This is Part 1 of a 4 part series covering the Complex World of Scholarships featuring Meredith Ritchie, a Business Support Consultant at Wells Fargo and mother to college-age triplets.
If I had a dollar for every time I heard someone say, “there’s so much scholarship money out there for the taking,” I could retire!
Each year, I experiment with some of the better-known online scholarship sites. What I have learned is that in many instances, this pursuit of scholarships involves the sharing of extensive personal information and signing up for related services/offers/newsletters etc. In short, it is quite the rabbit hole, and trust me when I say that it does not lead to a scholarship wonderland, rather an inbox full of unsolicited junk and a financial windfall for organizations that sell your personal information. What can I tell you? Call me a cynic!
Of course, it’s true there is scholarship money “out there,” but to say that it’s easy to get is entirely misleading: it simply is NOT true.
While scholarships are “gravy” for some students, for others they are a necessary component for college to be a reality. For example, Meredith who I introduced last week had triplets. In her family’s case, scholarships weren’t optional, they were required. After the initial elation of receiving multiple college acceptance letters, her teenagers had to get busy finding outside scholarships to bridge the gap, which of course meant she did too!
During Meredith and her triplet’s experiences, she learned a lot, much of what I will cover over the next several weeks. In order to get started, this week, I will provide a basic overview of the five scholarship types.
University Merit-based Scholarships
- Source of Funding:
- Alumni donations
- State funding
- Endowments
- Pay Back?:
- NO
- How to Access:
- Awarded to accepted students based on school’s unique formula using SAT/ACT scores and/or GPA
- Tips:
- Search your college website to apply for major-specific and accepted student scholarship opportunities
University Needs-based Scholarships
- Source of Funding:
- Federal government
- State government
- Local government
- Pay Back?:
- YES - loans
- NO - grants
- How to Access:
- FAFSA
- CSS Profile
- Tips:
- Funds are limited so fill out the FAFSA on October 1, or ASAP
Independent National Scholarships
- Source of Funding:
- Private companies
- Non-profits
- Civic groups
- Pay Back?:
- NO
- How to Access:
- Apply directly to the organization
- Scholarship search engine (see warning above)
- Tips:
- Scholarships are competitive and time consuming
- Treat your quest for these dollars as a part time job
Independent Localized Scholarships
- Source of Funding:
- Private companies
- Non-profits
- Pay Back?:
- NO
- How to Access:
- Apply directly to the organization
- Tips:
- Qualifying criteria vary
- Pay attention to deadlines as they vary
Micro Scholarships
- Source of Funding:
- Colleges
- Universities
- Pay Back?:
- NO
- How to Access:
- Tips:
- Can start earning "points" in 9th grade
- Not all schools participate
- Potentially labor intensive
For more information on scholarships and all things college, drop me a line at kathy@fineeducationalsolutions.com or click HERE to access my Financial Aid Demystified PowerPoint.
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