A college education
A college education today is somewhat of a necessity for any young adult who wants to be competitive in the current job market. In fact, according to today’s job market standards, a college graduate will earn nearly twice as much throughout his or her lifetime when compared to someone with only a high school diploma.

However, a college education is also very expensive. A four-year education will typically cost anywhere from $50,000 to $180,000. As a result, out of the three million new students who start college each year, only 48 percent actually graduate, citing lack of money as the number one reason why they were forced to drop out of college.

College funding options
There are several options for financing a college education. Most students will use a combination of these options during their school years. (1) Work and earn as you go through internships, apprenticeships, cooperative education, or working part time. (2) Live at home, attend an inexpensive community college or junior college for a year or two, and work part time to save money until you transfer to a four-year school. (3) Discuss with parents about how they can help with your college expenses. (4) Apply for scholarships and grants. (5) Borrow the necessary funds. Borrowing should be the very last resort, but if borrowing is necessary remember to borrow only what you need, borrow for a short period of time, pay the borrowed money back as quickly as possible, and sacrifice as needed to pay off the debt quickly.

For most college students, financial aid has become the key to paying for college education. Of all financial aid available, scholarships and grants are by far the best funding options offered, because they represent funds that do not have to be paid back. If it is truly God’s will for a person to attend college, He will supply the funds, many times without the person having to borrow the needed funds. It was Charles Finney, the 19th century American revivalist who said, “God supplies where He guides. Where He does not supply, He does not guide.” This truth still holds true for God’s people today. If His plan includes a college education, God will supply the needed funds, many times using scholarship and grant money.

Multiplied thousands and perhaps even millions of scholarships and grants are made available annually to high school students, undergraduate, graduate, postgraduate study fellowship or intern, or technical school students. Whereas 90 percent of private scholarships are merit-based and 10 percent are need-based, federal grants and scholarships are the opposite with 90 percent going to need-based students and 10 percent to merit-based.

Kinds of scholarships and grants
Financial aid scholarship and grant programs must be applied for each year and they are awarded on a first come, first served basis. The most common federal programs are the following.

1. The Federal Pell Grant. This consists of federal money sent to colleges and then distributed to students, based on a federal government formula.
   
2. The Federal Supplemental Educational Opportunity Grant. This is a direct federal grant made available to the students with the greatest financial need.
   
3. The Federal Work Study Program. This is a federally sponsored program that funds jobs for college students.

Within the following eight scholarship categories, the vast majority of all available private, corporate, institutional, and state scholarships and grants fit.

1. Major scholarships. Scholarships sponsored by specific college majors, college departments offering specific majors, specific colleges within a university system that offers particular majors, private or corporate underwriters, or state and/or national scholastic merit scholarships. Most, if not all, of these types of scholarships are academic merit based.
   
2. State scholarships. These are scholarships awarded by individual states, usually to their state residents.
   
3. Minority scholarships. Scholarships available to minorities, Native Americans, women, and international students. These can be private, corporate, institutional, foreign, state, or federally sponsored scholarship programs.
   
4. Non-represented scholarships. These are private and corporate scholarships given on a first come, first served basis and requires very few, if any, requirements to qualify.
   
5. Religious scholarships. Scholarships sponsored by a specific religious or denominational affiliation.
   
6. Fraternity and sorority scholarships. Scholarships sponsored by particular local or national fraternities and sororities.
   
7. Athletic and special talent scholarships. These scholarships are sponsored by college sports programs (football, basketball, tennis, and so on) and special talent programs (dance, acting, art, music, and so on).
   
8. Special scholarships. These scholarships are sponsored by college special needs programs (blind, deaf, handicapped, and so on).

Scholarship and grant cautions
Before spending any money on scholarship or grant programs note the following cautions.

• Disregard the unclaimed scholarship myth.
  
• Get everything in writing.
  
• Avoid college-fund gimmicks from insurance companies.
  
• Avoid scholarship search firms. Do the research yourself. No one will do the work for you. You have to apply for all scholarships and grants yourself, and you must meet all of the prerequisites that qualify you for a scholarship. It takes time and effort, but the rewards are worth the inconvenience.
  
• No one can guarantee that they can get you a grant or scholarship. Be cautious of anyone who does guarantee a certain dollar amount, because it could be a scam.
  
• Because there are many free lists of scholarships, there is no need to pay for such lists. Check local school and public libraries before deciding to pay someone for the same information.
  
• Don’t give your credit card or bank account number over the phone without getting information in writing first.
  
• Don’t pay anyone who claims to be holding a scholarship or grant for you. Free money should not cost you anything.
  
• Before you send money to apply for a scholarship, investigate. Be sure the program is legitimate.

Resources
An excellent source of information is your local library. Investigate reference materials, such as The Complete Scholarship Book by Student Services, Inc., Fund Your Way Through College by Debra M. Kirby, Peterson’s Scholarships, Grants, and Prizes by Peterson’s Guides, Cost Effective College by Gordon Wadsworth, and The Scholarship Book by Daniel J. Cassidy, or similar resources in the college education section of the library. Also check out Internet Web sites for scholarships and grants: www.finaid.org, www.fastweb.com, www.nasfaa.org, www.signet.com/collegemoney, www.collegescholarships.com and ed.gov/offices/OPE/express.html.

Conclusion
Finding a way to pay for college is complicated, but it’s not impossible. Remember, with diligent effort and prayer there is a way. “Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you. For everyone who asks receives, and he who seeks finds, and to him who knocks it will be opened” (Matthew 7:7-8).