A college education has become quite expensive over the last few years.
Studies have shown that today’s college studies are 15% more expensive than they were in 2008.
In fact, according to a recent report, 27% of the total annual income of every middle class individual in the U.S. has been spent on getting a college education.
However, the good thing is that a wide range of financial aid is available for assisting college students with their finances. Here, we’ve created a list of some of the best financial resources for students, which can assist them in paying for their college expenses:
College students can potentially find scholarships through the following sources:
Microsoft offers general scholarships, minority scholarships, women’s scholarships, and scholarships for students with disabilities. These scholarships are granted to undergraduate students majoring in computer science or other technical fields.
United Negro College Fund
This scholarship is offered to 60,000 needy college students enrolled in different programs, and is granted up to $85,000.
Coca-Cola Scholars Foundation
Coca-Cola Scholars Foundation is another great resource for students searching for financial assistance, as the company offers $3.4 million worth of scholarships to 1,000 students every year. On an individual basis, you can receive up to $20,000 for your studies.
Scholarships from Google
The most widely known Google scholarships are the Google Anita Borg Memorial Scholarship, which is for female computer science students, and the Generation Google Scholarship, which provides assistance to high school computer science students. It’s a great source of financial support for computing students studying computer science and technology.
These are special grants that you can obtain in order to continue your studies:
With a little research, you can find more than a million free scholarships available, which are granted on the basis of academics, nationality, disability, and more. To find these types of scholarships, the best tool is FastWeb’s free scholarship search system. There are always a lot of good opportunities for students here, including a place where you can win a $2,500 scholarship.
Federal Supplement Educational Opportunity Grant (FSEOG)
FSEOG grants $100 to $4,000 annually to undergraduate students looking for financial aid in order to continue their studies.
Federal Pell Grant
For students who have just completed high school and are looking to pursue their bachelor’s degree, this $5,550 grant is offered for up to 12 semesters.
Teacher Education Assistance College and Higher Education Grant – TEACH
Students pursuing a degree in education may be eligible for this grant worth up to $4,000 annually. However, in order to obtain this financial aid, students must sign a four-year agreement.
Different lending sources are available to help finance the cost of your studies, which typically must be repaid within 10 years of graduation. If you’re considering taking out loans for your education, consider the following:
Federal Parent Loan for Undergraduate Students (PLUS)
PLUS is a loan available to parents of students and is intended to cover educational costs not already covered by financial aid. Interest rates for these loans are only 7.9%.
Loans for Private Student
If you’re considering using a private lender to help finance your studies, the best source for different types is FinAid’s list of private student loans.
Federal Perkins Loan
To obtain a Federal Perkins Loan, you can go to the financial aid office at your school, and apply to receive a loan of anywhere between $5,500 and $27,000 annually, and with a 5% interest rate. This loan is granted to participating schools through the Federal government and is only available only for undergraduate students.
Direct Consolidation Loans
This loan is available for students who already have multiple Federal loans, and who would like to consolidate them into one single loan payment. The financing period will be for 30 years, and the interest rate will not exceed 8.25%.
Direct Subsidized and Direct Unsubsidized Loans
These types of loans are granted by your school’s authorities and can provide graduate students with a financial assistance of up to $138,000. The only difference is that with a direct subsidized loan, the U.S. Department of Education will pay the interest, whereas, with a direct unsubsidized loan, you will be responsible for the repayment of interest.
Keep in mind that all of these financial sources are readily available, and waiting for you to apply. Just research your options and choose one that best matches your criteria, and you’ll be well on your way to obtaining a huge amount of financial support for college.