10 Financial Aid Opportunities Worth Considering

Invest in Yourself

An investment in yourself through education can pay off in higher earnings and increased job opportunities. If funding your education seems like a major stumbling block, it doesn't have to be. Several forms of financial aid are available to new and re-entry students if you know where to look. Every situation is different, so be sure to consult with a qualified, trusted financial planner. Eligibility for financial aid is usually established by completing a Free Application for Federal Student Aid (FAFSA) form. If you think you'll need financial aid, it's a good idea to complete the application before the school year begins so that you can find out what kind of financing you'll be eligible for.

State Aid

Every state has an agency or commission serving the needs of those seeking higher education. Your state commission on higher education can provide you with information on state grants and financial aid programs as well as help on how to qualify and apply.

Federal Grants

Unlike loans, grants don't have to be paid back. They are often only awarded to undergraduates who have not yet earned a bachelor's degree, but graduate students may also qualify. Part of the government's recent education stimulus includes an increase in Pell Grant benefits from $4,850 to $5,350 for 2009-2010. Federal Supplemental Opportunity Grants are available to those with exceptional financial need, and priority is given to those who receive a Pell Grant. The amount of the grant ranges from $100 to $4,000 per year. The Teacher Education Assistance for College and Higher Education (TEACH) grant provides up to $4,000 per year to those who intend to teach in elementary or secondary schools, public or private, that serve students from low-income families. The Academic Competitiveness Grant (ACG) offers funding during the first two years of college to those who graduated from high school after 2005. The National Science and Mathematics Access to Retain Talent (National SMART) Grant provides up to $4,000 per year to certain students after the first two years of undergraduate study

Institutional Grants

Where federal grants leave off, college grants may fill the gap between what your chosen college costs and what you can personally contribute. Also known as merit awards or merit scholarships, they are usually awarded based on academic achievement or to those who can demonstrate financial need.

Tax Credits

The American Opportunity Tax Credit increased the Hope education tax credit from $1,800 to $2,500. The credit is available for those who spend at least $4,000 during the year on tuition, fees, books, and other course materials. If you qualify, this credit may lower your tax bill. Consult with your tax preparer for details about how the credit applies to you.

Stafford Loans

One of many federal financial aid programs, Stafford loans are the most common loan obtained by undergraduates.

Federal Work-Study

Federal funds will pay your wages for part-time employment while you're in school. Eligibility is established through your FAFSA. If you qualify and attend a school that participates in the program, your school's financial aid office will determine how much funding you get and will help you find a part-time job that pays at least the federal minimum wage.

National Scholarships Grants and Awards

Many national organizations offer financial aid to those who meet specific criteria. An internet search for scholarships could provide information about programs from such groups. Some scholarships are given to those in certain disciplines, such as computing and technology, women's issues, arts and culture.

Fellowships

If you're in your third or fourth year of college, your options for financial aid may be fewer. However, some institutions offer fellowships to those who have demonstrated academic and professional abilities. Unlike a scholarship, a fellowship will require specific performance such as teaching or doing work in your chosen field.

Tuition Reimbursement

Your employer may have a plan in place to reimburse you for your tuition. Be sure to check with your human resource department for details.

Fee Waivers

Many states will lower or waive tuition at certain public colleges to students who meet age and income criteria. Usually you must be over age 60 and your placement will likely be on a space-available basis. The waiver applies only to tuition, not books and supplies..

SunTrust is unable to offer tax or legal advice. Please consult with your tax and legal advisors.