EXPERTS LANE n FINANCIAL LITERACY
Want Free Money for College ? Learn to Speak the Lanuge
By Professor Laura Dorsey
If you were to travel to a foreign country where you did not know how to speak the language , it would be difficult for you not only to communicate , but to be successful . Well this same premise could be used when it comes to searching for scholarships to attend college . Roger Bacon said , “ Knowledge of languages is the doorway to wisdom ”. And knowledge of the financial language of the scholarship world is essential for success of parents and students desiring to attend college . This column will provide you with some of the basic financial language necessary to navigate this new world .
Everyone wants money to help them attend college . There are many types of scholarships , ( all do not require that you have outstanding grades ) and many different organizations that provide them . Each scholarship provider has its own application and its own rules to decide who can get its scholarships . Your job is to speak the language and find the scholarships for which you think that you might qualify . Remember , there is no ‘ secret ’ scholarship money out there , you just have to know how to speak the language .
Each year , an estimated $ 46 billion in grants and scholarship money is awarded by the U . S . Department of Education and the nation ' s colleges and universities . Here are a few of the words that will help you navigate the financial literacy world of Scholarships :
• Grants & Scholarships : The term grants and Scholarships are ofttimes used interchangeable , but there are usually differences between the two : Most grants are need based . This means that they are awarded based on you or your family ’ s financial situation . Most scholarships are merit-based . This means that they are awarded to students with certain qualities , such as proven academic or athletic ability . Many scholarships have rules such as GPA or test scores required .
• Pell Grants : The Pell Grant Program is the single largest source of financial aid in the United States , handing out well over $ 30 billion annually to students . The maximum Pell Grants for the 2018-19 award year is $ 6,095 . The class 2017-18 left as much as $ 2.3 billion in free federal grant money for college on the table .
• Colleges : Many colleges offer grants and scholarships to their students . They may be merit or need based or both . Check with the college ’ s finance office .
• Private Organizations : Many companies , community organizations and clubs sponsor grants or scholarships . Examples are parent ’ s employers or labor unions , religious centers , NAACP , Boys & Girls Clubs , Rotary Clubs , Lions Clubs .
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Make no mistake about it , winning scholarships is competitive . You are not just competing against yourself , but you are also competing against every other person out there who is scrambling to pay for college . It can be discouraging , but don ’ t let the process discourage you . This is as much a test of endurance and willingness to commit to a long-term process . And the best way to pass the test is to understand the language . n
The information is provided by Laura Dorsey , S E Regional Vice President of the Infinite Scholars Program . For more info visit infinitescholar . org Scholarship Fair coming to Central Florida January 2019 .
6 IBA Success Magazine n VOL 4 , Issue 5