Billions of dollars in free money available for college-bound students

(SPM Wire) Money for college is out there ... but only if you apply for it.

That's the message from The Institute for Higher Education Policy, which estimates that there are billions of dollars in college scholarships available each year. Awards can range from a few hundred dollars to a full ride for all four years, and best of all, they do not need to be repaid.

"Searching for scholarships may take a little time and energy, but remember - it's free money," says Kathleen deLaski, president of The Sallie Mae Fund, a national charitable organization. "Even if you spend five hours applying for scholarships and receive only one $500 scholarship, that's still the same as earning $100 an hour. Money is available, but you have to take the first step and apply."

Indeed, The Sallie Mae Fund will once again provide $2.5 million in college scholarships to roughly 1,000 deserving students pursuing higher education this fall. Applications, eligibility and deadline information are now available online at www.salliemaefund.org.

And deLaski stresses that these awards are not limited to the class valedictorian or star athletes. "Scholarships are awarded based on a number of factors - from your interests to where your parents work to exceptional writing skills displayed in an essay contest," she says.

Here are some tips from deLaski and other Sallie Mae experts on how to tap into free money for college:

+ Apply for as many awards as you qualify for. Even small awards can be helpful in covering the cost of books.

+ Pay close attention to deadlines. Missing a deadline is a sure way to become disqualified.

+ Tell family, friends, teachers and others in your community that you are looking for scholarships. They may know something you do not.

+ Understand the conditions of an award - such as maintaining a specific GPA or participating on an athletic team.

"It may seem out of your reach, but once you take that first step and apply, you quickly see how worthwhile it all is," said 2006 Sallie Mae Fund scholarship winner and Spelman College junior Leanna Pearson.