02.06.2024 By Amanda Woods

Finding Grants & Scholarships

Planning for your next educational adventure can be such an exciting time, but the question of how you’ll pay for your college (or trade school!) experience can add some stress to the mix. But don’t worry, it doesn’t have to be stressful. With options like scholarships and grants available, there is financial aid waiting to help ease the financial burden of your journey to higher education. If college is on the horizon and you’re looking to learn a little more about the grants and scholarships available to you, we’re here to help

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Education Family Finances

Grants, Scholarships, and Loans - Oh My! A really great place to start is understanding the difference between the financial aid options available to you. So, before we dive in let’s take a quick look at grants, scholarships, and loans.

Grants:

Grants are funds awarded based on financial need, and these funds do not need to be repaid. Because of this, when applying for grants, you’ll be providing insight into your family’s financial situation so that eligibility can be determined. You may have heard of the FAFSA, which determines a student's loan eligibility, but completing the FAFSA will also help to determine your eligibility for federal grants as well. In addition to this, you can learn about, and search and apply for available grants using the U.S. Department of Education’s Grant Resource.

Scholarships:

Scholarships are funds that are awarded often based on merit or achievements, but can also be awarded based on other various circumstances, such as for military families, grad students, or based on an affiliation with a certain group or organization. Similarly to grant funds, scholarship funds that are awarded are considered gifts and do not need to be repaid.

Loans:

Student loans are funds that are loaned to a student to pay for education and education-related costs, and these funds are required to be repaid with interest. You’ll complete the FAFSA to determine your loan eligibility, and while we will not be covering student loans in depth in this article, be sure to review these articles to learn more about student loans!

Understanding the difference between grants and scholarships will help you and your family determine the best approach for navigating your financial aid journey. It’s helpful to apply for as much as you qualify for, and by understanding the options available, you’ll be better positioned to apply based on your eligibility.

Here are some additional tips to help you be well on your way to finding the most appropriate grants and scholarships for your unique situation:

Start Early.

When it comes to finding grants and scholarships, it’s best to start as early as possible to give yourself plenty of time to do your research, find the grants and scholarships that interest you, and complete your applications prior to set deadlines. This is especially true for scholarships because there are so many available that it may take you time to find and apply for them.

Be Organized & Prepared.

In order to make the most of the time you have available, this is a great time to get organized! Consider tracking the deadlines, documents, and information required for each grant and scholarship that you’re applying for. This will help ensure that you’re completing the application process on time, and not forgetting any important information in the process. Federal Student Aid also recommends that you take the time to get all of the necessary items prepared ahead of time, so that when it’s time to apply you’re ready to go! These items include your recent transcript, a letter of recommendation, a professional picture or headshot, and your FAFSA application.

When Finding Scholarships, Look Everywhere! Okay, everywhere might not be realistic. But when it comes to finding scholarships it can be really beneficial to do your research. There are a variety of ways to find available scholarships, but a great place to start is to review the Department of Labor’s Scholarship Finder, as well as the College Board’s Scholarship Directory. You can also review this helpful list of ways to locate available scholarships from Federal Student Aid.

When searching for available scholarships, consider checking with your educational institution, local community organizations, as well as with professional organizations to see if they offer scholarships that you qualify for. For more tips and information about finding scholarships, watch the America Saves Think Link A Saver Town Hall on Paying For Education!

Be Aware of Scams. As Federal Student Aid points out, you don’t have to pay to have access to grants or scholarships. There are organizations that may charge a fee to help with the process, but it’s important to understand what you’re paying for and be diligent about the potential for scams.

Finding grants and scholarships can feel like an enormous task, but by doing your research and planning proactively, you’ll be setting yourself up to find financial out without the unnecessary stress.

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