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Easy Scholarship Money May Not Be Enough - Here Are Ways To Cope

Every year, over 2 million students vie for easy scholarship money that becomes harder to come by as domestic and international economies have yet to recover from the slump. For a private institution giving out 5 scholarships annually, more than 200,000 students vie for a chance. Competition is indeed stiff.

Author: Anne Jones
Date: Jan 26, 2010 - 7:10:27 PM

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Every year, over 2 million students vie for easy scholarship money that becomes harder to come by as domestic and international economies have yet to recover from the slump. For a private institution giving out 5 scholarships annually, more than 200,000 students vie for a chance. Competition is indeed stiff.

But do scholarships really help? A random survey among parents and students showed that easy scholarship money has never been enough; in fact, it only pays a portion of the total school fees. Parents and students alike have to find other means on how to supplement this fund and carry on until the next year.

Ways to Cope There are several ways to cope, but the most common ones are the following:

  • The Federal Government's financial programs

  • Educational loans with private organizations.

Federal Stafford Loans are popular among students because they come with very minimal fixed rates and do not require payments while students are still in school. However, Stafford loans are not sizable enough to cover all school costs, and therefore the student or his parent has to seek further assistance, either by taking out a Federal Plus or seek assistance from private lenders, through alternative educational loans.

Federal Plus designed for parents seeking financial assistance for their child's college education may be sufficient to cover the child's total fees in school, on top of whatever easy scholarship money they may have availed of earlier. Federal Plus is on fixed rate and does not impose stricter requirements on parents availing for the loan; in fact, it does not require parents to come up to a certain level of income before they can qualify.

Private organizations or individuals wanting to "give back" to the nation, as part of their mission in helping the economy or to prosper growth among its citizens have designed several programs that can assist parents and students alike who are seeking help to pay for school. However, as some of these alternative loans may come with very minimum rates just to stay viable for more recipients in the future, others have turned their financial assistance programs into real cash cows with higher variable rates. You should avoid these types of loans, as more likely, you will end up having more problems in the future than when you started out.

Apply for scholarships and grants from your university and other institutions and avail of easy scholarship money that can go as high as $10, 000 dollars today. Finishing college is certainly making an investment for the future, and although most households cannot afford it without the aid of scholarships, it remains as one of the fewer investments in life that really pays handsome dividends - for life.

View all articles by Anne Jones

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