Getting a bachelor’s degree is one of the best ways to set yourself up for success. However, not everyone has the means to pay for college, but that doesn’t mean they shouldn’t still have the opportunity to attend.
As the cost of living has risen with inflation, so too has the cost of a college education. Luckily, there are various financial assistance options and resources available for those needing help.
In this article, we’ll talk about scholarships and the process of applying for one, as well as how to avoid scholarship scams and other student aid resources for financial assistance.
What Is a Scholarship?
Unlike student loans, a scholarship is a type of student aid that does not need to be repaid. As such, scholarships are essentially a gift or an award that is given to a student without any expectation of something being given in exchange or in return. Just about any person, company, or organization can choose to offer scholarships, including employers, schools, private companies, nonprofits, social organizations, and religious groups.
What Types of Scholarships Are Available?
While scholarships can come from many different sources and be awarded for a wide variety of reasons, there are generally two primary types of scholarships:
- Merit-based scholarships: A merit-based scholarship is typically awarded based on a student’s skills, abilities, or interests. In most cases, students who win these types of scholarships do so because they have exceeded expectations or standards in a certain area. This means they can be awarded based on superior academic achievement or when a student shows a special talent or interest in a certain field, such as a sports scholarship or a marine biology scholarship.
- Need-based scholarships: Need-based scholarships are intended for specific groups of people who tend to require more financial assistance than others. They can also be awarded based on other needs, such as background and demographics. This can include scholarships for minority groups, women, and students with disabilities.
The amount awarded for a scholarship can vary greatly. Some scholarships can cover a student’s entire cost of tuition, and some might only cover a fraction of that cost. For example, some scholarships can award a student thousands of dollars that will carry them through multiple years of school, and other scholarships are a one-time award of just a few hundred dollars, which could help cover the cost of books and other smaller expenses.
There is also no limit to how many scholarships a student can be awarded. You could apply for multiple scholarships that, combined, cover your tuition costs.
How to Find Scholarships
If you aren’t sure where to start, often a simple internet search for scholarships will do. Many companies and organizations that offer scholarships have all the information you need online. However, if you are still struggling to find what you need on the internet, there are other ways to find scholarships.
You can reach out to your high school counselor, or the financial aid office of the colleges you are applying to, or you can check out your public library for resources. You can also look into companies and organizations you have an interest in to see if they offer scholarships.
Below are some of the free resources for scholarship information you can look into:
- Federal agencies
- State grant agencies
- Your employer or your parent’s employer
- The Department of Labor’s scholarship search tool
- Foundations or local community organizations
- Religious groups
- Professional associations and organizations
- Financial aid offices
If there is something you are specifically interested in, such as sports, art, math, sustainability, wildlife preservation, music, engineering, etc.—there is likely a scholarship out there dedicated to it. So don’t just limit yourself to searching for scholarships in the usual places.
When you’re looking for scholarships, it’s also important to understand the scholarship’s intent. Some scholarships have strict rules about what you can use the money for, such as only for tuition and books. Whereas other scholarships might be a little more lenient, allowing you to pay for anything related to your college experiences, such as travel and the cost of paying for college movers to help you move your stuff into the dorms or other housing.
How to Apply for Scholarships
Not all scholarship applications are the same. Some scholarships will have unique and specific requirements for applying, so make sure you pay close attention to what is being asked of you when you apply. The last thing you want is to miss out on a great scholarship opportunity because you made one small mistake on the application.
So prepare yourself for the process, keep yourself and your applications organized, follow all directions carefully, and double-check your application before sending it in.
Many scholarship applications, for example, are now digital and can be filled out online. However, though most things are digital these days, there are some organizations that still require you to mail your application to places like a P.O. box. If this is the case, your only option for sending in your application may be through the USPS, and you will need to make sure you ship priority to ensure the security of the application, and its on-time arrival.
If you have any questions or concerns about your application and what you need to do, you can always contact the person, company, or organization offering the scholarship. Or you can check in with the school’s financial aid office.
How to Avoid Scholarship Scams
In your process of searching and applying for scholarships, it’s important to avoid fraud and scams. Unfortunately, when there are people in need, there are always companies or people out there looking to take advantage of their vulnerability. So if you come across a scholarship opportunity that seems too easy or too good to be true, make sure it’s not actually a scam.
Processing costs, application fees, and redemption fees can sometimes be a sign that the scholarship is a scam. While processing fees and other fees are common, there are some things to look out for. For example, if a company is offering a scholarship for a few hundred dollars but is collecting application fees for thousands of applicants, they are likely making more money off the fees than they are awarding and don’t care all that much about helping students pay for their education.
Scholarship scams are also prevalent on social media these days. If you get a friend or message request from someone you don’t know who is trying to talk to you about a great opportunity to win money for college, for example, it’s likely a scam.
So when looking for scholarships, use your best judgment and do not quickly jump into applying without first doing some research to ensure it’s a legitimate scholarship opportunity.
Other Student Aid Resources
If you don’t win any scholarships or if you are interested in other forms of aid, there are other options. Grants, tuition reimbursement, and federal aid, for example, are other popular options. The Federal Student Aid website is an excellent resource for finding financial assistance. There are lots of aid programs and other ways to get the money you need to help you pay for your college education. And again, if you need assistance finding what you are looking for, you can always reach out to your school counselor or get in touch with someone from the financial aid office of the school you are applying to.
Wrapping Up
Whether you are still in high school, already in college and looking into grad school, or a non-traditional student going back to school later in life, there are lots of scholarship options out there that can suit your needs. It just takes a little time and research, but there are thousands of scholarships out there for everyone.
