What is the Fulbright Scholarship? 

The Fulbright Scholarship was established in 1946 as a way to foster understanding and mutual respect between Americans and other citizens of the world. The Fulbright Scholarship is sponsored by the federal government and falls under the jurisdiction of the U.S. Department of State’s Bureau of Educational and Cultural Affairs. Fulbright Scholars, also known as “Fulbrighters”, are encouraged to teach, research, study, and collaborate with others on important international issues. Currently, there are nearly 300,000 Fulbright Scholars world-wide, with approximately 110,000 individuals from the United States, and around 7,500 Fulbright Scholarships are awarded annually. 

Fulbright Scholarship Eligibility Requirements 

The Fulbright Scholarship’s eligibility requirements may seem to reflect the elite nature of the scholarship itself. Those eligible to apply for the Fulbright Scholarship must hold a B.A. Degree (or equivalent); however, individuals with four years of extensive experience in their field may be considered without such a degree. Eligible applicants must also be a U.S. Citizen, and permanent residents will not be considered for the scholarship. The Fulbright Scholarship applicant must be able to prove that he is in good health, and medical documentation must be submitted with the application. Finally, the applicant must speak the language of the potential host country in order to effectively communicate the individual’s ideas; however, fluency is not required. Preference may also be given to Fulbright Scholarship applicants who have studied abroad for six months to one year; however, “extensive previous foreign experience” is not favored in the application process. 

Additionally, some circumstances may make an individual ineligible for the Fulbright Scholarship program. These circumstances include individuals who have family members who are employed by the U.S. Department of State and agencies under contract by the department. Those with doctorate degrees and fields of study where a medical degree is required are ineligible to receive the grant. Finally, there are special circumstances for U.S. Citizens living abroad, particularly in a selected list of countries. Fulbright Scholarship applicants should consult the scholarship’s website for a complete list of countries. 

How to Apply for a Fulbright Scholarship 

The deadline for the 2012-2013 Fulbright Scholarship is October 17, 2011. While those interested in applying for the Fulbright Scholarship should begin the application process as early as possible, it is recommended that applicants seeking a research grant begin at least 2 months before the deadline, while those seeking a teaching grant begin at least 6 weeks before the deadline. 

Individuals who are currently attending a participating U.S. College must meet with the Fulbright Program Advisor. The adviser will assist the Fulbright Scholarship applicant in preparing the application and ensuring all supporting documents are submitted with the application. 

Individuals who have already graduated or are not currently attending a participating U.S. College must follow a different application route. These applicants are called “At-Large” applicants and include individuals who are currently living abroad, have already graduated and cannot apply through an Alma mater, and students currently enrolled but cannot apply through their current school. The Fulbright Scholarship application process is generally the same for both sets of applicants; however, At-Large applicants will not be able to meet with a Fulbright Program Advisor and are eligible to attend special conferences, webinars, and other resources to help with the application process. 

Fulbright Scholarship Application 

The Fulbright Scholarship has a very comprehensive application, and because the volume of applicants is very great, each step must be completed or the application will be rejected. The Fulbright Scholarship application must include the following documentation: a statement of grant purpose, personal statement, language report forms, references, and transcripts. Additional documentation may be required depending on the specific type of Fulbright Scholarship the applicant is seeking, as well as the desired country involved in the grant. 

The application must be submitted online, with the exception of certain supporting materials that cannot be added to the application electronically. The applicant must review the application to ensure correctness before submitting the document. The Fulbright Scholarship application does not need to completed in one shot, and may be revisited as often as necessary by signing into the website and retrieving the partially completed document. Individuals who qualify under the Americans with Disabilities Act are exempt from the requirement of submitting the application online, and may submit the documentation through hard copy.

What is a Hope Scholarship?​ 

The Hope Scholarship is a tax credit aimed at making post-secondary education more attainable for everyone. The Hope Scholarship is a tax credit of $1800 available for the first two years of college. 

Note that there are several programs that offer money for college under the name “Hope Scholarship”. The federally-funded Hope Scholarship is discussed here; however, be sure to check if additional Hope Scholarship funds are available in your state. For example, if you are a legal resident of Georgia, you may qualify for a HOPE (Helping Outstanding Pupils Educationally) Scholarship which covers tuition and fees for most programs of study, as well as $100 to help offset the cost of books and materials. 

Hope Scholarship Requirements 

Since the Hope Scholarship is not a traditional scholarship where funds are dispersed directly to the school, the Hope Scholarship requirements are a bit different. The scholarship is “awarded” to any tax paying individual, or their spouse or dependent who has attended a college or post-secondary institution at least half time. The Hope Scholarship Credit is a dollar-for-dollar match that allows the tax payer to essentially subtract the cost of attending college, up to $1,800, from their income. The tax credit is phased out for joint-filers earning between $80,000 and $100,000, or between $40,000-50,000 for single filers. 

The Hope Scholarship Credit is available to offset the costs of attending a post-secondary institution, but may only be claimed for “qualifying” expenses. These expenses are generally considered tuition and fees at most colleges; however, do not include student activity fees, room and board, and other expenses that are charged by the school, but do not relate directly to education. 

Applying for Hope Scholarship 

Applying for the Hope Scholarship is perhaps the easiest scholarship you will ever apply for. While preparing your yearly income tax return, there is a section on the form to fill out to claim this tax credit. If you are a dependent, your parents or guardians will file for the Hope Scholarship and receive the funds. The Hope Scholarship credit may be claimed for each eligible student; however, the filer must decide whether to claim the Hope Scholarship, Lifetime Learning Credit, or the new American Opportunity tax credit as only one may be used per student per year. 

Hope Scholarship Rules 

To claim the Hope Scholarship tax credit, there are some rules to follow. First, the person claiming the credit must be enrolled at a qualified institution at least half time. The Hope Scholarship may only be claimed for two years, and may be only be claimed for the first two years of college. (There is an additional tax credit, the Lifetime Learning Credit, available for individuals who are past the first two years of college.) 

The Hope Scholarship tax credit may not be claimed with the Lifetime Learning Credit, and may not be taken after the student has completed the first two years of college. Additionally, individuals who have been convicted of felony drug charges are unable to claim the credit at all. 

Hope Scholarship Changes 

For 2011 and 2012, the Hope Scholarship Credit has been replaced by the American Opportunity tax credit. Perhaps the most important difference between the Hope Scholarship Credit and the American Opportunity tax credit is that tax payers with little to no tax liability may be eligible to have money refunded directly to them. Under the Hope Scholarship credit, low-income families saw little benefit from the non-refundable tax credit because they did not earn enough to have a tax liability. Additionally, the American Opportunity tax credit is set to expire in 2012 unless Congress approves a measure to extend the benefit. 

Another important change from the Hope Scholarship credit to the American Opportunity tax credit is that expenses for course related fees may now be claimed in addition to tuition and fees paid to qualified institutions. In the past, the Hope Scholarship only allowed tuition and fees paid to schools to be claimed towards the tax credit. 

In recent years, the amount of the Hope Scholarship Credit had increased from $1500 to $1800 to reflect the rising costs of secondary education. Also in response to the rising costs of a college education, the Hope Scholarship Credit is not completely phased out until the tax filer has reached $60,000 for an individual or $120,000 for joint-filers. The American Opportunity tax credit has the same revised amounts. 

What is a Pell Grant?

A Pell Grant is a need-based, federally sponsored program for students seeking a Bachelor’s degree. Some graduate level programs are also eligible for Pell Grants, but this is a very limited field. The maximum reward for a Pell Grant is $5,500 per year, but the amount is dependent on financial need and other factors, such as the cost of attendance. Unlike a loan, the Pell Grant does not need to be paid back. Another factor that makes the Federal Pell Grant unique is that unlike other financial aid funding, a school does not have to decide which students to award the money to: Every student who is eligible for Pell Grant funding will receive the money.

Federal Pell Grant Eligibility

You must fill out the FAFSA form (Free Application for Federal Student Aid) in order to determine Federal Pell Grant Eligibility. Your school must be approved to accept Pell Grant funds, and if you meet financial requirements, you will be notified by your school. This notification must be in writing and will include your reward amount.

Federal Pell Grant Eligibility is based on financial need, the cost of attending school, and your enrollment status. Financial need is a set formula determined by Congress and is used by schools across the country; however, because the cost of attendance varies from school to school, your eligibility may change depending on your chosen school. Additionally, you must be working towards your first Bachelor’s degree or select post-graduate certification (e.g. teacher’s certification) to be eligible for Pell Grant funds.

How to Apply for a Pell Grant

The first step to applying for a Pell Grant is to fill out the FAFSA form. This form can be completed and submitted online or printed from the website and mailed in. The form is lengthy, but if you are prepared should not take too long to complete. You will need income information for yourself and your parents/guardians if you are under 23. The best source of this information is the completed tax forms from the previous year.

On the FAFSA form is a section to select which schools will receive your information. Enter the school you will be attending (or your top choices if you have not decided) in the appropriate section.  Within a few weeks of submitting the FAFSA, you will receive a Student Aid Report (SAR) from the schools selected on the form. The Student Aid Report will show your Estimated Family Contribution (EFC), as well as the amount and type of financial aid you have access to. This report will show all scholarships, grants, and loans, including the Federal Pell Grant, that you may choose to accept. (Note that this is money directly from the school and is not likely to include any third-party scholarships and grants that you have been awarded.)

Federal Pell Grant Application 

After completing and submitting the FAFSA form, you will be notified by your school of choice within a few weeks regarding the remaining financial aid process. The Student Aid Report contains school specific financial information, and will vary from school to school based on cost of attendance and scholarships that may be offered by each school. Once reviewing the Student Aid Report from each school, you will need to decide which school you will attend if you have not already done so. The Student Aid Report will have instructions to follow for selecting which financial aid you choose to accept; you may accept all financial aid, no financial aid, or any amount in between. It is always wise to accept scholarships and grants, like the Federal Pell Grant, first since this is money that does not need to be repaid. The Student Aid Report needs to be competed, signed, and returned to the school.

Pell Grant Disbursement

If you have chosen to accept Federal Pell Grant funds, the school is required to disperse the money at least once a year; however, most schools will make half the money available for each semester. In most cases, the funds will be applied to your tuition balance, but any remaining funds will be returned to you through an excess aid check. Depending on the amount and your school, some of the money will be available a week before classes begin to help purchase books and supplies. After the final add/drop day, usually a week or ten days into the semester, any remaining funds will be paid to you through a second check.

President Obama’s Recovery Act in 2009, wasn’t only focused on jobs. The Commander in Chief realized one of the best ways to improve a citizen’s income is to advance the person’s education. As such, a major part of the Act, $225 billion of it, is dedicated to contracts, grants and loans, including college loans, and $500 million of that will have a direct impact on online colleges.

One of the more inspiring things the President has said is his acknowledgement that: “All along that education pipeline, too many people”, he said in a speech last year, “are slipping through the cracks. It’s not only heartbreaking for those students; it’s a loss for our economy and our country”. If you need more information about college grants, look on the internet.

He is particularly concerned that only 29% of Americans have a college degree, where many other industrialized nations have more like 40%. Another statistic is only about 40% of Americans who start school actually complete their studies to become a college graduate. The rising costs of education, approximately eight percent per year, means many who start will not be able to finish as costs outpace their abilities to finance.

For example, in his first year of office alone, the President dedicated $500 million to have community colleges develop new online education programs. From there, he wants to have these courses available to all students who can get online, from their desktop to the new Amazon Kindle. Actually, what’s truly amazing is he wants to see 20-25 new government-approved courses available per year.

Meanwhile, the U.S. Board of Education estimates an online degree costs a little under 40% less than going to on-campus courses. USA Today reported last year that going on campus for a 4-year degree is $150,000, while the cost is $65,000 for a Bachelors degree at an online university. There is an abundance of information about scholarships online on the web.

These days one can get an online degree in nearly every subject, from vocational trade certificates to Masters. Many online academies offer classes as comprehensive as the top schools throughout the world. Many are actually created and offered by these same top schools. It’s no surprise the President is a fan of online education. Students get the same education online and attending this way allows more students to participate as they are able to work and attend classes at the same time.

Going online has other cost-saving benefits, too. They can include cutting commute time, possible baby sitter fees for working parents, and the wear and tear constant commuting does on vehicles, among others. Another incredible value is a student can take the course at a time that’s more convenient to his other needs, not when the course is offered on campus. This can also be of value to working parents, who need to be at home as much as possible for their children.

College loans for students are a means to help get your education on track. Researching scholarships and grants for online school will provide you with information for your individual situation. More education means more choices – appreciated at every level.

Is there a magic formula for maximizing the amount of financial aid you qualify for?

Many parents are concerned about the cost of their children’s higher education. Especially when both parents work and earn a good income, they often find that they are in an “in-between” area: their income is too high to qualify for assistance, but they aren’t well-off enough to afford a good higher education. Many parents question why colleges can’t do more for the people caught in-between so that they, too, can afford to send their children to college. And if you’re in this situation, you are probably wondering if you can qualify for student aid despite your parents’ income.

The good news is that colleges can and do help, and you can get financial aid. There are many student aid programs that you may qualify for, and they’re not secret or exclusive. The following serves as a guide to dispel the mystery surrounding these programs.

Few families have the resources to easily pay the full cost of tuition, fees, dormitory, textbooks and spending money. If you and your parents would struggle to come up with the necessary funds, then immediately apply for financial aid. Investigate all scholarships and apply for every one for which you are potentially eligible.

There is a lot of need-based aid, but there is also a great deal of merit aid out there that is not dependent upon your family income. Always apply for aid if you need help paying for your college expenses. You never know if you will get financial aid, or how much you might qualify for if you are eligible. Fill out all of the required financial aid forms.

Definitely start with the FAFSA – Free Application for Federal Student Aid. (Explain FAFSA) Then complete the application forms for institutional funds from private colleges and universities. That usually means completing the CSS Profile and the forms required by each individual college you apply to. Don’t assume you won’t get financial aid.

Your next step is to apply for institutional funds from private colleges or universities. You do this normally by completing the CSS Profile (College Scholarship Service Financial Aid) forms as required by each college’s program. Again, don’t deny the application yourself! You have very little to lose – except for the application fee for the CSS Profile – and a lot to gain.

Even if you think you won’t qualify for much, you should fill out every application you can. You might be surprised at how much you do qualify for. The cost of higher education has risen so much that many people who wouldn’t have qualified before are now eligible for financial assistance. That includes two-income families. The economy has caused more families to struggle to pay for their children’s education. Therefore schools, in particular some of the best colleges and universities, are giving out more financial assistance than ever. Colleges and universities are trying to hold down their costs so that they don’t price people out of the higher education market with tuition and fee increases.

There are a number of factors that determine eligibility for financial aid, including: * Number of children in college * Number of dependents * Extenuating circumstances * Equity in the parents’ home * Other assets * Savings and investments

Look for colleges and universities that do not overly burden you with student loans: they are more likely to approve grant aid for a higher percentage of your expenses. Private universities and colleges will often cover more of your costs than cash-strapped, state-run schools. If you are industrious and leave no financial aid stone unturned, you will find there is a lot of help available for the student willing to deal with the paperwork.

Princeton University was the first university to establish such a policy, and most of the Ivy league institutions and Ivy-caliber institutions have followed their lead. Of course, these institutions are extremely difficult to get accepted into, but excellent grades and SAT scores and the right college-admissions strategy spearheaded by the right college admissions consultant can get you there.

If you are a high school student reading this then you are preparing for your admission to the college of your choice right now. The effort you put into your high school academic performance, your community activities and your personal development will help you get into the college or university of your dreams. If you make yourself into an outstanding candidate, colleges and universities will go out of their way to help you afford their cost. They know the best students will ultimately help make them the best college or university. Have the wisdom to apply yourself now and excel, and your reward could be a full scholarship from an excellent institution.