Other Sources of Financial Aid
While student loans have to be repaid, you may be able to get some financial aid that does not have to be repaid. This may come in the form of a grant, scholarship, or work-study program.
Grants and scholarships
These sources of aid do not have to be repaid, so you should apply for any grants and scholarships for which you may qualify. Grants are usually based on economic need, and scholarships may be based on academic achievement, economic need, or extraordinary skill in sports or the arts. However, some scholarships are open to almost anyone who applies. No matter how qualified you are, the competition for scholarships and grants will be intense. You will need a lot of skill and a little luck to win most of these awards, so while you should apply, you should not count on getting a “free ride” for your college education.
Ask your financial aid officer about any scholarships offered by your school for which you may be eligible. While many scholarships are awarded to incoming freshman, some are open to students in later years of study. To research scholarships and learn how to apply, check out these sites:
Work-study
Colleges will sometimes award Federal Work-Study as part of financial aid. Work-Study students hold jobs offered through the school to help pay for some of their education and living expenses. Students selected for work-study are typically those with greater financial need. For information on work-study programs in your school, contact your financial aid office.
Employer education assistance
Your employer may provide you with up to $5,250 in employer education assistance benefits for undergraduate or graduate courses tax-free each year. The benefits must be used for tuition, fees, books, supplies, and equipment. Payments above $5,250 may also be tax-free, if they represent a working condition fringe benefit. This means that if you had paid for the expenses, you would have been able to deduct them as an employee business expense. If you work, ask your human resources department if they offer tuition reimbursement benefits.
