's never been a greater range of choices for college-bound students. But sometimes a wide selection leads to complication and confusion. Fortunately, we have some tips and advice to help you with your decision.

Tips to help narrow down your college decision

Think hard about the college criteria that are most important to you:

Geography. Do you imagine attending an urban school, or one surrounded by rolling hills? Would you prefer to be several states away from home, or within a short drive?
Other characteristics. Do you picture yourself at a co-ed or single-sex institution? Are you thinking of joining a fraternity or sorority? Do you like big, lecture-style classes or do you prefer smaller classes?
Match your plans with school strengths. What do you plan on majoring in? Start your search by matching your interests with the schools that are historically strong in those areas. To learn a college’s academic strengths, talk to your school's college counselor, visit a good library or bookstore, and consult college Web sites.
Consider the cost. Experts say it's best to try not to focus too much on this issue when choosing a college. You may qualify for more financial aid than you think.

Once you’ve thought about what you want, take a look around:

Find out what students are saying. Look for testimonials, visit Facebook or explore other social sites to see if current students are talking about any of the schools you're considering.
Attend a college fair. The perfect opportunity to talk with numerous recruiters from various schools.
Schedule campus visits. Get a real feel for what the school is like. Most schools would be happy to let you stay overnight in the dorms, too.

Loans, Scholarships & Grants for College

What are the differences?

Along with family savings, loans, scholarships and grants will almost certainly be the three leading methods for funding your college education. But how are they different?

Scholarships

Scholarships are a form of financial aid that do not have to be repaid. Scholarships for college are granted based on a variety of criteria, ranging from academic or athletic merit to financial need. Some are even awarded based on competitive essays or ethnicity.

Use our helpful scholarship search to locate various scholarships that you may be eligible for.

Grants

Grants are monetary awards which, like scholarships, do not need to be repaid. Grants are funded by the federal and state governments as well as many schools that have their own money to award. Students should seek them out, since they amount to free money.

College loans

Finally, loans are borrowed funds which you, or your parents or guardians, are obligated to pay back over a certain agreed-upon period, with interest. They can be borrowed either from the federal government or from private sources such as banks or credit unions. Federal student loans, such as the Federal Direct Stafford Loan, generally come with more attractive interest rates and should be exhausted first. However, most students will still need additional funding after maximizing grants, scholarships, and federal loans—this is where private student loans come in.

Education Grants and Scholarships

A simple idea: take advantage of free money

As any college financial aid expert will agree, before looking into loans, you should first maximize all the free forms of financial aid you can find, such as grants and scholarships.

Understanding education grants

Education grants refer to various forms of student financial aid that don’t need to be repaid. Some are awarded based on financial need, others are based on anything from academic merit to a parent's employer or fraternal organization.

Examples of college grants include:

Institutional Grants. Sometimes called merit awards, these grants are given by colleges and universities themselves from the proceeds of their own fundraising efforts.
Federal Pell Grants. A cornerstone of the federal student financial aid system, these grants, up to $5,550 a year per student, are based on a student's financial need and the particular school they'll be attending.
Federal Supplemental Educational Opportunity Grants. Awards up to $4,000 a year for undergraduate students with acute financial need.

Understanding college scholarships

College scholarships may be awarded on the basis of academic merit, financial need, skill in a particular subject or area, or other factors. College scholarships can come from any number of local sources, including:

Chambers of commerce
Local business or civic organizations (Kiwanis, American Legion, Lions Club, etc.)
Church or other faith organizations
Ethnic organizations
Parent employer plans

Avoid scholarship scams

Do your homework before using a scholarship search service.

Remember, you should not need to pay for information on scholarships
Use a trusted source like our Scholarship Search tool.
Check with the Better Business Bureau and your state attorney general.
Locate possible scholarship scams through helpful watchdog sites like the Consumer Financial Protection Burearu.

Helpful Tools & Information
Student Loan Glossary	A quick guide to various terms you’ll encounter in the student loan process.	Learn more
Scholarship Search	An advanced search engine that combines your scholastic and personal information with your other awards, activities and affiliations to help you find the right scholarship.	Learn more
Education Financing Calendar	You’ll find important milestones students and parents should keep in mind including deadlines for applying for financial aid for college.	View calendar

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