November is National Scholarship Month

Are you applying for scholarships?

November is National Scholarship Month and a great time to start looking and applying for scholarships. Whether you are a high school senior or college freshman, you can apply for scholarships to help offset the cost of college. According to “How America Pays for College 2015” by Sallie Mae®, during the Academic Year 2014-15 students paid for college cost with 32 percent parent contributions, 30 percent scholarships and grants, 16 percent student borrowing, 11 percent student contributions, 6 percent parent borrowing and 5 percent relatives and friends.

Scholarships are a great way to pay for college. Some scholarships are not used because of the lack of awareness from students and parents. The Student Financial Services Bureau (SFSB) is a part of the Michigan Department of Treasury and helps students and parents by providing resources about funding, tools, and more on how students can afford college in Michigan. Sallie Mae is a financial services provider who offers education loans, banking products, college savings, and insurance services. The Student Financial Services Bureau and Sallie Mae are partnering to offer a free webinar Monday, Nov. 30, 2015 from 2 to 2:30 p.m. EST called Scholarships: Best Practices and Tips” to help parents and students learn more about applying for scholarships. To register or learn more about the webinar, visit SFSB or Sallie Mae.

The Affording College in Michigan is a good resource to learn more about paying for college. Additionally, Michigan State University Extension offers financial literacy and homeownership workshops throughout the year to help you become financially healthy. For more information of classes in your area, go to either the events page or the MI Money Health website. Take the Financial Health Survey at MI Money Health to access if you’re financially healthy and discover more ways you can improve your financial health. 

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