Scholarship Funding Advice – Here’s our guide to finding, applying for and winning scholarships to help pay for your college education.
After all, tuition gets more expensive every year — and we don’t have thousands and thousands of dollars in the bank.
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Scholarships are free money that schools, government organizations, charities, corporations, and other groups give to help students pay for college.
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In this guide, we explain how scholarships work, how to find eligible scholarships, how to apply for scholarships, and more.
Before we get into how to get a scholarship, let’s put the brakes on for a second and talk about how the scholarship works.
Simply put, a scholarship is a financial gift that pays for your education. Translation: Scholarships are free money to help students pay for college!
As college costs rise each year, students and their families rely more on this free money. In 2020, 58% of American families reported using one or more scholarships to pay for college.
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There are currently over 1.7 million private scholarships offered by schools, employers, private companies, charities, non-profits, communities, social organizations, religious groups, individuals and others.
There are many other financial aid opportunities from the US government, but we’ll get to that shortly.
Add all of these scholarships together and we’re talking $8.8 billion in free college money!
It is important to note that a scholarship usually does not cover the entire tuition fee. Many are one-time prizes of several thousand dollars.
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However, each scholarship is worth applying for as it can help reduce the cost of higher education. You can even combine multiple scholarships with other sources of financial aid, such as grants and loans.
There are many scholarships out there, but you can generally divide them into 1 of 3 categories: merit-based scholarships, need-based scholarships, and merit scholarships.
Scholarships are awarded to students who meet or exceed certain criteria. These standards are generally based on academic performance.
For example, a university might offer a one-time $5,000 scholarship to all freshmen who score 30 or higher on the ACT.
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But merit scholarships can also be based on talents, characteristics, or special interests. For example, a regional orchestra may offer an annual scholarship to help send a particularly talented student to a music college.
These are often called need-based scholarships. Colleges or organizations usually offer need-based scholarships by asking for information about your financial situation, family income, and background.
If you qualify, the scholarship organization or office will award you the scholarship you need based on the information you provide. Sometimes the amount of the grant varies based on your financial need and your family’s ability to pay for college.
Niche scholarships are financial awards that are designed to help a specific group of people, some more talented than others.
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Some scholarships are open to a wider population. For example, you may find a scholarship program open to all students applying to a college or university in the state of Maryland.
But many others are tailored to specific characteristics or interests that may not suit a particular audience.
For example, there are scholarships specifically designed for nursing students, single mothers, vegetarians, children of military veterans, or aspiring horror novelists.
In general, the better the scholarship, the better your chances of being awarded, as long as you meet all the eligibility requirements.
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Each scholarship is different when it comes to eligibility requirements. The basic requirements that scholarship providers look for in applicants vary from program to program.
But to give you a general idea, we’ll quickly break down some common eligibility criteria that scholarship providers look for when sifting through scholarship applications.
Major eligibility requirements usually focus on either: academic achievement, preparation or financial need, your interests, or a combination of majors or criteria.
Many of the scholarships you will see advertised and awarded by schools and organizations are based on a number of academic indicators.
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Eligible scholarships may require minimum scores on standardized tests such as the ACT or SAT.
You may be asked about your high school grades, including your grade point average (GPA) or how much time you spent on a particular subject.
For example, you may see scholarships open to high school students who have studied French for at least 4 years.
You can find academic scholarships with university offers based on your future academic performance. For example, the AnBryce Scholarship at NYU requires students to maintain a minimum GPA of 3.5 after starting school to keep their scholarship.
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Similarly, the Florida State University Undergraduate Scholarship requires you to maintain a 3.0 GPA throughout your college tenure if you wish to receive the scholarship during your 4 years as an undergraduate.
That said, it’s important to note that each scholarship has its own academic requirements (if any) – regardless of your exam results, you’ll always be eligible.
An average of 4% of scholarships are awarded to students with a GPA between 3.5-4.0. Meanwhile, a 30% scholarship will be awarded to those with a GPA of 3.0-3.4. A scholarship of even 5% is given to those with a lower GPA.
Similarly, on average, two-thirds of students with high SAT or ACT scores receive private scholarships, suggesting that the remaining one-third of scholarships go to students who do not have to take college entrance exams.
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Most scholarships are awarded based on your family’s financial needs. Again, these are usually called need-based scholarships, and applying for them is simple.
When you apply to college, be sure to fill out the Free Application for Federal Student Aid (FAFSA).
The federal government and your college or university will use the information you provide to assess how much you or your family can contribute to your education.
You’ll typically be asked about your parents’ or guardians’ income, part-time work you’ve done, scholarships or grants you’ve received, or investments in your name, such as a 529 college savings plan .Coverdell ESA or UGMA savings account.
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All of this information will affect your ability to pay for school – after this assessment, you can find the scholarships you need to help you effectively close the gap with your college tuition. at the payment point.
Similarly, there are special scholarships designed to support people applying to community college.
A school may offer a scholarship to a student who is the first in their family to be accepted to college.
Others may offer scholarships to students whose parents served in the military or who grew up in a high-poverty area of a particular city or neighborhood.
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For example, Albert Shanker College scholarships are available only from low-income families in New York City.
You will also find many scholarships specifically for students from minority groups.
For example, the NAACP provides more than $800,000 in scholarships to high school students or current students of color.
Similarly, the National Hispanic Medical Association (NHMA) offers a number of scholarships specifically for Hispanic undergraduate nursing students.
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For example, you can find scholarships specifically for current veterinary students or students with an extracurricular interest in playing soccer.
These slightly better scholarships are often awarded by specific schools or institutes within the wider university, or by external organizations interested in furthering their particular interests by supporting like-minded young people.
For example, the American Funeral Service Council offers scholarships to students working toward degrees in funeral or mortuary science.
The CME Group also awards special scholarships each year to students who intend or plan to pursue a career in the beef industry.
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It doesn’t matter who you are, where you’re from or how much money you have in the bank – if you want to go to college, there might be a scholarship for you! You just have to look a little and sniff them.
There are companies and groups that offer scholarships. But sometimes these scholarships are only displayed on one website, one social network, or completely offline. That’s why it pays to do your homework and dig deep.
When searching for scholarships, your first port of call should be the financial aid office at your college, university, or trade school. They can list all the scholarships the school has.
If you are still undecided
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