Scholarships for Students in New York City
For many students, scholarships are one of the most important factors in obtaining a quality education at a reasonable cost. However, navigating the college scholarship discovery and application process can be daunting.
The First in Family Fund provides financial assistance for eligible New York City students that are in need of financial aid and emergency relief. This leading New York City preparatory institution provides students with mentorship and guidance on the college application and scholarship process, in addition to educational tutoring and test preparation.
Paying for College
There are three primary forms of financial aid used by many college students in the United States:
- Loans — issued through the federal government or private lenders and must be repaid in full, often with interest.
- Grants — often awarded based on financial need and may come from the government or a private organization.
- Scholarships — typically based on students meeting a specific set of criteria and tend to come directly from schools or other private organizations.
There are many scholarships available to students — but it often requires a fair amount of legwork to find them. Possible sources of scholarships include:
- A college or university’s endowment fund
- High school alumni associations
- School sports organizations
- Religious institutions
- Employers and corporations
Scholarship eligibility criteria may vary, including employment status, location of residence, age, extra-curricular activities, religious affiliations, and major field of study. Some scholarships are structured like a contest and require an essay or similar submission for consideration. The College Board offers a scholarship search that’s great for checking out the vast array of scholarships that are currently available. Scholarships.com also has a database that includes many scholarships specifically for New York City school students.
New York City Scholarships
There are other scholarships and aid programs that require students to work in a specific career field after college, usually for several years, to receive the funds for free.
The New York City Department of Education’s Occupational and Physical Therapy scholarship requires two years of employment service for every year of scholarship funds received. Therefore, if a student gets four years of funding assistance from the scholarship, they are committing to eight years of employment. This arrangement can be an attractive option for students graduating in uncertain job markets.
Similarly, the Department of Education also offers scholarships for current bachelor’s degree holders to pursue a graduate degree in select areas of bilingual education and language pathology.
Alternatives to Financial Aid
Yet another option for financial assistance occurs after college graduation. The United States government offers a Public Service Loan Forgiveness program for eligible employees and volunteers who have a William D. Ford Federal Direct Loan or Direct Consolidation Loan. The plan is open to a variety of government and nonprofit employees, as well as AmeriCorps and Peace Corps volunteers.
The Public Service Loan Forgiveness program benefit only takes effect after 10 years of loan payments. It may benefit graduates with large loans or extended repayment terms.
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