Guidelines for Financial Aid in College

Extracurricular

Not all grants and scholarships are given to the straight-A student. Students with overall high grade point averages in high school and in college can win a variety of grants and scholarships to help them cover the cost of tuition and fees. Participation in one extracurricular activity that contributes to the development of the individual student, community and the wider world can be a deciding factor to many financial aid committees. Leadership in areas from athletics to student council also is considered. Capitalize on your athletic, volunteer or club experience to help you get scholarships and grants.

In general, grades are an important part of the eligibility criteria for receiving grants and scholarships. You may be required to maintain a certain grade point average after receiving financial aid to remain eligible for it throughout college. Often a 2.5 or 2.75 grade point average is the minimum for winning or keeping a scholarship. Some scholarships require higher GPAs depending on their focus. For example, the Top 10 Percent Scholarship Program (available to Texas students who graduate in the top 10 percent of their high school class) requires recipients to maintain a 3.25 GPA during the time they receive the scholarship. In contrast, students who want to be considered for athletic scholarships at the college level should have a high school of at least GPA of 2.0 in their core subjects before they register with the NCAA Clearinghouse.

Many scholarships, grants and loan programs take into account financial need. They look at both your finances and your parent's finances to determine eligibility and the amount offered. Each financial aid organization has its own guidelines on income. Federal loan programs, for example, require students to fill out the Free Application for Federal Student Aid (FAFSA), which is available online (see Resources). It seeks information about their household incomes, assets and liabilities, household size, number of students in college and other financial factors. Loans from the federal government are either subsidized (the interest on the loan is paid while you are in school) or unsubsidized (you are responsible for the interest but you do not have to pay it while you are in school).

Students who apply for scholarships and grants should have a good idea of their career path. This is not to say that you have to declare a major upon entering college, but it helps to have an clear idea. Many scholarships and grants are restricted to students studying certain subjects. The same is also true of some loan-forgiveness programs that help students returning to school for a second certification or degree. For example, the federal Stafford Loan Forgiveness Program for Teachers helps teachers who work for five consecutive years in a school serving low-income students to pay off their federal student loans by canceling loan amounts up to $17,500.