Attention shoppers: Need school money? - Brief Article

Airman, Sept, 2001 by Tech. Sgt. John B. Dendy IV

When there's some $1 billion in free student aid, it's time to go shopping

More than $1 billion in free student financial aid awaits qualified applicants, and you may find financing school today as common as financing an auto.

Few, if any, college scholarships toss in a free sport utility vehicle so an airman's child can tool around campus while facing the school's readin'-'ritin'-'rithmetic rigors. However, people can "kick the tires" on college finance sources for the best deals.

Most of that billion dollars in scholarships funnels through the Department of Education, financed by taxpayer dollars to keep America intellectually competitive. That federal department wants all aid distributed, so they make things easy for people. This situation creates good ground to root through for school money.

At a minimum, you should know some basic definitions before fund shopping, starting with the terms "undergraduate scholarships" and "graduate fellowships." These are forms of aid that help students pay for their education and don't have to be repaid.

Thousands of scholarships and fellowships from many sponsors are awarded each year. Generally, scholarships aid students with any of the "three A's": special academic, athletic or artistic talent. Awards are even available for potential college pupils interested in certain fields, members of underrepresented groups, people living in specific areas of the country and those demonstrating financial need.

The Scholarships for Military Children program, for example, is just for service member families. High school students of active duty, reserve component and retired service members can win awards worth at least $1,500 each. It's co-sponsored by the Defense Commissary Agency and the Fisher House Foundation.

"The scope of this program makes it one of the largest, if not the largest, scholarship programs available exclusively for military children," reported Jim Weiskopf, the Fisher House's scholarship program administrator.

Applications and information will be available by Dec. 1 through commissaries and the Web site: www.commissaries.com. Applications must be returned to the student's local commissary before Feb. 15, 2002.

In addition to scholarships, other types of financial aid exist such as federal grants and work-study. Many students combine these aid sources to finance their educations.

Students who receive scholarships and grants often need more manetary help.

Educational loans are an added money source, but must be repaid with interest.

The main loan options are:

* "student" loans (also called "Stafford Loans" and "Perkins Loans")

* "parent" loans (known as "PLUS")

* "private" loans (termed "alternative")

Many people go the loan route. The reasons are as varied as the number of loans. Attending a commercial test pilot school will cost at least S 100,000 a year, making fees at Harvard seem like buying a pre-owned car.

Once you know these definitions, it's time to search for aid. The Air Force family has financial sources available to mainstream scholarship shoppers including scholarships from officers and noncommissioned officers spouses clubs, Noncommissioned Officers Association; Retired Officers Association, Air Force Sergeants Association, Air Force Association, Air Force Aid Society, Defense Commissary Agency (see above) and others.

Sources for financial aid help

Luckily, sources of scholarships and grants are listed on the Internet for industrious consumers who may be low on cash and don't know the differences between GI Jane, GI Joe and the GI Bill yet. Try these:

* FastWeb Scholarship Search -- www.fastweb.com

* Department of Education's Student Guide -- www.ed.gov/prog_info/SFA/StudentGuide

* Department of Education Student Information Hotline -- 1-800-4-FED-AID

Anatomy of a scholarship application

If you've never tried to get a scholarship, there are a few things for which you should be prepared.

Let's say you want to apply for the Cmdr. William S. Stuhr Scholarships for Military Sons and Daughters. You request a scholarship package, and they send you the instructions. What next?

First of all, the next scholarship cycle is for 2002 high school seniors only. If this is your kid's profile, you're in luck. The grades from the student's junior year and the first half of the senior year must average in the top 5-10 percent of the class, with extracurricular activities and evidence of leadership potential documented. If this also describes your kid's case, then read on.

Remember, the applications must be returned by Feb. 15, 2002, or as soon as your child's school's first senior half-year is completed and the child has received his or her grades.

Most scholarships are lump sums paid over the college years. Each Stuhr Scholarship offers one award of $4,500, paid $1,125 annually for four years. But these and many other so-called "free rides" are anything but free. To maintain eligibility for the Stuhr, their scholars must make the dean's list at least once during the critical first two school years.