There's a misconception that only the most talented and academically successful students will qualify for scholarships. However, with so much available aid, your chances of getting a scholarship (and not having to rely solely on student loans) may be better than you realize. You can easily find scholarships online using dedicated search tools, in addition to contacting local organizations and individuals who are likely to ▨offer them.

What Are Scholarships?

A scholarship is one of several types of financial aid that also includes grants, 澳洲幸运5官方开奖结果体彩网:student loans, and work-study jobs. Scholarships are typically based on merit (i.e., grades) or special ability, though some can be 澳洲幸运5官方开奖结果体彩网:need-based. As with grants and work-study jobs, the money you receive from a scholarship doesn't have to be repaid unless you fail to live up to the terms of the award.

Scholarship funding comes from a variety of sources, including federal and state governments, schools, employers, individuals, private companies, nonprofits, communities, religious organizations, and social and professional groups.

Scholarships vs. Grants

People often confuse scholarships with grants because in many ways they are alike. Both consist of financial aid that normally doesn’t have to be repaid and can come from the same sources—government, schools, employers, individuals, organizations, and so forth. They differ in that most grants are awarded on the basis of financial need, while scholarships, as noted above, are typically based on merit or talent.

Scholarship Classifications

Although most scholarships are merit-based, there are three broad award cla𒈔ssifications utilized in a sort of mix-and-match approach.

• Merit—also known as “academic” or “talent-based”—considers standards set by the scholarship sponsor, such as academic achievement or a special talent (e.g., athletics or music).
• Need takes into account you and your family’s ability to pay for your education.
• Identity restricts awards to certain groups, such as minorities, women, people from a particular area or location, or people with a specific background. This could also include students from military families or whose parents work for a particular employer.

Scholarship Requirements

In addition to the classifications noted above, each individual scholarship has its own rules or requirements. You should understand these requirements and keep in mind that some scholarships may only consider grade point average (GPA), class ranking, or talent, while others require demonstrated financial need, being a member of a minority group or the first person in your family to go to college, or some other qualification.

The Eastman School of Music, for example, runs a “need-blind” first round to its admission process where it offers merit-based scholarships to nearly 100% of those accepted. After that, a “need-informed” process makes additional awards available to those who qualify based on financial need.

Another example is the Gates Scholarship, which offers scholarships to students in good academic standing who are also eligible for a 澳洲幸运5官方开奖结果体彩网:Pell Grant and from a minority group. In this case, merit isn’t enough. You must also both demonstrate need and be a member of a special population.

Your Odds of Landing a Scholarship

Sallie Mae's 2024 "How America Pays for College" study reports that 80% of families relied on grants and scholarships to cover part of the cost of going to college. This translates to approximately 15.3 million (out of 19.2 million) college students who used scholarships that year.

Combined, scholarships and grants covered $8,250 of an average total college cost of $28,409, leaving $20,159 to be covered by savings, family support, loans, and work-study.

Assess Your Qualifications

The first step in the process is a self-assessment of your potential scholarship qualifications. This list should include your gr꧃ades, special skills, interests, hobbies, community connections,ꦇ and family background.

As noted above, many scholarships consider much more than academic performance or talent. Take hobbies, f♊o🙈r example. You may not be a star football or softball player, but what about other sports or activities? From gamers to gardeners, there are scholarships available for everyone.

While your overall GPA is important, so are your subject area achievements. You may be an average student with all A’s in math. In that case, you may want to look into STEM (science, technology, engineering, and math) scholarships. Consider awards you have won, community service you’ve performed, church involvement, minority status, military connections, family connections (where your parents atten🐷ded), and whether anyone in your immediate family has gone to college before.

Start Your Search

ಌArmed with a profile of your strengths, contact any and all of the following entities for information about available ඣscholarships for which you might qualify:

• School counselors
• College and university financial aid offices
• Public libraries
• Churches
• Local foundations
• Businesses (including your employer)
• Your parents’ employers
• Civic groups
• Ethnic organizations
• Your state's department of education
• Your state's office of veterans’ affairs

Online Search Options

Free online search engines will help you find ad𝓀ditional scholarship opportunities, including many you may not have considered or didn’t know existed. Almost all online search options include the ability to filter search results in order to match your qualifications with a🐼vailable aid.

The table below lists eight of the many search engines availabl🏅e.

To find even more opportunities, type “scholarship websites” or “scholarship sources” into your favorite internet search engine. If you want to narrow the field, add some limitations, such as “scholarships for children of veterans” or “scholarships for art majors.” You'll likely be surprised by what you find.

Watch Out for Scams

You shouldn’t have to pay for scholarships or scholarship searches. If you're unsure whether an offer is a scam, seek the advice of your school counselors or college financial aid offices. Some of the more common scams include:

• There’s a fee to apply—which is extremely rare—or claim your scholarship—which is nonexistent.
• Your scholarship is guaranteed or your money back.
• Having exclusive scholarship information not available anywhere else.
• You need to supply credit card or bank information to “hold” a scholarship.

In short, anything that involves payment of any kind (other than an occasional modest application processing fee) is probably a scam.

When to Apply

Ideally, you should begin applying for scholarships as soon as you start planning for college. For some, that could be 13 or younger, according to student financial aid information website Finaid.

Early college awareness programs, such as the U.S. Department of Education’s Gaining Early Awareness and Readiness for Undergraduate Programs (GEAR UP) program, supports state and partnership grants that provide early intervention and often also offer scholarships to low-income students as they enter college.

Once you enter high school, you should at least begin searching for scholarships and applying for those that allow it. Between your junior and senior years of high school is the latest you should begin applying, as some scholarships and other financial aid have application deadlines that are more than a year before you start school.

Don’t forget to keep applying (and, if needed, reapplying) once you're in school. Some scholarships are renewable but may require that you reapply on a regular basis. If you receive a scholarship, make sure to check whether it will need to be renewed and, if necessary, how to do so. Other opportunities may come into play after you're already enrolled. Scholarship funds are free money and worth the time it takes to ask for them.

This Agreement May Help

Action taken in 2019 by t🐽he National Association for College Admission Counseling (NACAC) to strip provisions from its Code of Ethics and Professional Practice (CEPP)🃏 now lets college counselors recruit students even after they have committed to another school.

Furthermore, NACAC members are now allowed to encourage enrolled students to transfer to a school with a better financial aid package, offer perks (such as special scholarships and priority course selection for early enrollees), and recruit students beyond the traditional May 1 deadline, giving those students more time to choose the best financial aid package. If you are particularly talented or competitive, last-minute opportunities may arise, even after you have com🌱mitted to a specific school.

The Bottom Line

While landing scholarships is often a lot of work, the effort may pay off and save you and your family lots of money in the long run. Don't be dissuaded if your grades are just okay. The odds may be better than you think, and they increase for those who plan and do the hard work ahead of time.