College Scholarship Grants

College Scholarship Grants

It’s no secret that college is an expensive endeavor. As of 2006, the College Board estimated that a year of college at a four-year public university was $13,000, which included tuition, fees, housing, etc. According to those same findings, those who wished to attend private school could expect to pay at least $27,600 a year. Even if a student graduates in four years, these costs can add up to a staggering sum. Students who are not entering college in the near future also need to consider that tuition rates increase about five to eight percent each year.

Unfortunately, it can also be quite costly to not attend college. College graduates can generate nearly twice the income than those with just high school diplomas. Therefore, those who aren’t independently wealthy–or don’t have the advantage of a generous college fund–may want to investigate other financial aid avenues. For instance, individuals can apply for a scholarship or explore various grants.

Where to Look for College Scholarship Grants

A scholarship, unlike a student loan, does not need to be paid back. The same goes for grants. There are literally hundreds of venues that offer scholarship/grants to prospective students: the government, financial institutions, companies, non-profits, or even individuals.

Scholarships and grants can be divided into two groups: merit-based (for example, a music or theater scholarship) or need-based (various grants from the government). There are also grants and scholarships that are specifically earmarked for people of certain ethnicities. The government offers a list of its current grants, and entities like the College Board can also aid in the search. High school students can receive additional information from their guidance counselors.

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