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Welcome to Knowledge for College brought to you by Chase, and thanks for joining us. This series of videos provides valuable information on the many important steps of going to college and financing an education.

Hi, I’m Chelsea Richardson. Is there any such thing as free money for college?
Ken Butler has information on how scholarships and grants might help you pay for college.

What if I told you there was such a thing as free money for college? And not just for straight-A students

The first thing you need to know is that there are two types of free money – scholarships and grants. These funds, unlike loans, don’t have to be repaid.

Scholarships provide free money to students based upon their individual achievements.

Let’s go over the details.

Merit scholarships are based on high school grades, class rank or national test scores, such as the SAT or ACT.

But you don’t have to finish at the top of your class to get a scholarship. There are thousands of scholarships available for the average student as well, and in many categories, such as athletics, art and music, minority groups, community service, regional residency—or just being the first in your family to attend college.

Many scholarships are offered by corporations and foundations. Parents should check with their employers as well, especially if they work for large companies. Other groups, such as libraries, churches and civic organizations may offer scholarships. You can research scholarships from private organizations, corporations and foundations at BrokeScholar.com.

Scholarships are also offered by many colleges. Almost every college awards scholarship money that is really a tuition discount, and many of them are competitive. It’s helpful to think of scholarships as something you have to earn.

Grants, on the other hand, generally provide free money based on financial need. To find out if you are eligible for grants, you will need to complete the Free Application for Federal Student Aid (or FAFSA). You can find out more about the FAFSA at fafsa.ed.gov.

The federal government offers the Pell Grant to qualifying families. Pell recipients who meet specific criteria may also be eligible for the Academic Competitiveness Grant or the National Science & Mathematics SMART Grant.

Finally, the federal government offers the Federal Supplemental Educational Opportunity Grant, or FSEOG. This grant is for students with exceptional financial need. Award amounts depend on when you apply, your financial need and the policies of the school you attend.

You can find out the details of these and other federal grants by visiting StudentAid.ed.gov.

To sum it up, there are numerous ways for students to get “free money” for college: federal government, state government, colleges and private sources. Small or large, scholarships can add up to some serious money—money that you don’t have to pay back.

Learn more about student loans and other ways to pay for college at ChaseStudentLoans.com.

The Knowledge for College informational video series is brought to you by Chase to help you better understand college financing and other important topics regarding higher education. If you have any questions about your specific situation, you should consult your own financial advisor or the financial aid office of your school.

Important Information: The scholarship information contained at BrokeScholar.com is provided by the scholarship providers, which are unrelated to Chase and its subsidiaries. This information is intended merely as an information resource for students to identify scholarship and other related opportunities. Scholarship resources or Web sites cited are provide solely as references to information on topics that may be useful, and Chase has no control over the content found in third-party resources. JPMorgan Chase does not guarantee the authenticity of the scholarship information, documents and/or Web sites and is not implying any endorsement of or responsibility for the opinions, ideas, products, information or services offered or representations made therein. Students should consult a financial advisor or their school financial aid office for details on their particular financial needs and capabilities.

This information was current as of 09/01/2008.

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