The price of college has skyrocketed in the last several decades, putting the sticker price out of reach for many American families. Many students rely on a combination of financial aid and merit-based scholarships to pay for the majority of their tuition. It’s important to know the difference, and how your student can qualify.
?
Financial aid is money granted to a student from the federal government, some state governments, and/or the college that the student has chosen to attend. It’s solely based on financial need, which is determined by the student’s parental income. Financial aid in the form of a grant does not need to be paid back, while aid in the form of a student loan must be paid back starting six to nine months after the student graduates from college.
?
Scholarships, however, are financial gifts earned by a student based on their academic, athletic, or artistic performance. While athletic scholarships are the most well-known type, they are actually quite rare. Approximately 95% of all scholarships awarded by colleges and scholarship funds are academic scholarships. Other types of scholarships also exist for groups like First Generation College Students, students with certain cultural backgrounds, etc. These are also academic scholarships but are focused on specific demographics.
?
Academic scholarships, like athletic and artistic scholarships, are merit-based, meaning that the student has earned this money through their own actions. Even for a family that does not need financial aid, scholarships are a prestigious way to help pay for college, as they demonstrate high academic performance in school and on standardized tests.
?
Students and their families should be aware that most colleges require students to have completed the Free Application for Federal Student Aid (FAFSA) at?studentaid.gov?in order to qualify for consideration for scholarships. While FAFSA is most often correlated with applying for financial aid, it is also a gateway to applications for scholarships, both from the college your student is planning to attend and from independent scholarship organizations and funds.
?
It’s important to understand what scholarships your student is eligible for, what the deadlines are, and how to apply. Our team of FAFSA-certified and experienced college counselors is here to help! Give us a call to set up your free initial consult.
#FAFSA
#Scholarships
#CollegeAdmissions