College grants and scholarships are a great source to bridge the gap between what students can afford to pay and what the college tuition and fees actually cost. These are times when parents aren’t always in a position to pay the rising cost of college tuition due to changes in the economy. Many times in the past, parents have juggled stock, home equity and other income options to handle the expenses associated with college. However, these days there are many other obligations associated with living and the economy doesn’t allow families to get ahead as it once did.
Merit based awards are typically the category used to describe scholarships. For instance, most people think of academic and athletic when thinking of scholarships and these offer the full ride for students who are awarded these types of scholarships. The gem of any scholarship is that they don’t have to be repaid and present students the opportunity to cover a portion or all of their college expenses without stress. Colleges often design attractive scholarship packages to attract students to their campus and this is exactly what students need in order to help them afford the cost of obtaining an education.
Grants are the other form of free money that unlike scholarships, they are largely based on need and not merit. There are typical requirements in order to apply and be considered for these grants but they are generally granted to bridge the gap between what the student can afford and what amount is left over to pay for their college education. This is most appealing because not being able to completely pay for college can also mean not being able to attend college at all. Once a grant has been awarded, students should assess the unpaid amount of their college tuition and fees and utilize the award to pay off any balance.
Utilizing grants and scholarships is the golden key to completing college in financial clearance. The burden of being faced with loans to repay following graduation is one that not everyone has to endure because of the availability of free money.