Helping Women Pay for College

With headlines blaring about the rising cost of higher education, young women and their families must wonder about how to pay for college today. The reality is that while many colleges and universities come with expensive price tags, there are many ways to pay the bills and ancillary costs. Institutional financial aid, scholarships, grants, student loans, parent loans, work study jobs, and summer earnings all can play an important role in making college affordable.This guide is designed to give women a deeper understanding of the costs of attending college, the types of aid available, and how to apply for aid and scholarships. In addition, there is helpful information on and links to various scholarship opportunities available to women today. The True Cost of College People often refer to "tuition" as the all-encompassing fee to attend college. The reality is that tuition is just one component of any college bill. There are various fees associated with attending most two- and four-year institutions. Scholarships and loans are available to cover many of those costs, including tuition, room, board, and fees. Those costs can vary considerably depending on whether you live on or off campus.Students should consider other costs related to attendance, including the cost of books and supplies, travel expenses to and from school multiple times a year, and incidental funds for those late-night pizzas and coffeehouse visits. Below is some of the key terminology tounderstand regarding college costs.​ Tuition: The complete cost for academic work, including courses, laboratories, and seminars Room: The cost of lodging. These costs often vary based on various housing plans. Dormitory rooms are generally less expensive than school-owned suites and apartments. Rooming policies vary, but many colleges have a minimum number of semesters, usually two or four when full-time students are required to live on campus.Board: The cost of meal plans. Like housing, there are often various options available, particularly for upperclassmen.Fees: Additional costs will differ based on the school, but may include fees for student activities, athletics or technology.Incidentals: There are significant additional costs associated with attending college. Books are not included with most college courses and need to be purchased separately, either at school-run bookstores or online. In addition, notebooks, computers or laptops, need to be factored into the total cost of college attendance.Travel: Travel costs can vary based on how close you live to the college you attend. Most colleges have a wint er break in mid-December to mid-January, a three- to five-day Thanksgiving break, a one- to two-week spring break, and a one- to three-day fall break. While students are usually allowed to remain in college housing during shorter breaks, dining halls may not be open. Financial Aid Financial aid is an important way to finance a college education. Financial aid is offered mostly by the colleges and universities themselves, though federal and state governments and private organizations also offer resources for students and their families. Below is information on the types and sources of financial aid.Scholarships are funds provided based usually on special abilities, whether academic, athletic, artistic, or talent, or due to a particular relationship or identity characteristic. Scholarships are funds that do not need to be paid back to the granting organization, whether it be the college or private organization. Scholarships can be of varying amounts, from full or partial tuition scholarships to those that cover a specific expense such as textbooks, housing or special educational opportunities. Some scholarships require maintaining a minimum GPA or pursuing a specific major or career path.Grantslike, scholarshipsdo not need to be repaid. They come from a variety of sources, including governmental organizations, colleges or universities, or other organizations. Several grant programs, like some scholarships, are issued by the government or industries that are facing employee shortages and require grantees to work in a specific field or purse graduate study for a certain amount of time after graduation.Loans unlike scholarships and grants, need to be repaid, usually with interest, to the borrowing institution, whether it be a financial institution, college or university, or federal or state government. Many loan programs, particularly federally subsidized loans, have lower interest rates and interest does not begin to accrue until after graduation. Educational loans usually do not need to be repaid while a student is enrolled, although the level of enrollment (e.g... part time or full time) varies.Work Study Programsare offered at most colleges and have a wide variety of campus jobs available, from admissions tour guides, lab or hall monitors , tutors, library staff, office help, student phonathon callers, or dining hall servers. Some of these jobs are subsidized by federal funds and restricted to students receiving financial aid while others are open to all students.Sources of Financial Aid There are four main sources of financial aid: the federal government, state governments, colleges and universities, and private organizations. FederalThe U.S. Department of Education provides billions of dollars annually to students in the form of low-interest loans, grants, and work-study reimbursements. Students need to fill out a Free Application for Federal Student Aid, commonly referred to as the FAFSA, to apply for these programs. Financial aid is based on the student and her family's ability to pay, based on criteria such as income, investments, summer earnings, and savings.StateStudents are often eligible for state aidto pay for college. The funding criteria vary by state and are usually related to academic merit, talent, or chosen career path.InstitutionalMost colleges and universities have funds available to assist students with college attendance, in the form of grants, school-administered loan programs, and scholarships. These aid awards are generally based on specific characteristics or talent.Private OrganizationsCivic, corporate, religious and cultural organizations are among the many that offer scholarships and other programs that assist families with college expenses. Scholarships -- A Deeper LookNow that you understand the types and sources of financial aid let's take a closer look at scholarships themselves, including the types of funds and how recipients are selected. Institutional Scholarships Institutional scholarships are those administered by colleges and universities themselves. In some cases these scholarships are part of an institution's operating budget. In others, donors, usually alumni or parents, have established scholarships at the school to honor their experiences as a student, a beloved faculty member, or in memory of a loved one. Institutional scholarships usually come in one of three forms:Need-based. These scholarships are usually offered based on completing the FAFSA or a school-specific application for aid. Amounts can vary from several hundred dollars to full tuition.Merit-based. Students with exceptional academic, athletic or other skills may be eligible for merit-based scholarships. These scholarships are provided without factoring a student's ability to pay and are based solely on accomplishments.Characteristic-based -Often donors to an institution want to see that students with the same experience or background have an opportunity to succeed at the s chool. While some of these scholarships have undergone increased scrutiny in recent years, they often offer unexpected funding opportunities. Characteristics may include academic background, socioeconomics, family background, a hobby, desired career path, or personal experience. Many institutions will send students a questionnaire asking them to identify characteristics that may be a scholarship match while in other cases there are supplemental applications required. External Scholarships For students seeking scholarship funds, there are untold possibilities, many of which are listed below. Scholarships can come from a variety of unexpected sources. Some examples are:Organizations -Local civic organizations like chambers of commerce, business alliances, and membership clubs (such as Rotary, Lions, Elks) may offer competitive scholarships. Often applicants for such scholarships need to complete an application, submit an essay, transcript or recommendations, or be interviewed by organization members.Characteristic-based groups -Much like the institutional scholarships, many organizations want to support students with similar beliefs or traits in their academic pursuits. Such organizations can include religious organizations, cultural organizations, political groups, There are even scholarships for women who are 5'10" or taller and for left-handed women.Academic achievements -Exceptional scores on standardized tests and placements in state, national and international com petitions such as science and engineering fairs provide funds for high-placing individuals.Federal Student Loans and Grants -- A Deeper Look The Department of Education administers four federal student loan programs. The eligibility criteria, available funds, interest rates and terms vary.Federal student loans offer significant advantages to borrowers over private student loans. Federal student loans have low, fixed interest rates; cancelation for certain types of employment; income-based repayment plans; and deferment options, including for when a student pursues additional education.Perkins LoansAvailable: Undergraduate and graduate students. Based on financial need and the college's available fundsAmounts: Up to $5,500 (undergraduate), up to $8,000 (graduate and professional students). Total may not exceed $27,500 for undergraduates and $60,000 for graduate or professional students (including undergraduate amounts)Lender: College or universityDirect Subsidized Loans (Stafford Loans)Available: Undergraduate students with demonstrated financial needInterest rate: For loans before July 1, 2016, 4.29 percent. Student is no t charged interest during certain periodsAmounts: $3,500 to $5,500. Lifetime amounts varyLender: U.S. Department of EducationDirect Unsubsidized Loans (Stafford Loans)Available: Undergraduate and graduate students. No financial need expectationInterest rate: For loans before July 1, 2016: 4.29 percent (undergraduate students), 5.84 percent (graduate students). Student is responsible for interest during all periodsAmounts: $5,500 to $20,500, less any subsidized loans received. Lifetime amounts varyLender: U.S. Department of EducationDirect PLUS LoansAvailable: Parents of dependent undergraduate students. Graduate or professional students. No financial need expectation. The student must be a dependent undergraduate of the parent taking out the loan. Borrower must not have negative credit history and is responsible for interest in all periodsInterest rate: For loans before July 1, 2016: 6.84 percentAmounts: Maximum amount is cost of attendance minus any other financial aid receivedLend er: U.S. Department of EducationPell GrantsAvailable: Undergraduate students who have not earned a bachelor's or professional degreeEligibility: Based on financial need, cost of attendance, status (full- or part-time), plans to attend (full year or less)Amounts: Up to $5,815 (2016-17 school year) Federal Supplemental Educational Opportunity Grant (FSEOG)Available: Undergraduate students with exceptional financial need who have not earned a bachelor's or professional degreeEligibility: Pell Grant recipients have first priority. Not all schools participate in this programAmounts: Up to $4,000Teacher Education Assistance for College and Higher Education (TEACH) GrantAvailable: Undergraduate, post-baccalaureate or graduate students taking coursework to become secondary or elementary teachersEligibility: Must attend a participating college, meet certain academic requirements, and agree to serve at least four years as a full-time teacher in a high-need field or with an agency that supports low-income studentsAmounts: Up to $4,000Iraq and Afghanistan Service GrantAvailable: Students whose parent or guardian was a member of the U.S. armed forces and died in service in Iraq or Afghanistan after the events of 9/11Eligibility: Must be ineligible for Pell GrantAmounts: Up to $5,311 Other Financing Resources There are several other resources for funding college expenses. 529 Plans. A 529 plan is an education savings account run by a state or educational institution. These plans, named after the relevant IRS code section, are designed to allow families to set aside money to cover future educational costs. In most plans, you do not need to attend a school in the state managing the plan. Click here to find information about 529 plans in your state.Coverdell Education Savings Account. These funds can be used to pay higher education as well as elementary and secondary education expenses. Income limits apply to contributors and the maximum total annual contributions cannot exceed $2,000 per student. contributions are not tax-deductible, but can accrue tax-free until distributed.External Employment. Some students prefer not to work on campus and seek employment close to where they attend school. Most college towns have ample opportunities for part-time employment and some schools have relationships with local businesses. In addition, if you are employed by a chain in your home town, there may be an opportunity to transfer to another branch near your school's location. Receiving a Financial Aid Package When you receive a financial aid package or award letter from a college or university, there are usually certain components. Understanding what these elements are is important when determining what your financial requirements are. Letters typically include the following: Cost of Attendance. This usually includes the comprehensive fee as calculated by the school. Some letters will also break out estimated costs for books, supplies, travel and incidentalsExpected Family Contribution. This is the amount that you and your family is expected to contribute towards the Cost of AttendanceFinancial Aid Awarded. The amount of aid being offered by the school, including institutional scholarships, grants and loansGap. Any amount of the Cost of Attendance not covered by the Expected Family Contribution and Financial Aid AwardedFinancial aid letters also usually include information on the academic term covered, the deadline for accepting the package, terms associated with any loans or scholarships, and any information that may still be needed.Tax Advantages Paying for college is certainly a significant expense. There are several federal tax benefits available to those families paying educational expenses. There are both credits and deductions available. American Opportunity Tax Credit. For qualified educational expenses in the first four years of higher education, the AOTC provides a $2,500 credit per qualified student. There are eligibility and income requirements.Lifetime Learning Credit. For qualified tuition and educational expenses to pay for undergraduate, graduate or professional degrees. There is no limit to the number of years you can take the $2,000 credit. There are eligibility and income requirements.Tuition and Fees Deductions. Qualified education expenses for yourself, a spouse or dependent may be deducted, reducing your income subject to tax by up to $4,000.Student Loan Interest Deduction. Interest paid on student loans is generally deductible, depending on income limitations. Applying for Financial Aid: The FAFSA The federal government, most state programs, and most institutional aid programs, require students to complete the Free Application for Federal Student Aid (FAFSA). It is an important step to take in nearly all aid application processes. Deadlines for completing the FAFSA vary. Most colleges and universities require them to be completed early in the year (February and March) while federal funds can be applied for between January 1, 2016, and June 30, 2017, for the 2016-17 academic year. The 10-page form can be completed online or in paper form. You and your parents will need to complete your 2015 income tax returns in order to complete a number of the FAFSA fields. The FAFSA contains sections on student and parental biographic information; student and parental academic information; and student and parental income information. Once submitted, school financial aid offices will use the form to determine the aid package you are offered. The FAFSA is a valuable tool for colleges and universities because it provides uniform information on student applicants and ensures compliance with regulations for school-administered federal loan programs. Some schools require additional information not included on the standard FAFSA form that need to be submitted as a supplement. Finding ScholarshipsFor young women considering scholarships there are a plethora of opportunities. We've gathered a few of them here for you to review.Scholarships by field of study Accounting American Society of Women Accountants ​Sponsor: American Society of Women Accountants Amount: Varies Deadline: Varies ​Based on need and scholastic aptitude. Research scholarships for women in doctoral programs are also available to ASWA members.Educational Foundation for Women in Accounting Graduate Scholarships Sponsor: Educational Foundation for Women in Accounting Amount: $1,000-$5,000 Deadline: June 30​Various scholarships available for graduate and postgraduate work, based on scholastic merit, service or volunteer work and financial need Buisness Asian Women in Business Scholarship Sponsor: Asian Women in Business Amount: $2,500-$5,000 Deadline: October 1 ​For women of Asian descent with demonstrated leadership or entrepreneurial experience who have completed at least a semester of post-secondary workC200 Scholar Awards Sponsor: The Committee of 200 Amount: Up to $10,000 Deadline: Spring​For women pursuing an MBA degree at a school that hosts C200 Reachout sessions. Strong leadership and interest in entrepreneurship requiredForte Fellows Program Sponsor: Forte Foundation Amount: Varies Deadline: June 1​For students in MBA programs at participating schools. Most awards for full-time studyJane M. Klausman Women in Business Scholarship Sponsor: Zonta In​ternational Amount: $1,000-$7,000​ Deadline: July 1​For women enrolled in a business or business-related field living or studying in a Zonta districtThe WIIT Scholarship Program Sponsor: Women in International Trade Amount: $1,500 Deadline: March 15 and July 15 ​For women in undergraduate or graduate programs with a demonstrated passion for international business and related activities Computer Science Anita Borg Memorial Scholarship Sponsor: Google Amount: Varies Deadline: May 1​For women in undergraduate and graduate studies who aspire to be leaders in computing and technology sectors. Based on academic achievement and leadership skillsDelphix Technology Scholarship for Women Sponsor: Delphix Technology ​ Amount: $5,000 Deadline: November 15​For women studying full-time as undergraduates or postgraduates seeking a degree in computer science, mathematics, information technology or electrical engineeringHP Helion Openstack Scholarship for Women ​Sponsor: Hewlett-Packard Amount: $10,000 Deadline: September 30​For women in undergraduate or graduate programs in information systems or computer science. Recipients are asked to develop a project using Cloud Foundry or Openstack technology.The National President’s Scholarship Sponsor: The Stephen Bufton Memorial Education Fund Amount: $10,000 Deadline: May 15​For women in junior or senior year in computer science or computer information systems with a GPA of at least 3.0UPS Scholarship for Female Students ​Sponsor: Institute of Industrial Engineers Amount: $4,000 Deadline: November 15​For female undergraduate women studying engineering or technology and affiliated with Institute of Industrial EngineersWomen in Technology Scholarship Sponsor: Visionary Integration ​Professionals Amount: Up to $2,500 Deadline: March 9For women at a two- or four-year institution studying computer science, information technology, management information systems or computer engineeringEducation AASA Educational Administration Scholarship Sponsor: The School Superintendents Association Amount: $2,500 Deadline: September 30​For female graduate students studying school administration who aspire to become a superintendentCommunity Action Grant Sponsor: American Association of University Women Amount: $2,000-$10,000 Deadline: January 15​For applicants demonstrating a commitment to furthering education and equality for women, with a specific interest in applicants focused on K-12 and community college educationBarbara Lotze Scholarships for Future Teachers Sponsor: American Association of Physics Teachers Amount: $2,000 Deadline: December 1​For undergraduate women who want to teach at high school level and enrolled in physics teacher preparation courseworkKSTF Fellowship Sponsor: Knowles Science Teaching Foundation Amount: Up to $4,000 Deadline: November 1 ​For women who want to teach science or mathematics at high school levelTeacher Education Scholarship Sponsor: American Montessori Society Amount: $1,000-$4,000 Deadline: May 1For women currently or soon to be enrolled in an AMS-affiliated education program. Based on financial need, letters of recommendation and personal statement Engineering Auxiliary Legacy Scholarship ​ Sponsor: National Society of Professional Engineers Amount: $2,000 Deadline: March 1 ​For female undergraduates in third year of study pursuing an ABET-accredited engineering degree. Based on GPA, extracurricular activities, recommendation's and essay Anne Maureen Whitney Barrow Memorial Scholarship Sponsor: Society of Women Engineers Amount: $7,000, renewable for a maximum of five years Deadline: May 15​Open to women in undergraduate freshman, sophomore, junior or senior years in engineering programsBuick Achievers Scholarship Program Spo​nsor: The GM Foundation Amount: $25,000 per year up to four years Deadline: February 27 ​For high school seniors or undergraduates students enrolled full-time in engineering or technology program with an interest in automotive engineering or related industriesEngineering and Technical Science Achievement Scholarship Sponsor: Alpha Omega Epsilon National Foundation Amount: Varies Deadline: February 15 ​For women enrolled in an ABET-accredited undergraduate program studying engineering or technical science.Microsoft Research Graduate Women’s Scholarship Sponsor: Microsoft Research Amount: $15,000 Deadline: May 1​For female graduate students in second year studying computer science, engineering, mathematics, or bioinformatics/information science. Applicants must be nominated by university or collegeAda I. Pressman Memorial Scholarship Sponsor: Society of Women Engineers Amount: $5,000, renewable for five years Deadline: May 15​For women studying pursuing engineering or engineering-related subjects at an ABET-accredited institution. Students in second, third or final years of undergraduate program and graduate students eligible Nursing Bachelor’s in Nursing Scholarship Sponsor: Oncology Nursing Society Foundation Amount: $3,000-$5,000 Deadline: February 1 ​For students in their final undergraduate year at an NLN- or CCNE-accredited school wanting to work in oncologyCareer Mobility Scholarship Sponsor: American Nephrology Nurses Association ​ Amount: Varies Deadline: Varies ​For undergraduate and graduate women who are members of ANNAFuture Care Scholarship Sponsor: Tylenol Amount: $500-$5000 Deadline: June 30​For women seeking career in health care, with preference for those studying public health, health education, medicine, nursing or pharmacyGraduate Nursing Scholarships Sponsor: March of Dimes Amount: $5,000​ Deadline: January 14​For female registered nurses in a graduate degree program focused on maternal-child nursing and in an approved professional organizationGraduate Scholarships in Cancer Nursing Practice Sponsor: American Caner Society Amount: $10,000 per year, two years deadline: February 1 ​For female nursing students pursuing master’s degree in cancer nursing or a doctorate in nursing practiceHOSA Scholarship Sponsor: HOSA-Future Health Professionals Amount: Varies Deadline: April 1​For high school seniors or college students who are HOSA members studying health profession topics with priority for those in nursing programsLegacy Scholarship in honor of Nina Bell Reddick Sponsor: The Stephen Bufton Memorial Education Fund Amount: $5,000 Deadline: May 15 ​For women in freshman or sophomore year pursuing nursing degree with at least a 3.0 GPANurse Corps Scholarship Program Sponsor: U.S. Department of Health Human Services Amount: Covers all tuition, fees, costs and includes monthly stipend Deadline: May 21​For undergraduate and graduate women in nursing programs. In exchange for full funding, recipients agree to work in a Health Professional Shortage Area (HPSA) for at least two years. Physical and Life Sciences APS/IBM Research Internship Sponsor: American Physical Society Amount: Varies Deadline: February 15​For undergraduate women in first three years of undergraduate study majoring in biology, chemical engineering, chemistry, computer science, electrical engineering, materials science, mechanical engineering or physicsM. Hildred Blewett Fellowship Sponsor: APS Physics Amount: $45,000 Deadline: June 1 ​For American women returning to physics after taking time off. Candidates should have completed some work towards a doctorate at time of applicationDr. Nancy Foster Scholarship Program Sponsor: The National Oceanic and Atmospheric Administraiton Amount: Up to $42,000 annually Deadline: April 1 For women in graduate-level study and research in marine biology, maritime archeology or oceanography programs. Based on academic performance, letters or recommendation, research and needThe Priscilla Carney Jones Scholarship Sponsor: American Chemical Society Amount: Minimum of $ 1,500 Deadline: May 1 ​For undergraduate women in junior or senior year enrolled full-time in chemistry or chemistry-related program, and not intending to go to medical schoolSelected Professions Fellowships Sponsor: American Association of University Women Amount: $5,000-$18,000 Deadline: January 10​For women pursuing full-time study in an accredited institution with special consideration for those in areas where women are traditionally underrepresented, including scienceWIFLE Annual Scholarship Program Sponsor: Women in Federal Law Enforcement Amount: Varies Deadline: June 1 ​For women with at least one year of study at an accredited institution intending to serve communities through law enforcement. Special consideration given to majors in chemistry, computer science, finance, physics, public administration and social sciences