5 Key Questions about College Scholarships
Discovering ways to decrease the cost of college by finding free money could make the difference between graduating with mountains of debt or not. Knowing the answers to these five key questions will put students on the path to a more affordable college.
1. What is the difference between a grant and a scholarship?
Grants are need-based and often offered by the federal government, state, or university based upon eligibility determined by the FAFSA® form. The FAFSA® uses a formula to calculate the amount of aid for which a student is eligible and awards Pell and other federal grants to the student. States and colleges also use this information to provide grants to students.
Scholarships, on the other hand, are more often merit-based and are offered by colleges, states, corporations, community groups, private philanthropists – just about anyone for any reason. There are scholarships for:
- Special talents in academics, sports, the arts, debating, etc.
- Affiliations with religious organizations, fraternal organizations, ethnic or racial groups
- Children of employees and members of the military
- Students with disabilities and certain health issues
- Students who identify as LGBTQ
- Fun activities such as the Stuck at Prom Scholarship, Make Me Laugh Scholarship, and the Evans Scholarship (for high-achieving caddies), as well as “outside the box” scholarships such as one for Being Tall.
Grants and scholarships are often part of a larger financial aid package that may include an award that is required to be repaid (i.e., a loan) or is earned (i.e., federal work-study).
2. How much scholarship money is available?
A lot.
According to the Education Data Initiative, over 1.8 million private college scholarships are awarded annually.
3. How can students find suitable scholarships?
There are many sources of information:
- Use NCAG’s Scholarship Search Tool. With more than 6,000 scholarships to explore, students can use the provided filters to find scholarships, click on the links to learn more about each individual scholarship listing, and save the ones that interest them.
- High school counselors. School counselors know their students and their special talents and attributes. They can often recommend scholarships offered by local community groups and businesses, and guide students to specific colleges which may offer merit aid because they are seeking students just like them.
- Books. Gen and Kelly Tanabe used scholarships to pay their way through college and now publish an annual guide, the most recent: The Ultimate Scholarship Guide Book 2027. There are numerous other books to consult along these lines.
- Colleges and universities. The financial aid and scholarship sections of college websites discuss their respective offerings and application procedures.
- Networking. Personal networks are powerful. Family members, teachers, counselors, and particularly parents of students who recently graduated are great sources of information.
4. What are some tips to win scholarships?
- Know the Deadlines. Scholarships have deadlines that may be a specific date, continuous (i.e., awarded throughout the year), or that may vary (i.e., quarterly or semi-annually). Scholarships with deadlines do not accept submissions past that due date, so students should be mindful of that date.
- Research Requirements Carefully. Each scholarship has its own set of eligibility criteria and application requirements. Make sure students thoroughly read and understand the instructions before applying to ensure they meet all the necessary qualifications.
- File a Great Application. This is no time to be modest. Students should emphasize the accomplishments, strengths, and unique qualities that make them stand out. And while it can be very tempting to write one good essay and submit it for every scholarship, personalizing and focusing the response can be advantageous. Addressing the specific prompts or themes outlined by the scholarship provider is critical.
- Stay Organized. High school seniors are juggling many balls – filing college applications and financial aid forms, tracking down letters of recommendation, getting good grades, etc. It’s easy to lose sight of private scholarship deadlines. Help them identify a way to keep focused on finding free money for college.
5. What should students avoid when looking for scholarships?
Sadly, fraudsters and scammers often target families seeking free money for college. The Federal Trade Commission’s Consumer Advice site provides very good information on avoiding “scholarship and financial aid scams.”
When looking for scholarships, students should avoid:
- Paying a fee of any kind to a “consultant” or “finder”
- Paying an “application fee” or a fee to “disburse” or “redeem” an award
- Providers who guarantee a match
- Providing sensitive personal information such as social security number, credit card or bank details
The Last Word
Scholarships can reduce the financial burden and make college more affordable. By starting to search early, utilizing available resources, and following best practices for applying for free money, paying the college bill might get a little easier.