In this video, you will learn about the four main sources of college money.
Before you can shrink college costs, you need to know what the major sources of college money are for undergraduates and whether your child has a chance to qualify for this money.
Here are the four main sources of scholarships and grants and a recent percentage breakdown of this money:
- Federal government 44%
- Colleges 36%
- State government 9%
- Private scholarships 6%
Many families waste a lot of time chasing the wrong kind of money. Affluent students, for instance, won’t qualify for federal grants, but in some states they may qualify for state grants. Most of them would also be eligible for merit awards from colleges themselves.