Sources of Free Money for College

2006-05-08

Don’t be fooled by infomercials and so-called college guru’s who tell you that billions of dollars each year go unawarded because no one bothers to apply for them. The fact is, people are applying for them and the scholarships are getting awarded.

But don’t lose hope. Free money for college is out there, you just need to know where to look and how to apply for the scholarship or grant that fits you and your situation. Many scholarships are called prizes and many international scholarships are known as bursaries. Most of the free money for college is awarded based on whether the applicant is categorized as need-based or merit-based.

Scholarships and Grants
Scholarships and grants are a great source of free money for college. Scholarships are given by an individual person or organization to applicants who have done something to earn the award like getting good grades, excelling in athletics, etc. Grants are awarded based on who you are – the African American son of a law enforcement officer who has gotten good grades in school, but lack the funds to attend college.

Merit-based awards
Merit-based awards are given to the applicant that is best suited to the subject of the scholarship. Many of these merit-based awards are given based on some sort of earned factor such as overall high school grades or GPA, grades in particular classes such as math or science, community service work, sports ability, band, etc. These merit-based awards are not based on income or financial wellbeing. Many don’t even ask about income or wealth.

Need-based awards
Many need-based awards are known as grants and are offered solely based on financial need. You don’t have to get the best grades or be a star athlete, but you do need to be able to qualify for the college you choose to attend. This also doesn’t mean you have to live below the poverty level to qualify. Many organizations that give free money for college don’t just give one award, and they take many things into consideration. Some of the factors include: family income, number of dependents, cost of living in the city the college is located.

So don’t kid yourself that you don’t qualify for free money for college. Remember the golden rule – You have not because you ask not. You have to take the time to apply for all the scholarships and grants you remotely feel you qualify for. Yes, it maybe a lot of paperwork, but if you do your homework, it will payoff down the road in the form of the free money for college you need.

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