What grants and scholarships are available for college?

I'm starting to look at colleges and I'm a bit overwhelmed by the cost. What types of grants and scholarships can I apply for to help with tuition? Are there any specific ones I should know about?

Understanding how to finance your college education can feel daunting, but luckily there are several types of scholarships and grants that you can consider:

1. Federal and State Grants: When you complete the Free Application for Federal Student Aid (FAFSA), you're automatically considered for several types of grants based on your financial need. The largest of these is the Federal Pell Grant, which does not need to be repaid. The amount can change yearly, but for the 2024-2025 academic year, the maximum Pell Grant was $7,395. Some states also have their grant programs, so it's a good idea to look into what's available in your area.

2. Institutional Grants and Scholarships: Most colleges offer their scholarships and grants. These often depend on a mix of financial need (determined through your FAFSA or CSS Profile) and merit factors. For instance, Harvard’s grant aid is based on family income and assets. Families earning less than $65,000 annually are not expected to contribute to their child's education.

3. Private Scholarships: These are offered by private organizations such as businesses, nonprofits, and clubs. They can range from small, one-time amounts to large, renewable awards. Some of these may require you to write essays, create a project, or meet certain eligibility criteria like race, gender, or field of study. For example, the Coca-Cola Scholars Program awards 150 high school seniors each year with a $20,000 scholarship.

4. Competitive Scholarships: These scholarships typically involve some level of competition, such as an essay contest, art competition, or science fair. Take, for instance, the Regeneron Science Talent Search, a prestigious STEM competition that awards up to $250,000 to the top student researcher.

5. Career-Specific Scholarships: There are also scholarships designed for students pursuing a specific career path, such as nursing or education, where there's a high demand for new graduates.

I always recommend starting to look for scholarships early and applying to a diverse range of opportunities. Not all scholarships are going to offer a full ride, but each one can help reduce your overall college costs. Good luck!