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Tools to help you borrow better
One of the best ways to help finance your college education is to get scholarships. A scholarship is money awarded to a student based on need or academic or athletic ability. The best thing about scholarship money is that unlike a loan, you don’t have to repay the money after your child has completed his degree.
A good place to start looking for scholarships is with your high school guidance counselor. Guidance counselors should be able point you in the direction of local, regional and national scholarships. Depending on the kind of scholarship, your child may be expected to submit an essay or information about academic achievements and community service.
If you have already been accepted to one or more colleges, ask about what scholarships are offered for prospective students. Often colleges will have special scholarships for the children, grandchildren or relatives of people who have graduated from that institution. There are also scholarships for students from certain states or cities. Work with the college’s admissions office to learn what scholarships may be available to your child.
You can also keep your eyes peeled for scholarship announcements offered by your local newspaper and companies and corporations in your area. You may think that a local scholarship might not be as important, but don’t forget that the fewer people that apply, the higher your likelihood for actually being awarded the money. And don’t think that because a scholarship is only for a small amount you shouldn’t apply. Every bit helps, so even if you get a scholarship for a few hundred dollars, think of it as books you won’t have to pay for.
Another good resource to look into is an online scholarship database. These can be great resources for finding scholarships, and you may even be able to have e-mails sent to you when new scholarship opportunities become available.
Step 2: Public or private college?
Next step: Applying for financial aid.