Student and College Grants

Financing a college education is undoubtedly one of the biggest investments you will ever make in your lifetime. It is also an investment in yourself and your future. There are many sources of funding available to you but first there are some important things you should know.

Here are some of the various types of funding available:

Non-Repayable College Grants

College Grants for students are funds provided to a recipient by a third party such as the government (state and federal), public or private institutions or by foundations. Grants are awarded to pay for educational expenses such as tuition, books and other related expenses and do not have to be repaid.

Federal Student Loans Programs

Federal Student Loan Programs are provided by government, banks and credit unions for the purpose of covering tuition and other educational expenses and do have to be repaid once the student graduates or leaves school. There are varying interest rates based on where you receive your loan. This is money that banks, credit unions or the government charges you for lending you money. The rate can differ significantly depending on where you get your loan and your repayment schedule.

State College Loans and State Grants

State college loans and grants are loans and grants provided by individual states. The amounts vary and are usually awarded based on financial need.

Work-Study Programs

Work-Study Programs are programs that provide you with part-time jobs to help you finance your educational expenses.

Scholarships

Scholarships are sums of money granted to a student based on academic, artistic or athletic merit, talent, ethnicity, financial need or other criteria to help pay for college tuition and related expenses. Scholarships do not have to be repaid. Scholarships can be provided by government, local organizations, foundations, corporations, private or public organizations, memorial trusts, labor unions, houses of worship, chambers of commerce and from many other sources.

Private Student Loans

Bank loans are loans given by banks for the purpose of covering tuition and educational expenses. Bank loans are not dependent on financial need but on your or your co-signers credit history. Most banks offer these loans and have online application forms.