Scholarships And Financial Aid For College Students

Grants can save students thousands of dollars in college costs. Like scholarships, recipients do not need to repay grants. Federal and state governments offer grants for college students, as do some private organizations. The federal Pell Grant program provided up to $7,395 in the 2023-2024 school year for eligible students and will provide up to $7,395 for 2024-2025.

Many grants, including Pell Grants, come with income restrictions. Students can qualify for federal grants by submitting the FAFSA. Most state grant programs also require the FAFSA. Learn more about federal education assistance programs.

Scholarships provide free money for college, making them one of the best forms of financial aid. Colleges, private foundations, government agencies, and professional organizations all offer scholarships for college students. Need-based scholarships require proof of financial need, while merit-based scholarships consider an applicant’s academic and personal qualifications.

Students can find scholarships through their college financial aid office, online databases, and government agencies. Scholarship requirements and amounts vary depending on the scholarship.

The federal student aid program distributes federal loans to undergraduates, graduate students, and parents. Federal loans come in several forms, including subsidized loans, unsubsidized loans, and PLUS loans. These loans offer lower interest rates than private loans and generally do not require a credit check.

Students qualify for federal loans by submitting the FAFSA. Some programs, including subsidized loan programs, set income eligibility requirements. Borrowers can participate in several repayment programs, including loan forgiveness programs. Learn more about federal loans.

Private loans help students cover college costs. Like federal loans, borrowers must repay private loans. However, private loans typically charge higher interest rates and offer fewer repayment benefits than federal loans. As a result, students should exhaust their federal loan options before turning to private loans.

Borrowers can apply for private loans through banks and other financial institutions. Private loans typically require a credit check, and some borrowers ask a parent or guardian to cosign their loan to obtain better interest rates. Learn more about private loans.

Work-study programs connect eligible students with part-time jobs, often related to their major. For example, the federal work-study program coordinates with colleges to find work-study jobs for undergraduate and graduate students.

Work-study students may take on-campus or off-campus jobs, depending on availability. Students qualify for work-study programs by submitting the FAFSA and meeting income eligibility requirements. Learn more about work-study programs.

Like grants and scholarships, fellowships do not require repayment. Fellowships typically provide a tuition waiver and stipend for qualifying students. Some fellowships also offer health insurance, making them one of the best forms of college financial aid.

Many universities offer graduate fellowships for doctoral students as part of their institutional financial aid. Private foundations and government agencies also award fellowships, such as the Fulbright student program. However, most fellowships only fund graduate students.

SHRM’s 2019 employee benefits survey found that 56% of employers offered tuition assistance programs. Tuition assistance and reimbursement programs cover some or all of the cost of attending college. Students should check with their employer to learn about available tuition assistance programs. Learn more about workforce development programs.