A scholarship is an award of money granted to a high school graduate for continuing education. There are four different ways to qualify for a school or business funded scholarship. Merit-based scholarships are given to students who excel in academics, athletics, artistic expression, community service involvement or who receive high standardized test scores. Need-based scholarships are offered to those students who need financial assistance most. These scholarships require students to fill out a Free Application for Federal Student Aid or FAFSA and will look at the finances of the student and family. Student-specific scholarships are for those who qualify based on gender, race, ethnicity and religion. Career-specific scholarships are offered to those who will work to further their education or who are in high demand. An example of career-specific is nursing --- several hospitals will pay for nurses to further their education to improve work-related skills or develop in-demand specialities.
A grant is offered through the federal government and state and does not have to be repaid. There are five different types of grants. the Federal Pell Grant is the largest grant available to students who are pursuing their first undergraduate degree. The Federal Supplemental Educational Opportunity Grant (FSEOG) is available to full- and part-time students with low income. The Academic Competitiveness Grant (ACG) is awarded in addition to the Pell to students who have a rigorous high school schedule and are enrolled at least part-time. The National SMART Grant (Science & Mathematics Access to Retain Talent) is available to students with a rigorous high school schedule in addition to attending full-time with a major in the mathematics or science field. The TEACH Grant is available to students who are an undergraduate or graduate attending college for a teaching degree. The TEACH grant is available to current and former teachers.
The Federal Work-Study Program (FWS) is money earned for school expenses through work set up through the college. The amount is normally set at minimum wage, paid by the hour and students receive a paycheck once a month from the college. Students can ask for an on-campus job or off-campus job. The money, which is limited through the college, helps to pay for college expenses and schooling.
Student loans are available through two different options and should only be an option after scholarships and grants have been exhausted. Federal loans are available to students with low interest rates set by the government and offer long repayment terms. Federal loans also offer deferred repayment and flexible credit requirements. Private student loans are recommended as a last resort option and should supplement federal student loans. These loans offer a higher interest rate because they are based on a credit score.