Are you a student searching for scholarships? Or maybe you’re a parent trying to understand what scholarship opportunities are available for your child. We thought we would take the time to break down some of the basics for you.
Scholarships provide free aid to students. While some colleges may offer scholarships in their financial aid packages, many students choose to and should apply for private scholarships. Private corporations, foundations, or individuals fund many variations of scholarships to assist students. Private scholarships are crucial in bringing down the cost of college. Let's start with the basics:
School Merit-Based Scholarships are awarded by schools based on a student’s achievements. These may possibly be academic, athletic, artistic, or interest-based accomplishments.
School, Federal, or State Need-Based Scholarships are awarded based on a student and their family’s financial situation, depending on factors such as family income. Many times completion of the FAFSA is required to be considered eligible for need-based scholarships.
Nationwide Scholarships can be awarded to students across the country. These scholarships can be more competitive but typically grant a larger sum of money. Unigo.com and ScholarshipOwl.com are great sources for nationwide scholarships.
Local Scholarships are awarded to students in a specific region or State. These scholarships usually are less competitive than nationwide but typically grant less money. Local scholarships can be found in places such as:
High School-Specific Scholarships are awarded to students attending a specific high school. Ask your guidance office about scholarships specific to your school.
Be sure to check out RISLA’s free online search tool, rischolarships.org, for nationwide, local, and high school scholarships.
When you apply for some scholarships, you may be asked to supply a variety of documents. The ones listed below are some documents that you may or may not be unfamiliar with.
Free Application for Federal Student Aid (FAFSA): Filing a FAFSA allows students to see if they are eligible for loans, financial aid, grants, scholarships, and work-study. Available on the Federal Student Aid website.
FAFSA Submission Summary: (formerly known as the Student Aid Report or SAR): Sums up the information in your FAFSA after it is processed and reviewed. Log into your FAFSA account on the Federal Student Aid website to review or retrieve.
Award Letter: (also referred to as a financial aid award or aid package): This is provided by your school's Financial Aid Office and details the types of financial aid with the amounts that you could potentially receive from the college. This may include a breakdown of all estimated grants, federal student loans, scholarships, and work-study.
Tax Return: Form that details income and other financial information each year.
Portfolio: Depending on the scholarship you are applying to, scholarship providers may ask for a portfolio of your work. A portfolio should showcase your skills and accomplishments and allow for your personal touch to shine through. Keep in mind that some providers may prefer a specific format, digitally or physically, for a submission. Canva’s guide to creating a portfolio can be a great source of inspiration.
Review the rules and regulations of a scholarship to avoid any unwanted surprises.
Eligibility: Eligibility lists age, enrollment, residency, and any other requirements for a scholarship. One thing to keep in mind is the role of the sponsor and its related companies in your application. Some scholarships may be specifically intended for employees (or an employee’s family) while other scholarships may disqualify your application if you or a family member currently or formerly worked for the company.
Selection Process: Scholarships may or may not choose to share the selection process for scholarship winners. If they do, read up on what they are looking for and tailor your application (specifically the essay if required) based on the criteria. Remember to never submit incorrect or false information during the application process. 1) It’s untruthful and will disqualify you. 2) Some providers may ask for further information and documentation.
Scholarship Payments: Some scholarships may send the full amount of money all at once or in allotments each academic year. They may also choose to send the scholarships directly to the school rather than to you individually. Be sure to read all scholarship guidelines so you aren’t surprised by each scholarship’s disbursement processes.
Publicity: When you win a scholarship, some providers may want to share some of your information for promotion. Some common information that scholarship providers might use is your name, voice, likeness, and essay. Check all the terms and conditions before submitting it if you do not permit your information to be potentially shared.
Every scholarship is unique, so it is important to read the fine print before starting an application!
Beware! Not all scholarships are real scholarships. Be wary of scholarships that guarantee money. Some common scholarship scam phrases include but are not limited to, guaranteed to win, moneyback guarantee, one-time fee, processing cost, and redemption fee. Scholarships should never ask you for credit cards or bank information. If you received a congratulatory letter from a scholarship that you did not apply for, chances are that it is not a real scholarship.
Scholarships are worth the time and effort required for the reward. Money to help pay for college that does not have to be paid back is the best way to pay for college. For more tips and tools about finding and applying for scholarships, visit our Scholarship Hub.
Best of luck!