Key Takeaway’s
- Scholarships are a type of financial aid that allows you to earn money to pay for college expenses that does not need to be paid back.
- Scholarships generally fall into two main categories: merit-based (awarded for academic excellence) and need-based (awarded based on finances).
- When applying for scholarships, it’s important to carefully follow application guidelines and look closely at the eligibility criteria and deadlines.
- To retain scholarships, you must work to meet the specified requirements, such as GPA minimums and credit hours.
- It’s always recommended to fill out your FAFSA before applying for scholarships and grants.
How Do Scholarships Work?
It’s no secret that paying for college is expensive, and many students seek ways to lower the cost. That’s where scholarships come in! Scholarships are a form of financial aid that does not need to be repaid, which essentially means that it’s free money* to help you pay for school.
Each year, there are over 1.7 million scholarships available, allowing around 58% of families to use scholarships to help pay for college. But how do scholarships really work? Where do you find them? And how do you increase your chances of winning one? Read on to learn more about how the scholarship process works.
What Types of Scholarships Are There?
Although there are several different types of scholarships that you can apply for, including:
- Merit-Based: These scholarships are awarded to students who excel in school, extracurriculars, or volunteer service. These can be issued by the government, college, or private entities.
- Need-Based: These scholarships work to provide financial support to those who face economic challenges. To be eligible, students must prove their need with financial evidence. Needs-based scholarships are often funded by the government or college.
- Privately funded scholarships. Many private organizations fund scholarships to help students better afford higher education. These scholarships can be unique scholarships, essay-based, no-essay scholarships, and more…skies the limit!
How Do You Find Scholarships?
Before you start looking for scholarships, it’s recommended to always complete the FAFSA to determine your eligibility requirements. Not all scholarships require this, but many do.
Finding scholarships requires a little bit of work, but fortunately, we’ve got ways three ways to make it easier:
- Use an Online Database: You can use a free scholarship search tool to help match you with the scholarships that you are eligible for. This helps keep your search process to a minimum so you can spend more time applying.
- Check College Raptor’s Monthly Articles: Each month, we post an article with several scholarships to apply for. Check them out, read the brief overview, and see if any are for you!
- Reach out to Organizations: Ask schools, local businesses, and other organizations around you if they are sponsoring a scholarship. This can be a great option to find scholarships available near you, and they’re often less competitive.
What Does the Application Process Look Like?
When applying to any scholarship, you should always read it in its entirety, and then read it again. It’s important to not miss any requirement details. Below is the scholarship process and what you should pay attention to when applying:
1. Read the Description
This is where it tells you what the scholarship’s purpose is. Read this carefully—if it’s a scholarship for history majors and you’re studying biology, then that scholarship won’t be for you. The description will list everything you need to know, from information requirements to deadlines.
2. Check Eligibility Requirements
Can you apply for this scholarship? The eligibility requirements will tell you who can apply. They can sometimes be broad, such as “anyone over the age of 18.” Other times they can be really specific, such as “a female studying STEM,” “students of a certain ethnicity,” or “students who have a GPA of 3.5 or higher.” It is important to carefully review all of the requirements before dedicating your time and effort to applying.
3. Note the Deadlines and Stay Organized
Each scholarship will tell you when to submit your application and how and when to expect the results. If you are applying for a lot of scholarships, it’s a good idea to keep a running list or spreadsheet to stay organized. You can include information like the amount of funding offered, eligibility requirements, deadlines, and whether or not an essay is needed.
4. Gather Required Materials
The scholarship page will tell you exactly what you need to submit a successful application. Many scholarships require one or more of the following:
- A Completed Application Form
- Personal Statement/Essay
- High School or College Transcripts
- Letters of Recommendation
- Resume
5. Follow Submission Instructions
Pay close attention to how you should submit your application. Some scholarships will specify a specific email address with a provided subject line. Others may require you to upload a copy of your essay as a PDF. Submitting your application correctly shows that you follow directions well.
How Are Scholarships Awarded?
Scholarships are often sponsored by schools, organizations, foundations, or nonprofits. They will be the ones to define the purpose, eligibility requirements, and funding. Scholarships are typically awarded based on academic achievement, community involvement, extracurricular experience, field of study, and financial need.
But how exactly are they awarded? This is where the selection committee comes in. Here’s how they work to ensure that scholarships are awarded equitably:
- Committee Selection: Once the time comes to review the applications, a committee is selected to review them. This committee is typically made up of educators, professionals, donors, or members from the scholarship sponsor.
- Eligibility Screening: The committee will look through each application, often reviewing eligibility requirements first. Applications that don’t meet these criteria are set aside.
- Clear Guidelines: To ensure the decision-making process is consistent, these members are provided with clear objectives and criteria so that everyone is on the same page.
- Decision Making: Each member of the committee carefully assesses the applications that meet the qualifications. They make sure that the applicant’s achievements align with or exceed the scholarship’s goals.
- Ongoing Support: After selecting the winner(s), committee members will notify them and provide support and guidance.
What Are the Benefits of Receiving a Scholarship?
- The Money doesn’t need to be repaid. Scholarships are a fantastic way to pay for college. When you win a scholarship, whether it’s $500 or $25,000, you do not have to repay it. You can put it towards books, housing, tuition, or any other college expense. Even if it’s a small amount, go for it. You’d be surprised at how fast the small amounts can add up.
- You Can Focus on Academics. With fewer worries about finances and how to pay for school, you can dedicate more time to your schoolwork.
- They Can Give You Access to More Resources. With more money to pay for college, you may have the opportunity to afford additional resources—laptop, tablet, textbooks—that you may not have been able to before.
- They Look Impressive on Resumes. Money doesn’t have to be the only motivator. Including the scholarships you’ve earned on your resume can show a good work ethic and make a strong impression on future employers.
How Do You Maintain a Scholarship?
Once you’ve earned scholarships, you also have to work on keeping them. As long as you continue to fulfill the requirements set by the scholarship provider, you should be able to retain it. Here are some tips to help:
- Take the Required Number of Classes. This is usually 12-15 credit hours per semester.
- Use Your Funds for Only What You Are Allowed To. If the scholarship specifies that it is only for tuition, then do not use it for books or housing.
- Ensure That You Are Meeting Minimum GPA Requirements. Work hard for your GPA to continue to meet the scholarship’s requirement, whether it is a 3.0 or higher, or similar.
- Stay Active in Required Activities. If you received a scholarship for a sports team and you decide to quit or can no longer participate, then you need to reach out to the organization to see what the next steps are.
- Communicate With the Scholarship Organization. Send them updates, let them know how you’ve grown, or what you’ve learned along the way. They appreciate hearing from you, and it can help strengthen your relationship with them.
What Can You Use Scholarship Money For?
While the money you win is yours to keep, this doesn’t mean you can spend it however you want. Just as every organization has unique application requirements, some also have their own rules regarding what the money can be used for. The terms are usually detailed by the scholarship provider, so always be sure to read them carefully. Almost all rewards can be used towards tuition, but many can also be used for books, course materials, or living expenses.
More Commonly Asked Scholarship Questions.
Is there a limit to the number of scholarships I can accept?
No, you can apply to as many scholarships as you want, provided that you meet their qualification criteria and you can accept all the scholarships that are awarded to you.
However, winning outside scholarships will likely affect how much financial aid you can get from the college you’re attending. Make sure to communicate with your schools financial aid office with questions you may have and to make sure you have all the funds you need in place.
Is there a limit to the amount I can accept by way of scholarship money?
No, just as there is no limit to the number of scholarships you can accept, there is also no limit to the amount of money you can accept. This means you can apply to all the small and large scholarships that you qualify for and you can accept all of the money that is awarded to you. However, the accepted scholarships dollars may only be used on qualifying expenses.
Do I have to inform the college I am attending about my scholarship awards?
Yes, you should inform the college so that your financial aid package can be adjusted if necessary. The adjustment could involve reducing the amount of your student loan, or it may reduce the amount of scholarship aid you can get from the institution. Again, it’s always advisable to contact your financial aid office to go over specifics.
Do I have to return the scholarship money after I graduate? If not, are there any other conditions that I need to meet?
No, you do not have to return any scholarship money that you accept. This is gift aid to you to help you fulfill your college dream. Whether or not there are any conditions you need to meet depends on the organization awarding you the scholarship.
In most cases, the only condition is that you complete your undergraduate studies. If you drop out, you may be required to return some or all of the money. This differs from one award to another so make sure you read the fine print thoroughly before applying for or accepting any award.
Will I be awarded any scholarship I apply to if I meet all the eligibility requirements?
Not necessarily. Meeting the requirements does not guarantee that you will win it. Scholarships can be competitive with every student who qualifies applying for them. To win the award, you need to meet the requirements and then some. You should go the extra mile and outshine the other applicants. In many cases, you will be required to submit an essay. Use the essay as a platform to showcase your accomplishments and highlight why you are worthy of the award.
What should I write about in my scholarship essay?
There is no one answer to what you should write about in the essay but these guidelines may help. First, read through the instructions and understand the requirements. Some organizations may provide explicit instructions about what they are looking for. In that case, you must follow these directives to the letter as the reader will want to make sure that you can read, understand and follow instructions.
If the requirements state that you need to submit an essay but no further details are provided, then you must focus on writing an essay that makes you stand out. Your aim should be to prove your worth so go ahead and write about your goals, interests and accomplishments, both in academic and non-academic areas. Most importantly, find a way to tie all of these to the program you are applying for.
Because they don’t have to be repaid, scholarships are a fantastic way to help pay for college. You just have to be willing to put in the effort to look and apply for them. With so many scholarships available each year, you are bound to find a few that fit your interests. Scholarships are your ticket to paying for school so you can focus on yourself and your academics.
Leave the hard work to us by using our free Scholarship Search tool to find scholarships that you could be eligible for.
*While a scholarship does not have to be repaid, there may be other obligations associated with the scholarship.
| Lender | Rates (APR) | Eligibility | |
|---|---|---|---|
 |
5.50%-16.12%* Variable
3.99%-15.61%* Fixed
|
Undergraduate and Graduate
|
VISIT CITIZENS |
 |
5.54% - 15.70% Variable
3.99% - 15.49% Fixed
|
Undergraduate and Graduate
|
VISIT SALLIE MAE |
 |
5.00% - 17.99% Variable
3.49% - 17.99% Fixed
|
Undergraduate and Graduate
|
VISIT CREDIBLE |
 |
6.00% - 13.75% Variable
3.99% - 13.75% Fixed
|
Undergraduate and Graduate
|
VISIT LENDKEY |
 |
5.66% - 14.72% Variable
3.69% - 14.56% Fixed
|
Undergraduate and Graduate
|
VISIT ASCENT |
 |
3.70% - 8.75% Fixed
|
Undergraduate and Graduate
|
VISIT ISL |
 |
5.62% - 16.85% Variable
3.69% - 16.49% Fixed
|
Undergraduate and Graduate
|
VISIT EARNEST |
 |
5.00% - 14.22% Variable
3.69% - 14.22% Fixed
|
Undergraduate and Graduate
|
VISIT ELFI |
