Scholarships and Grants

When you think about college or any post-secondary path, three big questions usually pop up:

• What do I want to do?
• Where do I want to go?
• How much will it cost?

That last one can feel intimidating, but it doesn't have to stop you from chasing your dreams. One of the best ways to bring the cost down? Grants and scholarships, a.k.a. free money for your education.

What's the difference between a grant and a scholarship, and how can you qualify for some of that sweet free money?

Grants: Grants are usually based on financial need, determined when you fill out the Free Application for Federal Student Aid (FAFSA). They're funded by federal and state governments, as well as colleges and universities. Many grants are renewable, meaning you can get them year after year -- just remember to file your FAFSA every year to stay eligible.

Scholarships: Scholarships, on the other hand, are more often tied to something about you; your achievements, your activities, your background, or your future goals. That could mean high grades, community service, a specific career interest, or even quirky criteria like graduating from a particular high school. Because scholarships come from donors, businesses, organizations, and foundations, the rules and eligibility requirements vary widely.

And yes, some are delightfully unexpected -- like the Greeting Card Scholarship, which gives $1,000 to $10,000 to the student who designs the most creative card.

How to Maximize Your Free Money

Create a scholarship profile to find scholarship that match you. Apply early and often. You can submit as many scholarship applications as you can manage. The more you apply, the better your odds.

Do your homework. Read the requirements carefully, make note of deadlines, and tailor your applications to what each scholarship is looking for.

Bottom line: Whether it's a need-based grant or a merit-based scholarship, free money helps keep student loans low and your future options wide open.