Techniques for Finding Scholarships
The term “scholarship” often conjures up images of exceptionally bright students with top SAT or ACT scores or outstanding athletes securing comprehensive scholarships to prestigious universities. This perception might suggest that scholarships are only for a select few who meet high academic or athletic standards. However, the reality is different. Only about 1.5% of students at four-year colleges receive full-ride scholarships through grants and scholarships each year, highlighting the competitive nature of these opportunities. Despite this, there is a vast array of financial aid available—around 6 million scholarships totalling $30 billion. Tools like Sallie Mae’s Scholarship Search can help students find financial assistance, with scholarships catering to various criteria, including academic achievement, community service, specific fields of study, and personal circumstances.
What Are Scholarships?
Scholarships are a type of financial aid that, like grants and work-study, does not require repayment if the recipient meets the award’s conditions. They can be awarded based on merit, exceptional abilities (e.g., sports or music), or financial need. Scholarships can come from a range of sources, including governments, educational institutions, employers, private corporations, nonprofits, and various community groups.
Scholarships vs. Grants
While both scholarships and grants do not require repayment, they are distinct. Grants are typically awarded based on financial need, whereas scholarships are usually merit-based or talent-based.
Types of Scholarships
Scholarships are generally categorized into three types:
- Merit-Based: Awarded for academic performance or exceptional talent.
- Need-Based: Given based on financial need.
- Identity-Based: Target specific demographics, such as minorities, women, or individuals from certain regions.
Scholarship Requirements
Each scholarship has unique criteria. Some focus on GPA or talent, while others might require financial need, membership in a minority group, or being a first-generation college student. For example, the Eastman School of Music offers merit-based scholarships to nearly all accepted students, with additional funding for those with financial need. The Gates Scholarship provides funding based on academic performance, financial need, and minority status.
Your Odds of Securing a Scholarship
According to Sallie Mae’s 2022 report, 60% of families used scholarships to help pay for college. Scholarships and grants covered 26% of the average college cost, leaving a significant portion to be financed through other means.
Evaluate Your Qualifications
Assess your eligibility by considering your academic performance, unique skills, interests, hobbies, community involvement, and family background. Scholarships are available for a wide range of interests and achievements, not just high academic performance.
Initiate Your Search
Start by reaching out to:
- School counsellors
- Financial aid offices at colleges
- Public libraries
- Religious institutions
- Local foundations
- Businesses, including those where you or your parents work
- Civic organizations
- Ethnic groups
- State departments of education and veterans’ affairs
Online scholarship search engines can also be valuable resources. Be cautious of scams—legitimate scholarships should not require payment or personal financial information.
When to Begin Applications
Start your scholarship search as early as possible, ideally around age 13. Continue searching and applying throughout high school and even after college enrollment. Some scholarships are renewable but require reapplication.
Recent Changes
In 2019, the NACAC revised its Code of Ethics, allowing college counsellors to recruit students even after they have committed elsewhere and suggest transfers for better financial aid. This may create additional opportunities for scholarships.
Scholarships for Average Students
Scholarships are not only for high achievers. Many are awarded based on various factors such as extracurricular involvement, heritage, and financial need. With around $30 billion in available funding, the chances of securing a scholarship are better than one might think.
Need-Based vs. Merit-Based Scholarships
Need-based scholarships are awarded based on financial need and are renewable each year, while merit-based scholarships are given for academic or other achievements.
GPA Requirements for Merit-Based Scholarships
Merit-based scholarships typically require high GPAs, but specific requirements vary by institution. Some may require students to maintain a certain GPA to retain the scholarship.
Conclusion
While securing scholarships requires effort, it can significantly reduce the financial burden of college. With $30 billion in scholarships available, the odds of receiving financial aid may be more favourable than expected, especially for those who plan and prepare thoroughly.
