Paying for college with grants and gifts --
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Bankrate.comPrivate
college grants. Choosing an independent institution of higher learning
doesn't have to mean forgoing state aid. Special need-based grant programs may
apply to in-state private universities. Conditional
grants. Meet the stated obligations, which may include maintaining a certain
grade point average, and these grants are simply gifts. But for those who don't
meet those requirements, these gifts become loans. Special
purpose programs. Looking at nursing or teaching? These and other occupations
with an employee shortage have been the impetus for some state programs that provide
reduced, or even free, tuition for students planning to enter the field. Special
purpose programs may also be geared toward veterans, parents or spouses of people
killed or disabled during service to the community or country, and other groups.
Higher education vouchers. In 2004, Colorado
became the first state to authorize this type of system. Under the College Opportunity
Fund program, money traditionally used to subsidize tuition at state colleges
goes directly to students as a stipend and can be used at the private or public
institution of choice. The program was implemented, in part, because students,
particularly low-income students and minorities, often went unaware of the state's
potential contribution to their college education. In addition, colleges now have
to compete for the state funds by making their programs and services attractive
to students.Tuition discounts for in-state education.
Attending an in-state public institution can save big bucks. And students not
currently living in the desired institution's state are not necessarily out of
luck. Requirements to qualify for that in-state
rate vary from state to state, but may be defined as anything from living
in the state for a year to simply getting a driver's license there or even purchasing
a home in the state. Home-tuition pricing. Using
an in-state benefit doesn't have to mean actually being a resident in that state.
Through agreements between individual colleges, some students may only have to
pay their own state's resident tuition when they attend college in another state.
Tuition waivers. Likewise, out-of-state
students may qualify for a tuition waiver. These waivers, allowed by some states
and awarded at the institution's discretion, mean reduced tuition for non-residents.
Reciprocity agreements. These deals allow
some students to attend school out-of-state at reduced tuition rates and may be
offered either by states or individual institutions. The rate is typically higher
than the in-state resident rate but lower than what out-of-state residents pay.
Often the incentive for institutions is less pressure to maintain separate programs
in some fields of study. Because reciprocity deals are often between neighboring
states, a student living near a state border may find it's practical to attend
the closest college to home, whether or not it means crossing that border. Different
deals may apply, depending on what college is chosen and enrollment status. Washington
state residents, for instance, can pay in-state tuition at Oregon community colleges
or at Portland State if they take eight or less credits a semester. In some states,
both public and private institutions participate in reciprocity programs. The
programs are often administered by regional consortiums, such as the Southern
Regional Education Board's Academic Common Market, the New England Board of
Higher Education's New
England Regional Student Program, the Western
Interstate Commission for Higher Education's Student Exchange Programs and
the Midwest
Higher Education Compact's Midwest Student Exchange Program.
How
to get it
To apply for most state loan, grant and
scholarship programs, look no further than that trusty Free Application for Federal
Student Aid, or FAFSA, form. The U.S. Department of Education forwards the information
on FAFSA applications to the state student assistance agency in any state where
the student is applying. And don't miss those deadlines, or the state aid may
be gone.
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