Unlocking The World of Scholarships, Grants, and Financial Aid
by HC Wealth Advisor, Ismar Zildzic
Scholarships, grants, and financial aid are an integral part of making higher education more accessible. Unlocking these opportunities can significantly lighten the burden of college expenses. Here’s what you need to know…
Scholarships: Where Merit Meets Opportunity
Scholarships are essentially free money awarded based on various criteria such as academic achievements, extracurricular involvement, or specific talents. They can be offered by colleges, corporations, nonprofit organizations, or government entities. Start your scholarship search early and cast a wide net. Numerous scholarships are available for various fields of study, backgrounds, and interests.
While scholarships are often available to those who have spent time honing skills in areas like sports, music, art, and journalism, they are also available through financial institutions, and a myriad of other places. Key online resources include:
Grants: Financial Assistance Based on Need
Grants, offered through local, state and federal government agencies including Sallie Mae and the Federal Pell Grant Program, are awarded based on financial need and do not have to be repaid. Federal
Work-Study Programs: Earning while Learning
Work-Study programs provide part-time employment opportunities on or off-campus for students in financial need. These programs help cover educational expenses and offer valuable work experience. Participating in a work-study program can provide a steady income stream and help reduce reliance on student loans.
Institutional & Departmental Scholarships/Grants
Many colleges and universities offer their own scholarships and grants to attract exceptional students or those who meet specific criteria. These can vary widely in terms of eligibility, amount, and application process. Research the financial aid page of your target school(s) to uncover these opportunities and contact the academic department(s) to inquire about scholarships or grants specifically tailored to your area of study.
Stay tuned for our next edition, where we’ll explore 529 college savings plans.
Disclosure: The information provided here is general in nature and is shared for information purposes only; nothing herein should be interpreted as investment or tax advice. Any and all tax laws and/or specific tax rates referenced are subject to change. It should not be assumed that future performance of any specific investment or investment strategy will be profitable. Always consult your CPA/tax advisor/attorney (or reach out to us;) to discuss your specific situation. All investments carry the risk of loss, including the permanent loss of principal. Past performance is no guarantee of future results.
