A college education is one of the most important and most expensive things you will ever buy.

*Amounts stated are examples of potential costs not true education costs

Scholarships

Scholarships are monies awarded to you through an application process provided you meet the designated criteria.  These are typically rewarded to the recipients in a single, lump sum payment that doesn’t need to be paid back.

It’s a good idea to check with your guidance counselor to see what scholarship opportunities are available to you.  It’s not too early to begin researching your options during your junior year of high school.  For additional scholarship information, ask the schools you’re interested in applying to or search the Internet. Some sites to consider are fastweb.com and finaid.org.

Improve your chances of being awarded scholarships by:

• Maintaining good grades
• Achieving high test scores
• Participating in athletics
• Volunteering in your community
• Searching for groups who award scholarships based on ethnic background, religion, academic discipline – your field of study, financial need, etc.

Grants

Grants are financial rewards that do not need to be repaid and typically come from state or federal sources. They are usually based on financial need.  

To see if you qualify for federal and/or institutional grants, be sure to fill out the Free Application for Financial Student Aid (FAFSA) online. After your FAFSA has been completed and processed, you will be contacted regarding the type of financial aid that you are eligible to receive.

To learn more about FAFSA and financial aid to help you pay your college tuition, visit fafsa.ed.gov.

Some schools offer grants directly to incoming students, so be sure to check with the Office of Financial Aid at each school that interests you. Other grants are available from federal sources based on your financial need, but state sources also offer grants. Check out the following links to learn more about availability and eligibility for grants in your home state:  

• California – www.csac.ca.gov/doc.asp?ID=20
• Illinois – www.collegezone.com/studentzone/416_871.htm
• Missouri – http://www.dhe.mo.gov/ppcindex.shtml
• Texas – www.thecb.state.tx.us/grantinfo.cfm

Loans

You or your parents can often obtain financial assistance by borrowing money to assist with paying your college expenses. These loans must be paid back over time with interest. Some educational loans don't require repayment until after you are no longer attending school.

Work Study

“Work Study” is another way to assist you in paying for your college tuition. There are often certain jobs designated on college campuses solely for work study candidates. Qualifying for work study is based on financial need. If you qualify, this might be an option for you to gain employment. Some schools will also provide work study opportunities for government positions and employment with non-profit organizations. Be sure to inquire with your on-campus career center to see what positions are designated for work study and how you should apply for these.