Federal Parent Loan For Undergraduate Students
A Federal Direct PLUS Loan is a low-interest loan available to parents of dependent students. The lender is the U.S. Department of Education, rather than a bank or other financial institution. PLUS loans enable parents with good credit histories to borrow up to the cost of education minus any financial aid per year for each child who is enrolled at least half time and is a dependent student.
Whats The Difference Between A Need Based And Merit Based Scholarship
The primary difference is that a need based scholarship will be taking into account a students financial situation and will focused on supporting the students who need financial support the most. A merit based scholarship will be focused on supporting students with specific talents or merits as defined by the scholarship committee.
Merit scholarships typically assess students based on a variety of factors, including GPA, test scores, extracurricular activities, and internships. Keep in mind that many scholarships use a combination of need and merit-based qualifications to choose their recipients. So, as a student applying for need-based scholarships, youll have a better chance if you earn good grades and test scores.
Will You Qualify Apply And Find Out
Trying to predict whether youll receive financial aid isnt easy. You can only find out for sure by completing the applications, which we strongly encourage you to do. But, using the MyinTuition calculator may help you get a general idea of whats possible.
The following need-based scholarships vary in amount and eligibility is based on demonstrated financial need and other factors. Selection criteria may also include the availability of funds for your program of study.
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Other Need Based Grants
There are three more government programs that offer need-based grants as well as many need-based grants available from corporations or organizations.
Students who receive Pell Grants, but have exceptional financial needs, also may qualify for the Federal Supplemental Educational Opportunity Grant . This program awards students between $100 and $4,000 a year, depending on their EFC and the college they expect to attend.
The government also awards grants of $750 to $1,300 to freshmen and sophomores from the Academic Competitiveness Grant. Juniors and seniors majoring in math and science could qualify for up to $4,000 a year in the National Science and Mathematics Access to Retail Talent Grant.
There are several grants offered by businesses and organizations that are aimed at need-based students, but most have conditions attached.
For example, the Families of Freedom Scholarship Fund has handed out $115.9 million in need-based aid from 2002-2015, but you had to be a child, spouse or domestic partner of someone killed in the 9-11 tragedy.
The Jack Kent Cooke Foundation offers awards of up to $40,000 a year to need-based, high achieving students. The students must have limited family income, but show exceptional academic ability and achievement. They must have a 3.5 GPA or higher a score of 1200 or above on the SAT or a 26 and above on the ACT.
4 Minute Read
Body: Your Financial Situation And Hardships
Dive into the details. How are you currently planning to pay for college? The idea here is to show that you and your family have made a good-faith effort to earn enough money to pay your tuition, but that it has simply not been enough.
Make sure you describe your parents occupation, any savings , and any student jobs. You might also discuss any sudden changes in fortune that have ruined your original financial plans.
As immigrants with limited English, my parents have had to accept low-paying jobs. My father is an Uber driver, and my mother is a housekeeper. They earn just enough to pay our rent and put food on the table, so Ive always known they could not help me pay for college.
So Ive been proactive about earning and saving my own money. Since age 11, Ive worked odd jobs . At age 16, I started working at the mall after school and on weekends. Through all these jobs, Ive saved about $3000. But even with my financial aid grants, I need to pay $8000 more per year to go to college.
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Briefly Describe Your Financial Need For This Scholarship
I am in need of financial assistance in order to attend college because I am a low-income student. I am the 1st child to attend the college. Although my parents gave me many supports, I received a limited financial assistance due to low family income. To reduce family burden, I took out student loans to pay for my tuitions. Meanwhile, I am working 19 hours per week on campus to support myself. However, with the increasing tuitions this year, I am facing more challenges on financial need. As a senior in Petroleum Engineering, I wish to spend more time on my major courses because these courses are cores of my major and crucial in my future career. Unfortunately, financial burden may lessen my time on mastering the courses. Therefore, I would greatly appreciate a helping hand so that I can successfully obtain my engineering degree.
Awarding this scholarship will make great contribution to my study in Louisiana State University. This scholarship would allow me to work less and focus more on my studies. Meanwhile, this scholarship will support me to do more on community service and explore my potential in assisting the needs of people. Furthermore, receiving this scholarship will give me more opportunities to attend the conference and expose to newly developed technology. Additionally, awarding this scholarship would further motivate me to pursue academic excellence
Original Source: Essay Forum
How To Find Outside Awards
Use these resources to find outside award opportunities:
- College Board: The College Board has launched a scholarship program with $5 million in scholarships offered each year.
- Fastweb!: Create a personalized profile that can be matched against a database of more than 1.5 million scholarships totaling more than $3.4 billion, and get notifications of new scholarships and approaching deadlines.
- Scholarships.com: Search scholarships from nearly 3,000 sources, potentially worth up to $3 billion.
- CollegeScholarships.org: Search for scholarships and grants from many different sources, and find information on both federal and private financial aid sources.
- UNIGO: Find scholarships that match your hobbies, interests, and academic background in a database of 3.6 million awards worth over $14 billion. Gain tips on finding and applying for scholarships and download scholarship applications.
- GoodCall Scholarship Directory: Search for scholarships by a variety of key categories using GoodCalls free scholarship matching platform.
- Scholarship Search by SallieMae: Access more than 5 million awards worth over $24 billion and get notifications when new scholarships become available.
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What Are The Benefits Of Need
Need-based scholarships carry several significant benefits compared to merit-based scholarships. They:
Since merit-based scholarships do not consider a studentâs financial situation, they are often awarded to students whose families could pay for a college education themselves. Need-based scholarships are more likely to be the difference between attending college and being unable to afford it.
Students who grow up in poverty may lack opportunities presented to their wealthier peers, which can impact their eligibility for merit-based scholarships. For example, a student whose parents cannot afford private sports coaching and travel to away games may be less likely to receive an athletic scholarship. Similarly, students who attend under-resourced schools or have unstable home environments may not perform as well academically because they lack essential support. Need-based aid, therefore, is more likely to promote equity.
Changing life circumstances can have a major impact on a studentsâ performance both academically and in their extracurriculars. Since continued funding from merit-based scholarships often depends on outcomes, they can become a significant source of stress for students facing unexpected challenges.
Who Says There’s No Such Thing As Free Money
- Individuals, companies , charities and other groups sponsor scholarships, each with its own criteria, including grades, extracurricular involvement, volunteer work, athletics, awards or financial need.
- Bursaries are another form of smaller cash donations given to students who require the financial help to attend school. The amounts may be determined based on the extent of need, and don’t need to be paid back after graduation. A good indicator of whether or not you are eligible for bursaries is to determine if you are eligible to receive student loans.
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Menu Guides And Resources
Harvard College Admissions Office and Griffin Financial Aid Office
86 Brattle Street
If you are located in the European Union, Iceland, Liechtenstein or Norway , please for additional information about ways that certain Harvard University Schools, Centers, units and controlled entities, including this one, may collect, use, and share information about you.
State Government Scholarships & Grants For College
States also award financial aid including grants, tuition waivers, loans and work-study programs. More than 92% of state-awarded financial aid were grants and 70% of those were need based, although they may take into consideration race or performance as well. States spending on need-based grants rose to $7.8 billion in 2015, a 76% hike over the last decade.
Most states will determine your eligibility using your FAFSA, but some states have their own application. Your schools financial aid office has information about state programs and should be able to direct you to the separate application, if needed.
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Hubertus Wv Willems Scholarship
The Hubertus W.V. Willems Scholarship for Male Students is awarded annually to a male, US citizen who attends an accredited institution in the U.S. and is majoring in Engineering, Chemistry, Physics, or Mathematical Sciences.
The maximum Scholarship Award is $3,000.00. To be eligible for the scholarship applicants must demonstrate financial need based on the federal poverty guidelines.
Now Reuse That Same Essay To Apply For More Scholarships
Now that youve written a killer financial need scholarship essay, you have one of the most common scholarship essays ready on hand, to submit to other scholarships too.
You can to get a personalized list of hundreds of scholarships matched to your profile. You can even save essays to reuse in more than one application.
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Scholarships Based On Financial Need
How to Apply
Complete Admission Application by Feb. 1
Complete FAFSA by Feb. 1
Complete the admission application and the Free Application for Federal Student Aid by Feb. 1 and we will consider you for any need-based Scholarship offered through the University Office of Scholarships and Financial Aid.
Many scholarships are awarded based on Financial Need. These scholarships require completion of the Free Application for Federal Student Aid . All Need-based scholarships are awarded for one year only, but students may reapply each year.
White Collar Defense Diversity Scholarship
The scholarship program is open to all African American and Hispanic undergraduate, and law school students as well as incoming college freshmen. The candidate must be in good academic standing with a minimum cumulative GPA of 3.0 or higher. Candidates must have a demonstrated financial need. The scholarship is worth $500. The deadline open uptil September 30, 2021.
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Scholarships And Grants From Outside Harvard
Like many of our students, you may receive scholarship funds from sources outside Harvard, such as secondary schools, civic organizations, your parental employers, corporations, the National Merit Scholarship Programs, VA Benefits, and the ROTC.
Since the intent of these awards is that they be used for educational purposes, you must report them to Harvard and apply them toward your college expenses. We will consider your outside awards as a part of your overall financial aid funding.
Funds from outside awards are incorporated into your financial aid package in two steps:
- First to replace the term-time job expectation.
- If you have outside awards that exceed your term-time work expectation the remaining amount would replace an equal amount of Harvard scholarship.
Since outside awards are additional resources that reduce your financial need, they cannot be used to replace your parent contribution.
How Do I Qualify For Financial Need
There are two factors that determine whether you may qualify for a financial need-based scholarship. The first is your familys income. The lower your familys income is, the more likely you are to qualify for a financial need-based scholarship. In most cases, your family must fill out the Free Application for Federal Student Aid in order for schools to access your familys income information and consider you for financial need-based scholarship. However, many financial need-based scholarship recipients also receive aid after filling out and qualifying for the Pell Grant. Wondering whether youll qualify for the Pell Grant? The bulk of Pell Grants are awarded to students whose families earn $20,000 or less annually, though students whose families earn less than $50,000 annually also qualify for Pell Grants. If you qualify and/or receive the Pell Grant, chances are, youll qualify for other financial need-based scholarships.
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Example : Describe Your Financial Need In 100 Words
This essay is even shorter than the financial need statement. It may be one of several short answer questions you need to fill out. Working with 100 words is tricky. That only leaves room for about 7-10 sentences, depending on length. Make compelling statements using the fewest words possible.
Also note that grammar errors and misspellings will be much more noticeable in this short essay. Carefully proofread your writing before submitting the scholarship application.
I dropped out of high school when I was 15 because I got pregnant with my first child. After that, I had two more children by the time I was 20, and all four of us shared a one-bedroom apartment. I worked three jobs to keep the bills paid, but I never made much money. When my oldest went to high school, I decided to do the same. I got my GED at 29 and enrolled in nursing school. My financial status has improved now that I have a GED, but Im still a single mom with three kids. I want to become a registered nurse to better my life and give my children a stable future. I appreciate your consideration.
Word Count: 121
How To Find A Scholarship
Generally, scholarships and fellowships are reserved for students with special qualifications, such as academic, athletic or artistic talent. Awards are also available for students who are interested in particular fields of study, who are members of underrepresented groups, who live in certain areas of the country or who demonstrate financial need.
The best way to find scholarships or internships is to use a personalized search, like Fastweb, that compares your student profile with a database of awards. Only those awards that fit your profile are identified as matches. Fastweb has the largest, most accurate and most frequently updated scholarship database.
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Peo International Peace Scholarship
Applicants must be qualified for admission to full-time graduate study and working toward graduate degrees in an accredited college or university in the United States or Canada. Students who are citizens or permanent residents of the United States or Canada are not eligible. Scholarship value amounts to $12,500.
International Or Rural Based
Grace Hannah Chellam Scholarship
Awarded annually on the basis of financial need to a MSW or PhD student with a special interest or specialization in the area of international social work. Applicants must meet OSOTF requirements.
Ontario Student Opportunity Trust Fund
Awards are restricted to applicants who meet the provincial governments funding guidelines concerning financial need and Ontario residency .
PPEF-Dollars for Global Scholars
To be awarded to an international student in the PhD program at the Factor-Inwentash Faculty of Social Work.
The Council of Friendship Fund
One or more awards to a student whose intention is to specialise in work related to newcomers to Canada and their problems as new Canadians.
The Edward Johns Urwick Memorial Scholarship
Awarded to students, preferably from a rural community, on the basis of merit and financial need.
The Yip Scholarship
To be awarded to an international PhD student from China who is studying full-time at the Factor-Inwentash Faculty of Social Work, University of Toronto. If in any year there are not students who meet these conditions, other international students from the Factor-Inwentash Faculty of Social Work may be considered.
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Types Of Student Loans For 22
Federal Direct Subsidized Stafford Loan
- To be eligible, you must be a US citizen, permanent resident or other eligible noncitizen and must complete the Free Application for Federal Student Aid
- Maximum amounts: $3,500 for first-year, $4,500 for sophomores, and $5,500 for juniors and seniors.
- Need-based loan with interest paid by the federal government during enrollment, grace and deferment periods.
- Interest rate is based on the 10-year Treasury bill plus 2.05 percent. Interest is capped at 8.25 percent.
- Loans are variable fixed, meaning borrowers would receive a new rate with each new loan, but then that rate would be fixed for the life of the loan.
- Interest rate fixed at 4.99 percent for 2022-2023, with 10 years to repay.
- Net origination fee of 1.057 percent is included in the loan amount.
- Repayment begins six months after the student graduates or drops below half-time enrollment.
Federal Direct Unsubsidized Stafford Loan