Is “free money” truly free

Yes! Free money includes scholarships and grants, which do not require repayment. Finding and earning as much of this type of “free money” as possible should be your first plan of action.

Eligibility for grants usually is tied to your family’s financial need. Grants might be awarded by the federal government or by your state or school. The Pell grant, established in 1972, is one of the oldest and largest federal grant programs available to undergraduate degree students. You can apply for Pell grants to earn your first degree only, for up to eight full-time semesters.

Scholarships typically are awarded for academic achievement, community involvement or athletic accomplishments. Scholarship applicants also may be selected because of a characteristic, such as a being a descendant of a certain ethnic group, being related to an employee of a certain company or even having a physical trait, like red hair. Scholarships are awarded by schools, private foundations and companies as well as local, state and federal agencies.

Many grants and scholarships may be used regardless of which school you attend. As you compare aid awards among schools, find out which grants and scholarships are specific to a particular school, as opposed to being usable at any school. If you are unsure, ask the organization giving you the grant or scholarship.

 

(6/15)