Funding a college education

When pursuing a higher education, the factor that determines everything is cost. Most students are aware of the benefits of attending college. According to a March 2007 U.S. Census Bureau press release, adults with advanced degrees earn four times more money than those with only a high school diploma. The problem is that even though there is an incentive to attend college, the immediate costs seem far greater. In 2006-2007, according the College Board, a nonprofit association that helps students obtain information about college, the average cost to attend a four-year private college/university was $22,218, and the average cost to attend a four-year public university was $5,836--and tuition steadily increases. It is estimated that students will pay $337 to $386 more for college tuition next year. Some students and parents believe that due to these increases a college education is unattainable, and hundreds of intelligent and industrious individuals do not make the most of their potential. The truth is that college can be affordable for many students when all options are explored.

THE OPTIONS

FINANCIAL AID!

Financial aid consists of scholarships, grants and loans, and work-study.

1. Grants and Scholarships: Grants are the very best form of financial aid that you can receive because it is almost always tax-free. Grants and scholarships are award allotments that do not have to be paid back. The difference between a grant and a scholarship is that a grant is awarded and a scholarship is generally earned. Scholarships are almost always awarded based on some form of merit, whether it is academic, athletic or community service-oriented. Grant money can be obtained from the federal government, state government and the university, whereas scholarship money is generally from a private organization or the university itself.

2. Loans: Private loans from a financial institution usually are obtained from a bank, school or private organization. In order to obtain a federal loan, parents/students must fill out a Free Application for Federal Student Aid (FASFA) form. The FAFSA is the federal application for financial aid. In order to apply for the upcoming year, Web applications must be submitted by June 30, 2008.

3. Work-Study: Federal work-study programs provide employment for students with financial need. This money can be used to help pay student living fees.

REMEMBER!

When looking for scholarships, loans and grants, there are fakes out there who will try to get money from you. Anytime you are asked for money in order to get money, be skeptical. When a scholarship asks for money up-front, requires an application fee, or guarantees recipient will get scholarship money, don't trust it. Legitimate scholarships do not charge an application fee, and they also will not require you to give personal information, such as bank account numbers or your Social Security Number.

PROTECT YOURSELF:

* Talk to a trusted source (college advisor, financial aid administrator, parents, etc.).

* Research the college to determine if it really exists.

* Trust your instincts. If you think it's a scam, it probably is.

If you believe you have been a victim of fraud, contact the National Fraud Center at 1-800-876-7060 or the Federal Trade Commission at 1-877-FTC-HELP.

www.uncf.org/scholarships/scholarshipSearch.asp

United Negro College Fund-sponsored scholarships, internships and fellowships for African-American students.

www.iefa.org

U.S. and international students who would like to study abroad, this site will show college scholarships and grant listings plus international student loan programs and other information about study abroad.

www.campuschamps.com

Student-athletes can receive information on "how to find a school, reach out to college coaches, apply for admission, get student aid, improve your game, and increase your chances to succeed both on the field and in the classroom."