Paying for college is a daunting task, but understanding the resources available to students is one way to lower the cost! If you’re willing to put in the time and energy, you may be able to pay your tuition with the help of financial aid. Here are the different types that you’ll want to keep in mind when funding your education.
- Scholarships. Scholarships are one of the most popular ways to help pay for college, and they vary. Some may come from nonprofits or private organizations, or maybe they’re from your university. This money does not have to be paid back, and it can be based on talent, academics, areas of study, ethnicity, family history – almost anything! Minorities to Majorities offers different types of scholarships on our website; be sure to check them out.
- Grants. Like scholarships, grants generally do not have to be repaid. However, unlike scholarships, they are based on financial need. There are a number of federal grants available for students to apply to, so keep this in mind! To learn more about grants available for application, click here.
- Loans. Student loans must be paid back in full, in addition to accrued interest. Payments are typically made on a month-to-month basis, and interest rates may vary. FAFSA is a federal loan that millions of students sign up for every year, and the amount of money awarded depends on your previous year’s tax form.
- Work-study Jobs. If a student meets the financial need requirements, they may apply for work-study, which allows them to earn money from a part-time job. Most times, the job pertains to your field of study/area of interest, meaning it can be a great way to gain work experience. If you’re able to work a part-time job while still maintaining your academics, this is a great option.
For more information on financial aid, click here. Minorities to Majorities provides great resources for higher education finances and applying to programs – browse our website to see how we can help you follow your dreams!
Financial aid information found at https://studentaid.gov/