Your Guide to Free Money: College Scholarships
There are two forms of financial aid that qualify as the absolute best in terms of flexibility, the amount of money you receive and benefits. They are the grant and the scholarship. If you can get a grant, do it! They are usually federally or state funded and can cover a nice chunk of your education costs. However, grants typically do not cover the full cost of tuition, leaving you to rely on either savings or loans. However, there is another option: the scholarship. Scholarships don’t have to be paid back, ever, and they can help you get through college without spending a dime! There is no risk and winning scholarships has the potential of looking really great on your future resume. But before we dive in too far, let’s get the basics down first.
What is a scholarship?
Just like any other financial aid, a scholarship is a means of getting help in order to pay for college. You do not need to fill out the FAFSA in order to qualify for a scholarship and your eligibility is based on requirements unique to the scholarship itself. Winners of scholarships typically fulfill all of the basic requirements of that particular scholarship and show need, dedication to community or some other aspect deemed worthy by the deciding committee.
Scholarships never need to be paid back, just like grants, but there is no limit to the amount of scholarship money you can qualify for. If you win a scholarship, the money is yours. So long as you were enrolled in school when you applied for it, you can get the cash. This makes scholarships a much nicer way to pay for college because you can use that money for anything related to education, whether it is paying your tuition, buying books or even buying a computer to write those essays on.
Who provides scholarships?
Scholarships are generally sponsored by private companies all across the country. However, many schools also offer scholarships to their students that cover their full tuition costs. This typically requires a certain GPA and an expressed financial need. They are called academic scholarships.
Even so, the majority of scholarships are funded by private companies and corporations, usually in an effort to give back to those looking to begin their lives in that particular field. So, students interested in science may receive a scholarship from a scientific company, for instance.
Why do I need a scholarship?
Why don’t you need a scholarship? College is a costly endeavor and the average family needs assistance to pay those tuition bills. Students can do more for their college finances than they ever thought possible by applying for as many scholarships as they can. For instance, you won’t have to pick up extra hours at the restaurant in order to pay for your books, because your scholarship money will cover it. And you very likely won’t be in debt when you graduate because you were able to pay for all of your costs up front, rather than with loans. Even so, student loans are sometimes necessary and we have an entire section devoted to making the most of the money you borrow.
How can I find scholarships?
With over $3 billion of scholarship money available each year, much of which is not claimed, by the way, there is bound to be something out there for you. You can find scholarships almost anywhere. FastWeb.com is a great resource and so are many other scholarship search sites. You can also take a stab at using a search engine online to find a scholarship related to something you are interest in or participate in. So, if you play volleyball, you may try searching for “volleyball + scholarship.”
There are also many books on the topic of scholarships that offer comprehensive resources with up to date listings. You can ask your parents to ask their bosses if their company has a scholarship program. You can ask your boss about a scholarship program. If you perform community service, are a part of any clubs or activities, ask about scholarships! Free money is literally everywhere. However, it is up to you to find it, apply for it and win it.
What types of scholarships are there?
There are many types of scholarships available out there, so you should always be able to find things you qualify for, so long as you look. A common type of scholarship is the academic scholarship, which is based on GPA and performance in school. Other scholarships are based on athletics, skills or extra-curricular activities. Even your part-time job can be an opportunity for a scholarship.
Scholarships are also based on your ethnicity or race. This allows underprivileged groups to have an equal access to education by means of minority scholarships. Women’s scholarships are also a prominent type available to women exclusively.
You can even find scholarships for very unusual attributes such as scholarships just for left-handed people and scholarships for the best prom dress made out of tinfoil. These are a lot of fun and help to make the scholarship process a bit more relaxed. However, the cash reward is very real and can make the difference between affording college and not.
The point is, scholarships are worth the effort. Sure, you have to fill out extra forms and write an essay or two, but winning a scholarship is more than enough reason to put in the extra work.
How can I win a scholarship?
If you apply for a competitive scholarship, you will need to step up your game. Winning is not always easy, but you can increase your chances by doing everything right the first time. That means reading the requirements and making sure you qualify, filling out the application exactly as it asks and writing an essay that knocks the judges’ socks off. Now, that last one can be a little bit tricky, but there are plenty of scholarship essay writing tips out there to help you build your writing skills and deliver an essay that packs a punch.
Of course, much of winning a scholarship comes down to plain old meeting the qualifications. If you do, your chances are increased from the get-go. So many people apply to scholarships at random that if you take a tactical approach to the application process, you’ll find your success rate is much higher. It’s all about focus. You want to apply to as many scholarships as you can, of course, but not so many that the quality of any one application suffers.
Scholarships can be the gateway to a less stressful college career. Just think about how much more focused on your academics you can be if you’re not constantly concerned about where the funding for your tuition is coming from? By taking these steps before you start college, you can create a financially secure educational experience for yourself that other students will only wish they had created for themselves.