Scholarships: What To Do When They Aren't Enough

So often we hear about the high school football or volleyball star who gets a "full ride" to the college of his or her choice. Or the math genius who gets to pick the school of his or choice, "all expenses paid."

But what does a “full scholarship” really mean? Does it cover everything from your tuition to the double latte needed to study late at night? And what if you’re one of the thousands of people who get varying degrees of partial scholarships, or decide to continue on to graduate school? How do you get money beyond the scholarship?

A full scholarship typically includes money for dormitory (or equal campus or off-campus housing), tuition and a meal allowance without a work-study requirement. Of course, there are other likely standards a recipient will be held to, like full participation in the sport he or she excels at, academic minimums and ethical behavior. Naturally, if a full scholarship is given for a specific major or field of concentration, the student will have to stay in it so as not to forfeit the funds.

Rising costs of tuition and housing have made it difficult for even those with full scholarships to make ends meet. Add to that the fact that outside activities (like sports) can drag out enrollment time beyond the typical number of years, and it’s no surprise that people with partial or full scholarships can find themselves short of cash.

Where to turn?

There are Pell Grants available from the U.S. Government - these are applied directly to school costs and do not require repayment. However, they are given only to those with great financial need, and can be few and far between.

Federal, state and private loans are the most likely candidates to fill in the gaps between scholarships and school costs.

By filling out a FAFSA (Free Application For Student Aid), you can apply for various Federal loans in one fell swoop. Most likely you will be eligible for a subsidized or unsubsidized Stafford Loan, or possibly a Perkins Loan. A Graduate Plus Loan is now available for those needing money to stretch out any scholarships or other federal loans.

Private student loans have to compete even harder for your dollars; thanks to easy comparisons you can do on the Internet and the number of banks who need to diversify their loan portfolios. A good loan company will provide competitive interest rates, discounts for electronic debit, discounts for on time, consecutive payments and excellent customer service.

Hopefully, you as a prospective student can obtain scholarships to cover all of your secondary education costs. But if you don't, the above options should help to fill the gap.

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