Grants and scholarships are the most common funding source. Some 65% of families of college students rely on them, according to Sallie Mae. Scholarships and grants are the most desirable source of funding because they are almost always tax-free and do not need to be repaid. Please note that the terms “grants” and “scholarships” are often used interchangeably.
Most scholarship money is awarded by colleges and universities. Many private colleges and some state schools require you to complete the CSS/Financial Aid PROFILE to be considered for scholarship programs as well as non-federal financial aid. Some schools have their own supplemental application forms that must be completed to be considered for scholarship money. Always keep track of deadlines as they vary from school to school and some may come due before the school application due date.