There are many types of free financial aid for students. Scholarships and Grants are a great way to help pay for college, but with so many different options, it can be difficult to know where to start. From academic scholarships to need-based grants, each type of financial aid offers unique benefits and qualifications. In this blog post, we’ll break down the most common types of free financial aid (merit scholarships, need-based scholarships, and grants) so you can find the best fit for your educational goals and financial situation.
Merit Scholarships
Merit scholarships are awarded based on a student’s academic achievements such as grades, test scores, and other achievements. These scholarships are merit-based, meaning students who perform well in school are rewarded for their efforts.
Private vs Institutional Merit Scholarships
Private scholarships are awarded by organizations and foundations, while institutional scholarships are awarded by colleges. Both are based on a student’s academic achievements such as GPA and standardized test scores. Merit scholarships primarily reward academic excellence and can cover tuition, fees, and other related expenses. They also serve as a distinguishing factor for college applications and future employment opportunities.
Need-Based Scholarships
Need-based scholarships are awarded based on financial need. They help students who may not have the financial resources to pay for college on their own. To apply, students must provide proof of financial need by submitting tax returns and the Student Aid Report (SAR) from the Free Application for Federal Student Aid (FAFSA). The College Scholarship Service (CSS) is another valuable resource for finding need-based scholarships and grants.
The College Scholarship Service (CSS)
The CSS provides a financial aid profile service and a centralized application process for students to apply for need-based scholarships and grants from participating colleges and universities. The CSS also provides schools with an accurate picture of a student’s financial need, allowing for better decision-making when awarding scholarships and grants.
Other Types of Free Financial Aid for Students
In addition to merit and need-based scholarships, there are many other types of scholarships available. For example, some scholarships are awarded based on specific interests or talents, such as music, sports, or community service. Some scholarships are specifically for certain majors like STEM. Other scholarships are awarded based on demographic factors, such as ethnicity or gender. Another source of financial aid are grants.
Grants
Grants are financial awards that do not need to be repaid and are awarded based on financial need as determined by tax returns, FAFSA SAR, and other financial information. The FAFSA is the first step in the process for federal grants, and there are other sources such as state grants, private grants, and institutional grants. Examples of federal grants include the Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG). More information on these grants can be found at StudentAid.gov.
Conclusion
Understanding all the types of free financial aid for students can be confusion. It’s important to start your search for financial aid early and do your research to find sources that fit your educational goals, financial situation, and personal interests. With the right scholarship or grant, you can make your college dreams a reality. P.S., The work-study program is another form of financial aid that I’ll cover in my next blog. Learn more here: Work Study Programs.
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