Scholarships

Financial aid is money lent or given to you to help you pay for college. Grants and scholarships are types of financial aid that you don’t have to pay back which is why they’re called gift aid.

Most grants are awarded based on financial need, but a good portion of gift aid is awarded for academic achievement. If you’re thinking about going to college, you should definitely apply for grants and scholarships. Remember, though, that gift aid rarely covers the entire cost of college.

Scholarship Basics

Grants and Scholarships Defined

The terms “scholarship” and “grant” are often used interchangeably, but there are usually differences between these two forms of aid.
1. - Most scholarships are merit based
    - - Awards are based on:
        Exceptional academic ability
        Proven athletic ability.
        GPA
  - Most grants are need based
    - - Based on you or your family’s financial situation

Sources of Grants and Scholarships

Governments: Federal and state governments are sources of gift aid.

Colleges: Many colleges offer grants and scholarships to their students.

These may be merit based and/or need based.

Colleges may have stricter requirements for keeping a scholarship than do other sources of scholarships.

Private Organizations: Many companies, foundations, community organizations and clubs sponsor grants or scholarships.

Here are some examples of possible sources of outside scholarships:

Your parents’ employers or labor unions
Your family’s religious center
Organizations such as the National Association for the Advancement of Colored People (NAACP), 4-H and the Boy Scouts of America

Three steps to Tap into Grants and Scholarships

To apply for grants and scholarships, you’ll most likely have to fill out financial aid forms such as the Free Application for Federal Student Aid (FAFSA) and the CSS/Financial Aid PROFILE®. Outside scholarships usually have their own application forms and application processes.

Complete the FAFSA

You must fill out the FAFSA to qualify for federal aid. Many states and colleges use the FAFSA to award aid as well.

Find Out What Financial Aid Forms Your College Requires

Apply for your college’s gift aid by filling out the required forms. In many cases, this will be the FAFSA, but some colleges require the PROFILE or their own forms. Contact the college financial aid office to find out.

Research and Apply for Outside Scholarships

Use free online searches, such as the College Board's Scholarship Search. To apply for an outside scholarship, you’ll probably have to fill out an application form, and you may also have to submit financial aid forms.

Common Scholarship Questions

How do I find scholarships?

You can learn about scholarships in several ways, including contacting the financial aid office at the school you plan to attend and checking information online. Make sure scholarship information and offers you receive are legitimate and remember that you don't have to pay to find scholarships or other financial aid.

Try these free sources of information about scholarships:

The financial aid office at a college or career school
The U.S. Department of Labor’s FREE scholarship search tool
Your state grant agency
Your library’s reference section
Foundations, religious or community organizations, local businesses, or civic groups
Organizations (including professional associations) related to your field of interest
Ethnicity-based organizations
Your employer or your parents’ employers

When do I apply for scholarships?

That depends on each scholarship’s deadline. Some deadlines are as early as a year before college starts, so if you’re in high school now, you should be researching and applying for scholarships during the summer between your junior and senior years. If you’ve missed that window, don’t give up! Look at scholarship information to see which ones you can still apply for now.

How do I apply for scholarships?

Each scholarship has its own requirements. The scholarship’s website should give you an idea of who qualifies for the scholarship and how to apply. Make sure you read the application carefully, fill it out completely, and meet the application deadline.

How do I get my scholarship money?

That depends on the scholarship. The money might go directly to your college, where it will be applied to any tuition, fees, or other amounts you owe, and then any leftover funds given to you. Or it might be sent directly to you in a check. The scholarship provider should tell you what to expect when it informs you that you’ve been awarded the scholarship. If not, make sure to ask.

How does a scholarship affect my other student aid?

A scholarship will affect your other student aid because all your student aid added together can’t be more than your cost of attendance at your college or career school. So, you’ll need to let your school know if you’ve been awarded a scholarship so that the financial aid office can subtract that amount from your cost of attendance (and from certain other aid, such as loans, that you might have been offered). Then, any amount left can be covered by other financial aid for which you’re eligible.