A lot of people are looking for ways to cut costs - and there are ways to do this when it comes to a college or university education as well. Organizations and agencies like the National Association of Student Financial Aid Administrators and the US Department of Education provide insight into some of the ways that students and families can save money. Tops on their cost saving lists and many others are scholarships and grants.
Unlike student loans, scholarships and grants don't have to be repaid. They're available to students of all ages and backgrounds and from different colleges and universities that also charge different costs. Some students might consider starting their education at a two-year community college, which is generally the least expensive, and then transferring to a four-year institution, applying for scholarships in both instances. Those looking to enter a four-year college or university more immediately might consider public institutions in the states where they reside, since public colleges and universities typically offer reduced rates to "in-state" students that might also be offset with help from scholarships and grants.
In instances where students prefer private colleges and universities, they might ask if that institution at least matches out-of-state public college and university tuition rates. Many private institutions also offer enhanced scholarship and grant opportunities to bring their typically higher rates to more affordable levels. This year particularly, some private colleges and universities have even kept their tuition rates at last year's rates, rather than increasing them. Students might also consider taking summer college and university courses at less expensive schools in instances where the academic credits earned can be transferred to the primary institution where they're studying.
The types of programs that students choose can also provide cost-savings. They include accelerated and combined degree programs where scholarship and grant money can be applied. Scholarships and grants can also be applied to online degree programs that many students find convenient and that allow for saving costs associated with commuting and meal plans. Many colleges and universities also provide opportunities to earn academic credits for life experiences, which can shave additional time off the time it takes to earn a degree and, with that time, the expenses associated with tuition. In instances where colleges and universities charge a single price for a maximum number of credits, students might consider taking on the maximum workload if they think they can handle it.
In instances where students are interested in attending a college or university where one of their parents earned a degree, they might determine whether that institution offers discount rates for alumni descendants. Some colleges and universities also offer reduced rates to older students; to students in families where the major wage earner is unemployed; in instances where siblings enroll with them; when students recruit additional students, and when students become active in certain institutional activities, the US Department of Education notes. Again, scholarships and grants can often be applied to discounted tuition rates as well.
The best place to start the search for financial aid is by completing a Free Application for Federal Student Aid (FAFSA). This federal government offering provides information on the different types of government scholarships, grants and work study programs that can help offset tuition costs, as well as low-interest federal loans for which students might be eligible. Many colleges and universities might require that students seeking financial aid from them complete a FAFSA. In instances where students don't qualify for government assistance, they might check with the financial aid offices of colleges and universities that interest them to find out if they have any alternative assistance set aside. Some colleges and universities might even pay loan fees or convert loans outside of those provided by the government into grants in instances where students obtain degrees from them, according to the US Department of Education.
Many, but not all, scholarships are awarded to students based on academic and athletic achievements. There are also scholarships designed for students of certain racial or ethnic backgrounds, genders and ages, for students with specific talents and skills and for students studying specific subjects. In addition to checking with financial aid offices, the National Association of Financial Aid Administrators recommends that students check with representatives of academic departments to see if they can suggest scholarships designed to encourage studies in their area of interest.
Unlike student loans, scholarships and grants don't have to be repaid. They're available to students of all ages and backgrounds and from different colleges and universities that also charge different costs. Some students might consider starting their education at a two-year community college, which is generally the least expensive, and then transferring to a four-year institution, applying for scholarships in both instances. Those looking to enter a four-year college or university more immediately might consider public institutions in the states where they reside, since public colleges and universities typically offer reduced rates to "in-state" students that might also be offset with help from scholarships and grants.
In instances where students prefer private colleges and universities, they might ask if that institution at least matches out-of-state public college and university tuition rates. Many private institutions also offer enhanced scholarship and grant opportunities to bring their typically higher rates to more affordable levels. This year particularly, some private colleges and universities have even kept their tuition rates at last year's rates, rather than increasing them. Students might also consider taking summer college and university courses at less expensive schools in instances where the academic credits earned can be transferred to the primary institution where they're studying.
The types of programs that students choose can also provide cost-savings. They include accelerated and combined degree programs where scholarship and grant money can be applied. Scholarships and grants can also be applied to online degree programs that many students find convenient and that allow for saving costs associated with commuting and meal plans. Many colleges and universities also provide opportunities to earn academic credits for life experiences, which can shave additional time off the time it takes to earn a degree and, with that time, the expenses associated with tuition. In instances where colleges and universities charge a single price for a maximum number of credits, students might consider taking on the maximum workload if they think they can handle it.
In instances where students are interested in attending a college or university where one of their parents earned a degree, they might determine whether that institution offers discount rates for alumni descendants. Some colleges and universities also offer reduced rates to older students; to students in families where the major wage earner is unemployed; in instances where siblings enroll with them; when students recruit additional students, and when students become active in certain institutional activities, the US Department of Education notes. Again, scholarships and grants can often be applied to discounted tuition rates as well.
The best place to start the search for financial aid is by completing a Free Application for Federal Student Aid (FAFSA). This federal government offering provides information on the different types of government scholarships, grants and work study programs that can help offset tuition costs, as well as low-interest federal loans for which students might be eligible. Many colleges and universities might require that students seeking financial aid from them complete a FAFSA. In instances where students don't qualify for government assistance, they might check with the financial aid offices of colleges and universities that interest them to find out if they have any alternative assistance set aside. Some colleges and universities might even pay loan fees or convert loans outside of those provided by the government into grants in instances where students obtain degrees from them, according to the US Department of Education.
Many, but not all, scholarships are awarded to students based on academic and athletic achievements. There are also scholarships designed for students of certain racial or ethnic backgrounds, genders and ages, for students with specific talents and skills and for students studying specific subjects. In addition to checking with financial aid offices, the National Association of Financial Aid Administrators recommends that students check with representatives of academic departments to see if they can suggest scholarships designed to encourage studies in their area of interest.
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