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The Sallie Mae survey found that the average family covers 25% of college costs with scholarships and college grants. Scholarships and grants provide funds for college that don't need to be paid back.
A majority of college students–60%–rely on scholarships to pay for their college education. Scholarships are often known as free money since they don’t have to be paid back.
Very few people can afford to pay for a college education in full. In fact, according to the National Center for Education Statistics, 85% of students receive financial aid. This includes taking ...
Scholarships may have a financial need component but rely on other criteria as well. Some private need-based awards are confusingly called scholarships and require the results of a FAFSA (the family's EFC). However, scholarships are often merit-based, while grants tend to be need-based. Some examples of grants commonly applied for in the U.S.:
Getty Images Gwen Thomas started preparing her son for college when he was just 13. Today, after helping him net $500,000 in scholarships for a higher-education experience that spanned some 30 ...
A creative combination of scholarships, grant funding, work-study programs, and tuition-free degree programs may even equate to a low-cost or “free” option. 1. Apply for grants and scholarships
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