Finding Funding for College
Funding your education is daunting. But there’s almost always a way to do so! In addition to using your own money (or money from your family), you can acquire support from three main sources. I’ve listed them out and described them below. Hopefully this helps you to at least make sense of your options.
Need-Based Aid (Government Support)
FAFSA: EVERYONE should plan to fill out the FAFSA (Free Application for Federal Student Aid) every year no matter what. Through the FAFSA application you gain access to: Grants, Loans (Subsidized, Unsubsidized, Parent Plus), and Federal Work Study Funding (more about that in another post)
State Funding: Some states offer free tuition for families whose income falls under a specific threshold or offer a program for low-income families through a specific state school. For example, Illinois residents with an annual family income under $67,100 qualify for free tuition at the University of Illinois in Urbana. Additionally, the state of Tennessee offers the TN Promise for residents regardless of financial status. Check to see if your state has similar offerings.
Institution-Awarded, Merit-Based Scholarships
University-specific scholarships are awarded at nearly every institution based on outstanding academic and/or talent-based (performing arts, visual arts, athletics, etc.) performance. Typically a small portion of an incoming class qualifies for these awards and the metrics for the students that rise to the top are context-based each year based on who applies (otherwise referred to as the “applicant pool”.
Sometimes you’re automatically considered for merit-based scholarships simply by applying. Other times, you’ll have to submit additional materials, portfolios, and/or supplemental applications. Just make sure you’re keeping track of any additional requirements AND their deadlines when applying to the university of choice.
Third-Party Scholarships
These are the one-off scholarships that you might get from various groups and organizations you’re associated with. It might look like a $500 scholarship from your highschool for being in the Top 10, or maybe your religous/church group chose you for a $2,000 scholarship for being a youth group leader, etc. etc.
You can and should start applying for these the summer before your senior year of high school- even better if you can swing some applications your junior year. Awards, deadlines, and requirements to apply will vary- just make sure to track the information in a spreadsheet so you don’t drop the ball. You can find more tips in this post.
That’s all for now, folks! Good luck and talk soon.
-Veronica
