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What is a scholarship?
Scholarships are gifts. They don't need to be repaid. There are thousands of them, offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations.
It is best to research scholarships during the summer between your junior and senior years.
Challenger Scholarship Database
Or create a COPY for your own use:
Types of Scholarships:
Scholarships from Colleges: Many families think that students should be applying to dozens of scholarships to get the most money for college. The reality is that the colleges themselves provide the largest amount of scholarships for the students that attend their schools.
No application required: These scholarships come in the financial aid packet that your college gives you. They are both merit-based and income-based.
Application required: Students can search college websites, ask college tour guides, or ask college financial aid officers for these types of scholarship.
Scholarships from outside organizations: Many organizations offer both small and large scholarships for students. Please see the list of scholarships that CECHS compiled.
Scholarships Can Affect Your Financial Aid:
According to federal rules, if you receive an outside scholarship, colleges have to adjust your financial aid package so that the total amount of aid does not exceed the school’s cost of attendance by more than $300.
Schools are not required to use outside scholarships to reduce the amount of a student’s Expected Family Contribution (EFC). Many schools will use outside scholarships to reduce the amount of loans that are awarded as part of the student aid package but again, they are not required to.
You will have to check with each school to find out their policy on outside scholarships.
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