College Scholarships—How to Get Started
Graduation season is approaching. By the time you're a junior in high school, you’re most likely contemplating what your college decision will be. College isn’t for everyone, but, for those who are considering it, it’s important to start preparing now; this means taking the SAT/ACT, visiting schools, starting to fill out applications, and figuring out your finances.
College is expensive. Tuition, fees, and more can be a huge roadblock for students who want to pursue higher education. To decrease college expenses without acquiring student loan debt, look to scholarship or “gift aid” opportunities.
Understand Types of Scholarships
Some students may be discouraged from applying for scholarships, often thinking that they’re only given to the smartest students. This is a common misconception. According to a new 2022 statistic, 30% of gift aid goes to students with 3.0-3.4 GPA averages.
Although there are many academic-based scholarships, there are also other opportunities that don’t heavily rely on grades. Some types of scholarships include:
Merit scholarships
Community service scholarships
Athletic scholarships
Scholarships for hobbies and extracurriculars
Scholarships based on applicants' identities
Need-based scholarships
Employer and military scholarships
To find more details on what scholarships might be available to you, talk to your school counselor or use a reliable scholarship site. Be sure to double-check the authenticity of the scholarship, however, as there are many scams out there.
Evaluate & Build Yourself
Find what scholarship fits your lifestyle, evaluate the requirements, and take the necessary steps to build yourself as a worthy candidate.
Start by creating your resume and portfolio as soon as you can. Experience is worth its weight in gold. Apply for an internship or try to get volunteer experience, participate in clubs or competitions, and hone in on your interests and hobbies. All of this can help you stand out from the crowd.
It’s important to focus on experiences that interest you. Don’t participate in “resume booster” activities, go after what you’re genuinely passionate about. This will speak volumes during the essay portion and interview process when you have to talk about these activities. Remember, you can’t fake passion!
Start the Process Early
Don’t wait until senior year to apply for scholarships. Just like college applications, scholarships take time to complete. Avoid making your last year of high school stressful and, instead, dedicate time during junior year or over the summer to apply. Not only will this make your senior year easier, but it’ll also give you more time to accurately assess your college options.
Although each scholarship has a different process, most consist of the same fundamentals: an application, documentation, essay, submission of work, and sometimes even an interview. It’s imperative that you carefully read the requirements, as some opportunities have strict guidelines, such as font styles, that must be followed to even be considered. Most scholarships also have hard deadlines, so it’s important to start and submit your application ahead of time. Once you submit the necessities, all that’s left to do is track the status of your application.
Discuss Alternatives
Although there are many gift aid opportunities, you aren’t guaranteed to get enough money to cover all your college expenses. Instead of relying solely on scholarships, discuss alternative financing options. Some common financing options include:
College Fund
For parents and families looking ahead, consider starting a college fund as early as when your child is born. There are many ways to start a college fund, but the most common are starting a 529 plan or CD. Having a college fund will allow you to earn interest on your savings, making it easier for your child to afford college.
Loans
For parents that want to financially support their kid’s higher education but are low on time, consider taking out a home equity loan to get the exact amount needed to cover the cost of college. For parents with good credit, you’ll receive a lower interest rate than a Federal PLUS loan or a private loan. However, if you don’t have a good credit score, consider a PLUS parent loan or private student loan. Assess your financial situation and see what loan option is best for you.
Government Aid/Grants
Grants also fall under the gift-aid category, meaning you don’t have to pay the money back. However, the difference between grants and scholarships lies within the eligibility requirements. Grants tend to be needs-based. If you live with a disability or have a lower income status you may be able to qualify for a grant.
Work Studies
Another option that doesn’t require you to borrow money is participating in a federal work-study program. This program gives part-time employment to students enrolled in college. Participating in a work-study can be a great way to attain job experience and help pay off college expenses.
Key Takeaways
If you’re interested in pursuing higher education, take advantage of the scholarship opportunities available to you. Scholarships are the best way to pay off your college expenses without any negative repercussions. Take the time to build on your skills and experiences, research opportunities, and give yourself plenty of time and space to fill out the application. For more guidance and information, talk to your school counselor.