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.
4/30/09
The Truth About Scholarships
The Bold Truth About Student Scholarships
By Jon Arnold
If you are currently in college or soon will be, the thought of getting some student scholarships has probably crossed your mind. If it has not, then you are either independently wealthy or have not taken a good long look at the sky rocketing cost of a good college education these days.
Students should spend as much time as possible looking for student scholarships because this is an excellent way to defray and sometimes even completely pay for the cost of a college education. Note the use of the plural form of scholarships. Yes, there is no reason to stop at one scholarship when you can get several of them, there is no law against that, either legally or morally.
Finding an acceptable student scholarship is not difficult but will involve some of your time in research and actually applying for the scholarships. But when you look at the amount of money that you could get, the cost of a postage stamp pales in comparison, and in many cases it isn't even that anymore since most places allow you to apply online.
Think you cannot get a student scholarship? Think again. It used to be that you had to be the local rocket scientist or academically brilliant to get a scholarship or grant, or had to be the sports king or queen, or had to come from some economically disadvantaged family or region of the country. That is no longer the case with most grants and scholarships. You may simply have to indicate that you are going to pursue a specific field of study, which still does not even necessarily lock you into maintaining that major.
The truth of the matter is that many college scholarships are available today for almost any academic record or background, as well as almost any financial background, from the filthy rich to the dirt poor. Consider for a moment the very real fact that in today's world, many scholarships go unawarded each year simply because nobody applied for them! In other words, there are businesses, organizations and companies that are more than happy to award a scholarship but they cannot award it if nobody applies for it!
One of the super great things about grants and scholarships is that the money you get from them is free. In other words, it is money that you do not need to pay back. Now contrast that with federal student loans, which almost anyone can get, but you need to pay back every penny of them, with interest, after you graduate. Given a choice between a student loan that you need to pay back versus a student scholarship that does not need to be paid back, which one would you rather opt for?
The more student scholarships you apply for, the better your chances that you will be awarded one or more of them. Maybe a particular scholarship is only worth $500. Does that mean it is not worth your effort to apply for it? Nothing could be further from the truth. If you got that one scholarship, put it in perspective, since that one scholarship could pay for the books for two of your classes, which is much better than reaching into your own pocket to pay for them. Or looking at it another way, what if you were awarded 10 or 20 of those $500 scholarships. Would that make a difference in figuring out how you are going to pay for your college education?
Take the time to apply for student scholarships. Keep yourself organized and keep track of which ones you have applied for so that you don't apply for the same one multiple times. And don't give it, keep those scholarship applications going!
By Jon Arnold
If you are currently in college or soon will be, the thought of getting some student scholarships has probably crossed your mind. If it has not, then you are either independently wealthy or have not taken a good long look at the sky rocketing cost of a good college education these days.
Students should spend as much time as possible looking for student scholarships because this is an excellent way to defray and sometimes even completely pay for the cost of a college education. Note the use of the plural form of scholarships. Yes, there is no reason to stop at one scholarship when you can get several of them, there is no law against that, either legally or morally.
Finding an acceptable student scholarship is not difficult but will involve some of your time in research and actually applying for the scholarships. But when you look at the amount of money that you could get, the cost of a postage stamp pales in comparison, and in many cases it isn't even that anymore since most places allow you to apply online.
Think you cannot get a student scholarship? Think again. It used to be that you had to be the local rocket scientist or academically brilliant to get a scholarship or grant, or had to be the sports king or queen, or had to come from some economically disadvantaged family or region of the country. That is no longer the case with most grants and scholarships. You may simply have to indicate that you are going to pursue a specific field of study, which still does not even necessarily lock you into maintaining that major.
The truth of the matter is that many college scholarships are available today for almost any academic record or background, as well as almost any financial background, from the filthy rich to the dirt poor. Consider for a moment the very real fact that in today's world, many scholarships go unawarded each year simply because nobody applied for them! In other words, there are businesses, organizations and companies that are more than happy to award a scholarship but they cannot award it if nobody applies for it!
One of the super great things about grants and scholarships is that the money you get from them is free. In other words, it is money that you do not need to pay back. Now contrast that with federal student loans, which almost anyone can get, but you need to pay back every penny of them, with interest, after you graduate. Given a choice between a student loan that you need to pay back versus a student scholarship that does not need to be paid back, which one would you rather opt for?
The more student scholarships you apply for, the better your chances that you will be awarded one or more of them. Maybe a particular scholarship is only worth $500. Does that mean it is not worth your effort to apply for it? Nothing could be further from the truth. If you got that one scholarship, put it in perspective, since that one scholarship could pay for the books for two of your classes, which is much better than reaching into your own pocket to pay for them. Or looking at it another way, what if you were awarded 10 or 20 of those $500 scholarships. Would that make a difference in figuring out how you are going to pay for your college education?
Take the time to apply for student scholarships. Keep yourself organized and keep track of which ones you have applied for so that you don't apply for the same one multiple times. And don't give it, keep those scholarship applications going!
Scholarships and Grants
Scholarships and Grants for Your College Education
By Christopher Penn
As you consider how to pay for college, the very first place to start is with college grants and scholarships. Unlike student loans, grants and scholarships generally do not have to be repaid. There are billions of dollars of grants and scholarships available from hundreds of thousands of organizations the key is doing your research and starting early.
Grants are based on a combination of financial need, and in some cases, academic performance. For example, the Federal Pell Grant offers up to $4,050 (for the 2006-07 school year) depending on your financial need and the cost of attendance at your school. Applying for the Pell Grant and other federal grants is done through the Free Application for Federal Student Aid, or the FAFSA, which is a free financial aid form. Your FAFSA results, called the Student Aid Report (SAR), will inform you if you're eligible for a Pell Grant, and for how much. Other grants controlled by the FAFSA include the Supplementary Educational Opportunity Grant, the National SMART Grant, and the Academic Competitiveness Grant.
College scholarships are another source of funds for education that don't have to be repaid. They are typically offered to students who meet specific requirements, and are typically funded by private benefactors. Though many scholarships are awarded on the basis of academic merit or financial need, not all are. Some scholarships are random drawings, while others have requirements designed to focus on improving access to specific demographics, like minorities or certain fields of study.
There are millions of need- and merit-based scholarships worth over $10 billion. There are many websites listing scholarships - StudentScholarshipSearch.com currently has over $7 billion scholarships available for visitors. In addition to the Internet, meet with your high school guidance counselor who may have a list of local scholarship opportunities.
It is important to research these student scholarships early since many require an application and/or interview. Although you will not apply for college until you are a senior in high school, start to research scholarships in your sophomore or junior year. This will allow you to identify potential scholarships and give you time to meet all the qualification criteria. Be as specific as possible - the more targeted your search, the less competition you will have from other applicants and the more likely you are to stand-out to the organization providing the scholarship. For more details about how to search effectively, read the free Scholarship Search Secrets e-Book available at StudentScholarshipSearch.com.
Apply for as many college scholarships as possible - there is no limit and every dollar of scholarship funds you accrue will limit your need of student loans. Many scholarships require you to submit an application and/or participate in an interview, so be sure you qualify for the scholarship before applying. Try to set a specific time each week to apply for at least two scholarships - every Sunday afternoon, for example. In a year's time, you will have applied for over 100 scholarships.
Another key fact often overlooked is that in the end, what matters most is how much scholarship money you have been awarded, whether it comes from a single scholarship for $1,000, or 10 scholarships for $100 each. Apply for large and small scholarships alike; the larger the scholarship, the more competition there likely is for it, so you may find in your search that applying for many smaller scholarships will improve your chances of being awarded money.
One last word of caution - be sure to avoid scholarship scams. Typical signs of scholarship scams include asking for very detailed personal information, such as a Social Security number or date of birth. Any scholarship award that asks you to pay money of any dollar amount is likely not legitimate. Awards which require you to give any kind of financial information such as bank account numbers or credit card numbers are almost certainly scams. Receiving a notice that you're a finalist in a scholarship you never applied for is almost certainly a scam. Generally speaking, scholarship search services, while not necessarily scams, don't offer value above and beyond what a search engine like Google can provide, so it's usually not worth paying for them. Above all else, trust your gut instincts - if something feels like a scam, it probably is.
By Christopher Penn
As you consider how to pay for college, the very first place to start is with college grants and scholarships. Unlike student loans, grants and scholarships generally do not have to be repaid. There are billions of dollars of grants and scholarships available from hundreds of thousands of organizations the key is doing your research and starting early.
Grants are based on a combination of financial need, and in some cases, academic performance. For example, the Federal Pell Grant offers up to $4,050 (for the 2006-07 school year) depending on your financial need and the cost of attendance at your school. Applying for the Pell Grant and other federal grants is done through the Free Application for Federal Student Aid, or the FAFSA, which is a free financial aid form. Your FAFSA results, called the Student Aid Report (SAR), will inform you if you're eligible for a Pell Grant, and for how much. Other grants controlled by the FAFSA include the Supplementary Educational Opportunity Grant, the National SMART Grant, and the Academic Competitiveness Grant.
College scholarships are another source of funds for education that don't have to be repaid. They are typically offered to students who meet specific requirements, and are typically funded by private benefactors. Though many scholarships are awarded on the basis of academic merit or financial need, not all are. Some scholarships are random drawings, while others have requirements designed to focus on improving access to specific demographics, like minorities or certain fields of study.
There are millions of need- and merit-based scholarships worth over $10 billion. There are many websites listing scholarships - StudentScholarshipSearch.com currently has over $7 billion scholarships available for visitors. In addition to the Internet, meet with your high school guidance counselor who may have a list of local scholarship opportunities.
It is important to research these student scholarships early since many require an application and/or interview. Although you will not apply for college until you are a senior in high school, start to research scholarships in your sophomore or junior year. This will allow you to identify potential scholarships and give you time to meet all the qualification criteria. Be as specific as possible - the more targeted your search, the less competition you will have from other applicants and the more likely you are to stand-out to the organization providing the scholarship. For more details about how to search effectively, read the free Scholarship Search Secrets e-Book available at StudentScholarshipSearch.com.
Apply for as many college scholarships as possible - there is no limit and every dollar of scholarship funds you accrue will limit your need of student loans. Many scholarships require you to submit an application and/or participate in an interview, so be sure you qualify for the scholarship before applying. Try to set a specific time each week to apply for at least two scholarships - every Sunday afternoon, for example. In a year's time, you will have applied for over 100 scholarships.
Another key fact often overlooked is that in the end, what matters most is how much scholarship money you have been awarded, whether it comes from a single scholarship for $1,000, or 10 scholarships for $100 each. Apply for large and small scholarships alike; the larger the scholarship, the more competition there likely is for it, so you may find in your search that applying for many smaller scholarships will improve your chances of being awarded money.
One last word of caution - be sure to avoid scholarship scams. Typical signs of scholarship scams include asking for very detailed personal information, such as a Social Security number or date of birth. Any scholarship award that asks you to pay money of any dollar amount is likely not legitimate. Awards which require you to give any kind of financial information such as bank account numbers or credit card numbers are almost certainly scams. Receiving a notice that you're a finalist in a scholarship you never applied for is almost certainly a scam. Generally speaking, scholarship search services, while not necessarily scams, don't offer value above and beyond what a search engine like Google can provide, so it's usually not worth paying for them. Above all else, trust your gut instincts - if something feels like a scam, it probably is.
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