Preparing for college or university usually means preparing for high expenses as well. While some students are lucky to have secured either financing or scholarships already through their high school, the majority of students still have a considerable headache in understanding how grants work and where you can find them. In reality, there are plenty of grants, and the best thing about them is that this is free money for you – you do not need to return this money except in some cases, but this would really mean misusing the money. Considering that most students are serious about their studies, let’s consider what you can do to secure a grant.
Why Should You Look for College Grants?
Most students need financial aid. However, considering how expensive student loans are and how much of a good financial background you may need for these, it may be a better option to start looking for grants. In most cases, grants are attainable, and the good thing is they are need-based, meaning that you do not need to excel in any particular subject.
In fact, with recent developments in the economy and the worldwide booming inflation rate, the interest rates on student loans went through the roof. With this in mind, many governments tried to introduce measures to protect students from the spiraling effects and never-ending student loans. The UK government, for example, capped student loan interest rates at 6.3% starting from September 2022.
The US is expecting to see the same increase. Currently, unsubsidized federal student loans come with an interest rate of 4.99%. If the parent happens to be taking out that same loan, the interest rate rises to 6.54-7.54% per year. Considering the long payoff period, this means that a lot more money will be given back for taking out any amount for a student loan than was the case just years ago.
How to Find College Grants?
There are many grants out there, but in looking for them, you may need a bit of help. When writing application letters for private grants, contact the custom research paper service and see what they can do to help. In most cases, you will only have one chance to apply for grants, as they are awarded on a first-come-first-serve basis.
Despite these limiting factors, taking out a college (or University) grant comes much cheaper than a standard student loan. There are many opportunities to grab a grant, but beware that taking more than one can reduce the amount received based on any of them. Most US colleges will actually reduce the amount of grant they give you if you get another grant. The amount reduced is usually just as high as the receiving amount on the second grant, so find a student representative and look for an answer to this question.
FAFSA for College Students
Free Application for Federal Student Aid (FAFSA) is the first step to do. Here, you will enter some basic information. Upon this, colleges that you apply for will have the information that you have provided and will let you know if you are eligible for any grants that are offered by their college.
Understand Family Contribution
If your expected family contribution is low, you are more likely to get a bigger grant. The expected family contribution is how much money your family can reasonably send towards paying your school and tuition expenses. Although a low EFC means you are more likely to be awarded a grant, it does not mean you should present your EFC as lower than it actually is.
Look out For School Grants
School and private grants, special grants, and alumni network grants are all different types of grants that you should consider when looking for financial aid. If you are not awarded a grant by the college itself, you should address other sources, even social networks, in search of past and present grant platforms that you could apply to.
Consider Cheaper Universities
Although everybody would like to study at Yale, Harvard, and Cambridge, these universities can get expensive without financial aid of some kind. In reality, opting for a cheaper university will make it more likely that you graduate, as well as make it less strenuous on your physical and mental health. And if for physical health you can take vitamins or any other supplements your doctor tells, it’s not that easy for mental health. These are some benefits that should not be overlooked.
Attending a cheaper university does not mean that you will get a lower-quality education. Quite on the contrary, public universities and cheaper universities or colleges can still afford to provide you with a top-notch education. There is only a handful of spheres (law, medicine, design, architecture) where the extra money that goes towards international experience may actually pay off. For this reason, you should consider cheaper universities as well and know that your academic success mostly depends on your own efforts.
College Grants Recap
In reality, many grants do exist, but taking out multiple grants may prove to be a futile job, especially if you lose the monetary reward from the initial grant you have received. Although this is the cause of much confusion among students, you need to bear in mind that this may be a necessary step to ensure no student is overpaid and that as many students can access the same (although limited) funds. This ensures better financial protection for a wider student body and ensures a lower dropout rate and a higher academic performance for more students.
Final Remarks
In reality, getting a grant is not that difficult. Most students in the US get some form of financial aid, and most of them use it the best they can. If you are among high-school students preparing to graduate, understand that time is of the essence, as grants are quickly gone or even may not award past certain dates. Better safe than sorry!
Michael Carr
Michael Carr had the luck of growing up in a bilingual family. This may be the reason he loves seeing any issues from both perspectives. He is an avid reader and traveler – this way, he has a chance for both personal growth and practicing his language.
