A Guide to College Scholarship Money

A Guide to College Scholarship Money
By Phillip Walters

Scholarships are a confusing, and yet helpful and convenient way to pay for college. Starting out, students wonder what scholarships are and how they work. Is the money only for tuition? How is the money awarded and in what time frame? Is there a way to win scholarships to help defray the other costs of college? To make this process easier we have put together this short primer on college scholarship money.
What is college scholarship money?
Broadly, a scholarship is any financial award given in the interest of helping a student pay for college. This may come in the form of a one-time check, or it may be a renewable award that provides money each semester.
Scholarship money is often different from student loans in that it does not have to be repaid by the student. It is also different in that it may be money given directly to the student and not, as in the case of financial aid or grants, paid directly to the students college.
How can scholarship money be spent?
If the scholarship is awarded directly to the student, then it is up to that student to spend the money on whatever they deem school related. Reasonable examples include books, housing, food, computers, supplies and so on. The scholarship money could also be directed to paying a portion of the tuition cost depending on the situation. In most circumstances it is prudent not to waste the money as it helps save students from having to loan money.
When is the money disbursed?
The timing of the disbursal is quite variable. Some scholarship institutions will give the student money in one large payment before the semester begins, and others do so over a longer time frame as with monthly stipends or quarterly disbursements. Less frequently seen are the mid-semester payments that may help less money savvy students get through the second half of the semester and plan better for the upcoming one.
Who are scholarships from? Where are they found?
A wide array of clubs, organizations, charities, individuals, and businesses offer available scholarships, not to mention federal, state and local governments. These are not so different from the education scholarships awarded by colleges and universities. And remember, there are many merit scholarships as well that can be found directly through the university of college you attend. These merit aid programs can be found by checking with the financial aid office to see what is available. You can check on what is available, and what you might qualify for, during any step of the college admissions process.
There is no one-size-fits-all advice for finding and getting scholarships. They are not only awarded to students with a 4.0 GPA. Many available scholarships are awarded due to specific requirements such as majors in a high-need field like nursing. It may be that you qualify through a high school club or organization, local newspaper or fraternal organization. You should always be on the lookout for merit scholarships and opportunities as they may make the difference between owing money when you graduate and graduating debt free. Just remember... never pay to enlist help in finding scholarships.