5. Financial Aid Overview
b. Types of financial aid – Gift aid
This is the best type of financial aid because Gift aid is free money that students do not pay back. Gift aid includes scholarships and grants and is awarded based on merit, financial need and/or unique attributes, such as being the first one in your family to go to college.
Scholarships
Awarded for a variety of reasons, scholarships do not need to be repaid. Scholarships are offered by a seemingly infinite number of sources.
Most scholarships require that you fill out an application and prepare an essay. Some may also require you to complete the FAFSA. The more you apply, the better your chances of getting a scholarship. Check out our scholarship workbook for more tips on organizing your scholarship search at www.collegeinvest.org/workbook.
Places to look for scholarships:
- High school counseling office
- Your chosen college
- Where you or your parents work
- Community organizations, like Rotary clubs or foundations
- Library
- Online - CollegeInColorado.org offers an easy-to-use search tool with links to other resources such as Fastweb and Finaid
Scholarship search tips
- Start your scholarship search locally in your neighborhood and expand from there. Typically, there’s less competition for local scholarships.
- Be sure to NEVER pay for a scholarship search!
- Don’t give up! Apply for numerous scholarships to increase your chance of success. Remember, the more you apply for, the more likely you are to receive one or more.
- Get CollegeInvest’s Scholarship search workbook at www.collegeinvest.org/workbook.