“Education is the most powerful weapon to change the world.” This quote from Nelson Mandela resonates especially with the Hispanic community in the U.S., where college is an attainable, but often costly, dream. With tuition that can exceed $30,000 per year at private universities, finding financing options is key for many families.
Fortunately, there are scholarship programs, loans and grants designed to support Latino students. QuéOnnda.com tells you about the best alternatives to ease the economic burden without compromising your family’s financial future.
1. University scholarships
Scholarships are the best option because they do not require repayment. Some of the most popular ones for the Hispanic community include:
Hispanic Scholarship Fund (HSF): Offers up to $5,000 for Latino students in good academic standing.
TheDream.US: Designed for Dreamers under DACA, covers tuition at selected colleges and universities.
Local and state scholarships: Many community organizations have financial aid programs. Check with your school counselor or on sites such as College Board Scholarship Search.
2. Federal aid
Completing the Free Application for Federal Student Aid (FAFSA) is the first step in accessing money from the government. Some funding options include:
Pell Grant: Up to $7,395 per year for students with financial need.
Federal Supplemental Educational Opportunity Grant (FSEOG): Between $100 and $4,000 annually, depending on the college.
The application deadline usually opens on October 1, and many grants are awarded on a first-come, first-served basis – don’t leave it to the last minute!
3. Student loans
If you need to resort to loans, opt for federal loans, as they have lower interest rates and flexible repayment plans:
Stafford Loans (Subsidized and Unsubsidized): Available to undergraduate students.
Parent PLUS Loans: Allow parents to cover the cost of their children’s education.
Remember: loans should be the last option. Avoid going deeper into debt than necessary and look for scholarships and grants first.
La universidad es un sueño alcanzable, pero a menudo costoso
QuéOnnda.com
4. Work-study programs
The Federal Work-Study program allows students to work while they study, helping them pay for expenses without going into debt.
In addition, there are options such as:
Community Colleges: Lower costs and transfers to 4-year universities.
Companies that cover tuition: Amazon, Starbucks and Walmart offer free education programs for employees.
With these financing options, college is an attainable dream.
Share this information with your community and help more families make it happen!
