As college acceptance letters and financial aid packages continue to arrive, the affordability of college is likely becoming more real. While it can be overwhelming — and even a bit scary — there is good news. There are plenty of scholarships out there to help lower your costs. Some $46 billion in scholarship funds are awarded in the United States each year. Here are some tips to help you get some of that free money.
Do Your Research
The first step to winning scholarship money is applying for it. Time spent looking for a variety of scholarships can really pay off. Start with AISES scholarships as well as those awarded through your tribe. From there, look for opportunities offered by state and federal agencies, as well as those sponsored by local businesses, civic groups, and even your church. You may discover multiple scholarships designated for students who have your interests — academic, athletic, social, or otherwise.
Money Is Money
As you begin your research, you’ll find a wide assortment of qualifiers and funding. Don’t be too quick to dismiss those that may not seem very lucrative. A few $500 awards add up, so apply for the small- and big-money scholarships alike.
Ask Around
You’re about to begin the next phase of your life — one when you’ll need to think independently and advocate for yourself. Start now. Look into whether your employer, or that of your parents, offers scholarships for dependents. Professional associations related to your intended field of study or the specific academic program at the college you plan to attend are also possible resources for scholarships.
Be Thoughtful
Remember how much care you put into your college applications? Keep it up. Apply the same thoughtful attention to your scholarship applications that you used to craft your personal statement. To start, be sure you are eligible for the scholarship, then carefully read and follow application instructions. Some require simple responses to a few questions, while others ask for recommendations and other supporting material. Once the application is complete, be certain to proofread before hitting submit.
Do Double Duty
Let the Common App work harder for you. You’re already using it to connect with colleges, but did you know you could potentially access scholarship opportunities through the Common App as well? Check out the matching feature via the financial aid tab and see what it unlocks.
Don’t Forget the FAFSA
To be considered for any federal grants, aid, or even a work-study program, you must file the Free Application for Federal Student Aid, or FAFSA. It’s critical that you don’t skip this step because the information you provide on this form is used by colleges as well as public and private funders. You can set up your FAFSA account and submit the form at studentaid.gov.
Identifying and applying for appropriate scholarships takes time — but your efforts could pay off big, literally. Keep an eye out for deadlines as there are opportunities all year. There’s no limit to the number of scholarships you can receive, so apply to as many as often as you can. Good luck!
ON TOPIC
You’ve probably noticed a lot of new words and acronyms as you delve into the college application process. This is particularly true when it comes to the financial side of things. To help you better understand the terminology, here’s our glossary of important terms. Understanding the difference between various types of scholarships, grants, and aid will help you make educated decisions.
Cost of Attendance: An annual estimate of educational expenses you will incur while attending a particular college or university. The estimate is made up of two types of costs: direct and indirect.
Direct Costs: Items that will appear on your university bill, including tuition, fees, and on-campus room and board.
FAFSA: Free Application for Federal Student Aid lets students apply for financial aid from the federal government. It determines if a student is eligible for federal grants, scholarships, work-study programs, and loans.
Federal Pell Grant: A need-based grant that helps undergraduate students pay for college. It's the largest federal grant program for undergraduates.
Grant: A gift of money that helps a student pay for college and does not need to be paid back.
Indirect Costs: Expenses that will not appear on your university bill but are estimated costs associated with attending college. These costs include books and supplies, transportation, personal expenses, and off-campus housing and food.
Interest: A charge for borrowed money generally a percentage of the amount borrowed.
Loan: Money you borrow from the federal government or a private organization to pay for college expenses and repay later with interest.
Merit Scholarship: A financial award given to a student based on their skills and abilities. Merit scholarships can be based on academic achievement, athletic ability, or other talents.
Need-based Scholarship: A financial award given to students based on their financial need. Need-based scholarships are intended to help students who might not otherwise be able to afford college.
Work-study: A type of financial aid that requires a student to work to earn money for college. Unlike grants, scholarships, and loans, work-study isn’t available immediately to help cover the college bill. The student must apply and be hired for a work-study–eligible job, usually on campus, and work a specific number of hours to earn a paycheck.
