It's all about the money.
Beyond having a personal benefactor like the proverbial rich uncle, financial aid consists of basically three types; scholarships, grants, and loans. Don't write off the family just yet. Families can be a great resource in paying for college. And don't just think of mom and dad. Many times grandparents, aunts and uncles are happy to help, as well.
While they each may not be able to pay your way through college, they may be willing to support you in other limited ways. If your family celebrates holidays with gift giving, ask for a college loan, tuition, book or living expense contribution. Just make sure you ask for help and let them tell you what they might do.
Scholarships
Scholarships are also a great way to pay for education. The best part about using a scholarship is that you don't have to pay it back. Scholarships do come with strings attached, though, and you'll have to meet the requirements to land one. Most are competitive, but many go unclaimed each year. See our scholarships page to get a start.
Grants
Grants are just as good as scholarships in that you don't have to pay back the money. The government provides grant money to higher education institutions and they in turn divide it up among the eligible students. One of the most important things you can do to make sure you are in the hopper for grants, loans and scholarships is to fill out the FAFSA (Free Application for Federal Student Aid) form. Don't worry about not qualifying. Almost everyone qualifies for some help and you for sure won't get any if you don't fill out the form!
Loans
Loans are the last thing to consider, although, they have made the difference between dreaming about going to college and actually going, to many of us. Called Stafford loans, they are also part of what you will be offered through your college/university financial aid office if you fill out the FAFSA. Stafford loans are backed by the government, so they are 'guaranteed' by Uncle Sam (I told you family would help).
There are two types of Stafford loans; subsidized and unsubsidized. Basically, the difference is when the interest and payments start. Subsidized loans defer your interest and payment until 6 months after graduation. This can be a lot of money if you stay in school 4-5 years. So, always take the subsidized loan money first. The unsubsidized loans begin compounding interest the day you receive the money and usually have some payment due while you are still in school.
Here are some suggestions if you want help in paying for your first, largest bill of your life:
- Fill out the FAFSA!
- Apply to any Scholarships that you think you might qualify.
- Always accept scholarships after you understand the requirements.
- Always take grant money offered from the government! It's free!
- There are two kinds of loans: good and better. Use loans sparingly. Remember, you have to pay them back.
Texas Higher Education Coordinating Board
This page is for providing as much scholarship and financial information as possible. Please send additional links to to our webmaster.
