How To Get College Funding For Low Income StudentsAttending college can be very expensive for any one, but especially for a student living in a low-income household. Fortunately, there are many programs to assist in this regard.
A scholarship is a monetary gift given to students to help them pay for college tuition, books, and residence. Each year, millions of dollars in scholarships are given away by private corporations, non-profit organizations, and local and federal government agencies. Typically, there is some type of academic contest that the student must participate in to win the funding, but in other cases the student is only required to complete an application and prove that he or she is dwelling in a low-income household.
To find scholarship opportunities, students should search online at web sites like Scholarships.com, Fastweb.com and BlackStudents.com (for African American students). They should also check with their local government agencies (city, county, and state), the local public library, as well as check with their teachers and guidance counselors in school.
Grants, similar to scholarships, are monies given to students that do not have to be repaid. Applying for a grant is usually a more sophisticated process, but can be just as helpful when paying for college. Such opportunities can be found online at Grants.gov, and can also be found within scholarship directories at the resources mentioned above. There are also programs that can be found online that provide research grants to college students, which can finance both their college tuition and the research project being conducted.
Student loans are offered by most banks, and are easy to qualfiy for in most cases - even for low-income applicants. The terms are usually that the loan does not have to be repaid until the student graduates college. Even then, the payment is usually only a reasonable amount each month. Of course, the lower the monthly payment, the longer it will take to pay off the loan and perhaps the higher the interest rate.
One major qualification for student loans is proof that the student has previously done well academically in high school. For more details about the process, you can inquire further at your local bank or credit union. You can also search online for online banks that may offer student loans.
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