Exploring financial aid and scholarships is essential for aspiring undergraduates seeking university education. This section delves into the diverse support options available, including scholarships, grants, loans, and work-study programs. By navigating these avenues, students can gain valuable insights into securing financial assistance for their academic journey.
Financial aid can come from federal, state, school, and private sources to help you pay for college or university.
Besides financial aid, you should also think about what you can do to lower your costs when you go to college (see section below).
Grants
A grant is a form of financial aid that doesn’t have to be repaid (unless, for example, a student withdraws from school).
Scholarships
Some non-profit and private organisations, and universities offer scholarships to help students pay for college or university. This type of free money, sometimes based on academic merit, talent, or a particular area of study, can make a real difference in helping them manage their education expenses.
Merit Scholarships: These are scholarships that can be either given by colleges/universities or by other organisations independent from the student's financial status. Merit scholarships vary at each institution and are frequently linked with specific achievements, talents, backgrounds or residency requirements. It is the student's responsibility to follow through on any scholarships, and the counsellor can offer advice and support throughout the process.
Work-Study Jobs
Some programmes allow students to earn money to pay for college/university by working part-time.
Loans
When student receive a student loan, they are borrowing money to attend a college or university. They must repay the loan as well as the accrued interest. It is important for students to understand the repayment options so that they can successfully manage and repay their loans.
Aid From Your College or University
Many schools offer financial aid from their own grant and/or scholarship funds. Find out what might be available to you:
Visit your university’s financial aid page on its website, or contact the financial aid office.
Ask at the department that offers your course of study; they might have a scholarship for students in your major.
Fill out any applications your school requires for its own aid programs, and meet your school’s deadlines.
Need-based Financial Aid: This aid is offered based on the demonstrated financial need of each family. Typically, the U.S. colleges/universities calculate the Expected Family Contribution (EFC) to determine financial need. Need-based aid can take the form of grants (scholarships), student loans and work-study opportunities. Students should consult the financial aid websites of each college/university to understand which forms (e.g., FAFSA, CSS Profile, International student financial certification, and bank statement) will be required for submission, along with their respective deadlines.
Need-blind versus need aware:
Need-blind admission simply means that applicants' ability to pay for their education will not be a determining factor in the admission decision. On the other hand, need-aware admission means that universities and colleges will consider a student's financial need at the time of evaluating the application.
FAFSA: Free Application for Federal Student Aid (for U.S. citizens or eligible noncitizens)
Any eligible student, regardless of income, who wants to be considered for federal, state, and university financial aid programs, including grants, scholarships, work-study funds, and loans, must apply for aid every year.
Colleges and career schools use the FAFSA form to determine how much financial aid students are eligible to receive, which could include grants, scholarships, work-study funds, and loans.
Whether students plan to study abroad for a semester or get their entire degree outside the United States, they may be able to use federal student aid to pay their expenses. The type of aid students can get—and the process they must follow—will depend on the type of program (study-abroad or full degree) they plan to enter. Their status as an undergraduate or graduate student also affects the type of aid for which they are eligible, just as it does at schools in the U.S. At many universities around the world, students can receive a federal student loan.
For more information: https://studentaid.gov/
Sources:
studentaid.gov/understand-aid/types (accessed on the 10 June, 2021)
https://studentaid.gov/ (accessed on the 5 March, 2024)
https://finaid.brown.edu/basics/financial-need-eligibility/need-blind (accessed on the 5 March, 2024)
Warning signs of scholarship scams:
● The organisation guarantees you will win an award as a result of paying a fee.
● The organisation sounds like a non-profit but has no traceable history.
● The organisation claims it will “handle all your scholarship applications” for you.
● The organisation requests banking or credit card information to “process your application”.
● The organisation requires an entrance fee.
Hurdle 1: I am not sure I qualify.
Solution: There are numerous scholarships available. Do your research and you will probably find a scholarship that you are eligible for.
Hurdle 2: I don’t know where to find scholarships.
Solution: There are resources everywhere to help you search, Unifrog, university websites, database below and your counsellors.
Hurdle 3: I am not sure how to begin my application.
Solution: Start by creating a document that describes who you are. Take notes on your character traits, accomplishments, leadership roles, extra and super-curricular activities, etc.
Hurdle 4: I don’t have enough time to work on applications.
Solution: Make time. Break down the process into smaller tasks and dedicate some time to these, every week. Find ways to reuse essays, recommendation letters, etc. for multiple scholarship applications.
Hurdle 5: I don’t know how scholarships are awarded.
Solution: Read the next following information.
Scholarships are awarded by:
• Foundations
• Corporations and labor unions
• Religious Organizations, clubs, and groups • Individuals
• Government
• Colleges and universities
Scholarships are awarded based on eligibility criteria:
Intended major
Where you live or your high school
Race, ethnicity, or religion
Type of college / university
Physical ability, disability, or disease diagnosis
Your job
Academics
Essay responses
Talents
SAT: Some universities might consider strong SAT grades in addition to other aspects.
Scholarships reward your character traits:
Talents
Ambitions
Responsibilities
Honesty
Goals
Leadership skills
Hurdle 6: There are scholarship scams!
Solution: Read about the warning signs of possible scholarship scams in the section above.
Most common costs
Some of the most common costs are:
The cost of taking courses. Course costs vary by school.
Accommodation and food costs vary by institution or location.
Books and certain subscriptions might not be included in the university fees.
Fees depend upon your school. Examples include activity fees and parking fees. Schools can provide a list of fees.
This category might include
a computer and printer;
reading lamps;
a microwave and refrigerator; and
sheets, towels, etc.
If you commute to school, include transportation costs.
If you live on campus, include travel during school breaks.
You may also want to include clothing and mobile phone costs.
Strategies to lower costs
Here are some suggestions on how you might be able to lower the cost of college. For many of these suggestions, you’ll want to follow up with the colleges or universities you are interested in to get additional details.
Set a budget and stick to it! Having a budget will help you compare anticipated college or university expenses against your potential available income and financial aid. You also can use a budget to compare costs between different schools.
College or university costs can vary significantly and there are many universities and colleges with affordable tuition and generous financial assistance. Make sure to research all schools that may meet your academic and financial needs.
You may be able to get school credit based on your IB subjects, and you can reduce your course work to reduce costs.
Ask your school whether it’s possible to “test out of” any classes. If you don’t take a class, you may not have to pay for the credits.
Some colleges give credit for life experiences, thereby reducing the number of credits needed for graduation.
Most schools charge a set price for a specific number of credits taken in a semester. If academically possible, take the maximum number of credits allowed. This strategy reduces the amount of time needed to graduate.
Some schools offer combined degree programs or three-year programs that allow you to take all of the courses needed for graduation in three years, instead of four, thereby eliminating one year's educational expenses.
Colleges and career schools may offer discounts on tuition if:
you are a child of an alumnus or alumna (i.e., if your parent went to the school);
more than one family member is enrolled at the school;
you are a student government leader or the editor of the college newspaper or yearbook;
you are an older student;
your family’s main wage earner is unemployed; or
you or a member of your family works at the college/university.
Housing costs can add up. Here are some tips for reducing your housing costs:
If you go to a college or university near home, consider living with your parents or other family.
If you live off-campus, consider sharing a house or apartment with multiple housemates to cut down the cost of rent, and carpool to save on gas and parking.
Most colleges and universities sponsor resident advisor programs that offer reduced tuition or reduced room and board costs if you work in a residence hall.
You may be eligible for health care benefits including the following:
Most young adults can stay on their parents’ family plan until they turn 26, even if they are married or still living with their parents.
You can work part-time to pay part of your costs. Be sure your work and school schedules don’t conflict and that you have enough time for studying (and be mindful of the legal aspects to ensure that you are allowed to work on a student visa, if applicable). Here are a couple of options:
Cooperative education programs allow students to alternate between working full-time and studying full-time.
Most schools have placement offices that help students find employment and personnel offices that hire students to work on campus.
Taking small steps can add up. For example, you can lower the cost of textbooks if you buy used books or rent textbooks (if you won’t need the books once you finish the class).
Source:
studentaid.gov/resources/prepare-for-college/students/choosing-schools/consider-costs (accessed on the 10 June, 2021)
Welcome to our database of scholarships and financial aid options in different countries, for prospective undergraduates. While this collection aims to provide a comprehensive list of available opportunities, it's essential to note that the landscape of financial assistance is vast and ever-evolving. This database represents known scholarships and aid programs, yet there might be additional opportunities beyond this compilation. We encourage students to explore various sources and stay updated on potential avenues for funding their educational journey. A listing here does not mean that VIS endorses these organisations/programmes. You are strongly advised to conduct your own research.