Where do Scholarships Come From?
Scholarships come from the government, the state, colleges, or companies. All of these sources provide scholarships to worthy students, but they all vary as to the method used to determine who should win a scholarship and who should not. It is important to understand each of these sources of scholarship money in order to decide which type is best suited for you and your current situation.
Federal Government and the State
Both the federal government and the state in which you will be going to college offer grants, which are essentially like scholarships because the money never has to be paid back. Every year a budget is made for the government and the state that determines how much money can be spent on educational grants for college students. Because money is limited it is very important that you submit your application as soon as possible.
You can apply for federal grants by submitting the FAFSA by March 2 of the year in which you plan on attending college in the fall. This will put you in the running for federal grant and loan money. In order to be considered for state grants, you will need to find the appropriate forms and information—typically available online—for your specific state. State grants have their own requirements, including a certain GPA, so be sure to read the guidelines carefully.
College Sponsored Scholarships
Many colleges also offer scholarships to incoming and continuing students. Once you decide for sure where you would like to attend school, make sure you stop by the financial aid office to check and see what scholarships are available. You should also stop by the department for your major and see if there are any scholarships available specifically for your major. Doing this will help you find funding that often goes untouched and that could help you save considerable money on your college education.
Company Sponsored Scholarships
This is what a lot of people think of when they hear the word “scholarship.” Company sponsored scholarships are those that are created and offered by companies with specific interests. For instance, a lot of companies offer scholarships to students that will be pursuing a major that is akin to their career field. Others offer scholarships to students of certain minority groups, religions, or those that partake in certain extracurricular activities.
The point is, scholarships that have private backers are typically much more focused on some area of your personality or life rather than on grades alone. So, if you are an average student and need financial aid, company sponsored scholarships will probably be perfect for you.
The benefit of applying for company sponsored scholarships is that a lot of the time they are locally based and you will have less competition. Many national scholarships, while they have fantastic awards, are extremely competitive and may not be the best way to focus your time when applying for scholarships. Applying for more local scholarships that have smaller awards actually increases your chances of winning. And while the awards are smaller, if you win several they can really add up. Besides, when it comes to scholarships, every little bit helps.
You may find yourself having to fill out several applications and writing several essays when you begin the scholarship application process. But you shouldn’t fear it. While it may take a lot of your time right now, once those checks start rolling in, you’ll be thankful you took that extra time to write a killer essay or to provide thorough answers. Giving each application your best brings you one step closer to money in your hand. And as all college students know, money is one of those things you can never have enough of when it comes to paying for everything related to education from tuition to books to dorm fees to food.