For most students, student loan debt is unavoidable. However, there are ways to minimize the ultimate cost of a college degree, such as taking on a part time job or choosing a school with less expensive tuition. One important avenue students should pursue is scholarships, specifically state-sponsored scholarships.
It’s no secret that getting a college education can be expensive. About 41 million people currently have student loan debt, and together they owe $1.2 trillion.
For most students, student loan debt is unavoidable. However, there are ways to minimize the ultimate cost of a college degree, such as taking on a part time job or choosing a school with less expensive tuition. One important avenue students should pursue is scholarships, specifically state-sponsored scholarships. State scholarships are generally given to residents of a specific state who plan to attend college in that same state. To earn any of the scholarships listed, students must submit an application.
Here’s a look at five state-sponsored scholarships, a sample of their requirements and the amount of aid given to students who receive that scholarship.
Cal Grant A is one of many the state offers students. California students who are eligible for this scholarship can receive the following amounts for these schools:
Scholarship eligibility is based on income requirements, at least part-time college enrollment and a minimum GPA of 3.0.
Students can qualify for the HOPE scholarship in a number of ways.
The amount of the scholarship is dependent upon a student’s hours of enrollment and the type of institution they’re attending. Specific amounts can be found in this chart.
Students in New Mexico can qualify for this scholarship after they’ve attended an eligible college or university for one year. In addition, they must:
If students meet the above criteria, they are eligible to receive up to $2,519 per semester for up to seven semesters.
New York residents attending the State University of New York, the City University of New York and independent not-for-profit colleges may be eligible for TAP. To be eligible, students must:
TAP gives students up to $5,165, dependent upon year of study, financial status and the number of other family members enrolled in college.
Students eligible for the HOPE Scholarship can receive up to $6,000 at eligible four-year or two-year institutions with on-campus housing, or up to $3,000 at eligible two-year institutions without campus housing. To receive this scholarship, students must:
Andriotis, A. (2014, June 14). College Debt: How to Ease the Burden of Loans. Forbes. Retrieved July 29, 2014, from Forbes
Sheehy, K. (2013, September 10). Pay for College Without Taking on Student Loan Debt. U.S. News and World Report. Retrieved July 30, 2014, from U.S. News and World Report