Free Money for College

Many good jobs now require that you have a college degree. Unfortunately, the cost of attending college continues to increase at an alarming rate. And, while there are college loans and other education financing options that can help you, the first choice is to get as much free money as possible to help you pay for college. Only when your options for free money are exhausted should you turn to college loans and other education financing. Free money for college usually comes in two main forms: scholarships and grants.

Scholarships

Scholarships normally come from the school or from some other organization. They are given to help you pay your college expenses by virtue of some merit that you have in terms of academics, extracurricular activities, sports and even need (low income). Some scholarships are awarded on the basis of ancestry or belonging to a certain group. A scholarship usually has specific requirements attached to it, however. Generally, you must maintain a minimum GPA, help out in some capacity at the school or maintain your ability to play sports. Scholarships can be revoked or reduced if you fail to maintain the requirements.

Many civic organizations (Rotary International, Lions Club, etc.), retailers (Target and Wal-Mart prominent among them) and others offer scholarships in addition to schools. You can search scholarship that you likely qualify for online. One of the most commonly used scholarship search Web sites is FastWeb. Registration is free, and it is a great way to learn about the different scholarships -- including the obscure -- available.

Grants

Grants usually represent free money offered through the government or through institutions. Like scholarships, and unlike college loans and other education financing, grants do not have to be paid back. It is free money. Most grants have limitations based on income; usually only those in less fortunate circumstances are awarded grants. There are four main types of grants:

1. Pell grants. These are federal grants based entirely on financial need. Those students who cannot pay their way, and who would have trouble even with college loans, are awarded between a couple hundred dollars and thousands of dollars. These are awarded first come, first serve according to school. You should fill out a FAFSA form as early as possible (usually in January) in order to secure the best chance.

2. Other federal grants. If you have received a Pell grant, and you are doing science or math, there are additional grants that you are eligible for: Academic Competitiveness Grant and the National SMART grant. There are additional federal grants for the students who need them most -- supplement grants of between $100 and $4,000. There are also federal programs that will reimburse your college loans and education financing expenses if you are willing to do other certain civil servant jobs, or teach in rural or inner city areas.

3. State grants. In addition to federal government grants, many state governments offer grant programs. State programs often pay your college costs if you plan to enter a specific program, if you have specific financial needs or if you enter certain professions.

4. Institutional grants. Finally, these types of grants are given by the colleges. Normally, they are given only to cover the gap in funding experienced by a well-qualified but less fortunate student. For the most part, these grants are offered by the school; they are not usually applied for as other grants are.

With a little research, and some hard work, it is possible to find free money for college through scholarships or grants.