All students, regardless of income, can benefit from the low interest rate on federal student loans. Scholarships are the best way to finance your college education because you don't have to pay a scholarship back. Schools, foundations, businesses, civic and fraternal organizations offer scholarships. Merit-based scholarships acknowledge academic, athletic or artistic achievement, recognize civic participation or community service, encourage study in a specific field or encourage members of underrepresented groups to pursue higher education. Where to look The sooner you begin the financial aid search, the better.
Some scholarships require candidates to fulfill certain requirements over several years.
If you become familiar with a scholarship's requirements and begin working toward them, even as a high school freshman, you'll be that much better prepared when it's time to apply. A great place to look for aid is the Internet. Make appointments with financial aid officers at your prospective schools. Ask about deadlines and the forms you need to submit. It's also important to forge relationships with high school guidance counselors, college admissions or financial aid personnel who can provide information and advice about the best financial opportunities.