Both scholarships and grants are outright gifts that do not have to be repaid. Colleges and private organizations grant scholarships to outstanding students for special skills or achievement and for academic excellence and promise. A few of these are awarded to students without need, but most of them take into account the student's ability to pay.
In October of the junior year, students who want to apply later for scholarships should sign up to take the Preliminary Scholastic Aptitude Test (PSAT). The results of this test are used to determine semi-finalists in the National Merit Scholarship Program. These students are then asked to submit a formal set of papers in their senior year and may go on to become finalists.
Grants are also gifts, which need not be repaid and are available to students who have demonstrated that they can profit from further education and who have financial need.
a federal grant for low-income students with awards up to $2,300. To apply students need only mark a box on the financial aid form. It may be used in all states for the community college, trade school, or four-year college programs.
awarded to students attending California schools. The California Student Aid Commission administers this program. There are three (3) kinds of California Grants, as illustrated below.
A federal program and the major source of help for middle-income students, it permits borrowing (at below-market interest rates) funds for undergraduate & graduate students. Payments do not begin until 6 months after graduation or if the student drops out of school.
Many private schools now have parent loan programs, and a new federal program now operating in California permits parents to borrow the entire cost of a student's education. Unlike student loans; however, repayment begins at once and interest is higher.
Work-study programs are operated by most schools, but some private colleges no longer consider it possible for a student to work his way through college without financial assistance from his or her parents.
The Reserve Officer Training Corps Scholarships (Army, Navy, Air Force ROTC) are competitive scholarships that pay for your tuition and fees. Juniors should anticipate starting their research the second semester of the junior year. Winners of the four-year scholarships have a four-year military obligation following graduation.
Most financial assistance is awarded to students who can demonstrate need. The Financial Aid For Students Workbook is a publication put out by the State and is designed to help students who are applying to schools and colleges in California. It is available in the Counseling Office.
A family should be able to determine whether or not they might qualify for aid. If they do, the Free Application for Federal Student Aid (FAFSA) is filled out. Some colleges may require supplementary information. Students should check with the Financial Aid office at the colleges to which they are applying.
If you are wondering whether you should apply for financial aid, you probably should. This process is necessary not only for grants, but also for some scholarships, low interest loans, and appropriate financial aid packages.