Financial Aid Options: STACK Magazine - Exercises, Training, Nutrition, High School Athletes

When it comes to the cost of your education, you can never have too much information. So here’s more.

Full Service

Military service offers many ways to earn money for college or to repay loans. All branches of the armed forces can take advantage of the Montgomery GI Bill, which goes into effect August 1 and provides benefits to veterans, service members and some dependents wishing to pursue an education; and the Army College Fund, which adds to the monthly education payments made by a GI Bill. Depending on how long you enlist for and the job you choose, you can receive more than $80,000 to help pay for college. Other programs, including the Reserve Officers’ Training Corps [ROTC] and the Navy College Assistant/Student Headstart, teach you leadership skills while easing the burden of financing school.

Buyer Beware

Unfortunately, fraudulent financial aid schemes are a booming business, and the shameless swindlers behind these rackets have you in their sights. The Federal Trade Commission suggests avoiding companies that make claims such as, “You can’t get this information anywhere else” or “The scholarship is guaranteed—or your money back.” Stay away from companies that say they’ll do all the work, or that “the scholarship will cost some money.”

How can you be sure you’re not getting ripped off? Easy, win the lottery and pay for your education in cash. If that’s not an option, check with your school’s counseling office and the financial aid offices of the colleges where you’re applying. Both are reliable, have updated information and will answer your questions.

Minority opportunities

Thousands of scholarships are designed specifically for women and Hispanic and black students, meant to boost their participation in certain majors in which they haven’t been well represented. Other scholarships are for any course of study these students choose. By doing a simple web search or by checking with college financial aid offices, you’ll find an abundance of opportunities created specifically for minorities.

For more information about the GI Bill, visit www.va.org.