The acceptance letter arrives in the mail. Mom knows what’s inside, because the packet is much larger than the rejection letters already received. But she saves the excitement for when her daughter gets back from practice. As the initial excitement fades, a creeping concern replaces it – how are we going to pay for this?
Types of Financial Aid – Need, Merit, and Affiliation
Financial aid comes in many varieties. For example, need-based aid is awarded based on the family’s financial situation, using information about income, assets, and other financial circumstances to determine eligibility. Most colleges rely on the Free Application for Federal Student Aid (FAFSA, see below) to determine need-based awards. Additionally, many schools consider the College Scholarship Service (CSS) Profile when determining non-federal aid. Need-based financial aid can include grants, subsidized loans, and work-study opportunities.
Merit-based scholarships are granted to students for outstanding performance, usually in academics but also in other fields like music, athletics, leadership or community service. Merit scholarships come in two types, external and institutional. An external merit scholarship is awarded by an organization outside the college and can generally be used at any institution that meets the scholarship provider’s requirements. Institutional scholarships are tied to a specific institution or set of institutions. Some of these scholarships are automatically awarded, some must be applied for, and others are determined by admissions staff.
Many nonprofit, charitable, religious, civic, and professional organizations offer scholarships to their members, their members’ families, or students from the communities and populations they serve. For example, Folds of Honor awards scholarships to spouses and dependents of fallen or disabled US service members and first responders. The Home Depot provides financial support at Bucknell University for children and grandchildren of its associates. Rotary International clubs also provide scholarships for secondary, undergraduate and graduate study.
When to Start Searching for Scholarships
Scholarship searches do not have to wait until college is on the horizon. Some organizations provide educational assistance for younger students, including K–12 tutoring, private or parochial school tuition, summer programs, academic camps, educational travel, and other enrichment opportunities. These programs are less standardized and may be offered by local foundations, employers, civic groups, or organizations serving a particular population. Parents of younger students may therefore benefit from occasionally searching for educational grants and scholarships long before the college application process begins.
Practically speaking, most families begin deliberately searching for college scholarships during junior year. Realistically, the search coincides with the college search, since many scholarships are associated with a specific school.
The search doesn’t end the day you drop off your son or daughter on campus. Some scholarships are available only to second-year or later students, while others reward accomplishments that happen during college, such as strong grades, leadership, research, community service, or participation in a particular academic program. Students should continue checking with their college, academic department, professional organizations, and outside scholarship providers throughout their undergraduate years.
Where to Look for Scholarships
Start close to home. Talk to your school’s college counselor about scholarship opportunities in the community. These can include alumni or faculty scholarships, district programs, local organizations, and more. Ask around at any local community groups you are involved in, be they religious, civic, volunteer, or recreational.
Search websites for colleges and universities you are interested in attending. Most institutions make it easy to find merit-based scholarships. Search engines can also be useful but be specific with your search – “UNLV merit scholarship” will return more useful results than “Scholarships near me”.
Broaden your internet search to include features of your student’s identity, background, experiences, and affiliations. Scholarships may be available based on ethnicity, gender, disability, family military service, geographic location, intended career, cultural background, first-generation college status, or membership in a particular community or organization. The goal is not to reduce a student to a collection of labels, but to identify scholarships created specifically for students who share certain experiences or characteristics.
Scholarship Search Sites
CareerOneStop Scholarship Finder [US Department of Labor]
https://www.careeronestop.org/toolkit/training/find-scholarships.aspx
BigFuture Scholarship Search [College Board]
https://bigfuture.collegeboard.org/pay-for-college/scholarship-directory
Fill Out FAFSA Anyway
Even if you expect your student to qualify primarily for merit-based scholarships, fill out the FAFSA. Colleges, states, and some scholarship programs use FAFSA information for purposes beyond federal need-based aid, and a family should not assume that a higher income automatically makes the form irrelevant.
FAFSA information may be used to determine eligibility for institutional grants, state aid, work-study, subsidized loans, and scholarships that consider financial need alongside academic achievement or other qualifications. In some cases, a student may be required to have a FAFSA on file even when the scholarship itself is not strictly need-based.
The application is also useful insurance. A family’s financial circumstances can change, and a student who initially expects to rely on merit aid may later discover additional aid opportunities that require FAFSA information.
Unless your student is applying exclusively to federal military service academies—which generally do not charge tuition or use the traditional federal financial-aid system—it makes sense to complete the FAFSA.
Avoid the Scams
Scholarships should help pay for college, not become another expense. Be cautious of any organization that charges an application or processing fee, guarantees that your student will win money, asks for banking or credit-card information, or claims that your student has been selected for an award they never applied for. Legitimate scholarship providers may ask for detailed information about academics, activities, finances, or family background, but they should be clear about who they are, what the award is, and how recipients are selected.
Also be wary of services that promise access to “exclusive” scholarship databases for a fee. There are already excellent free search tools available, and many of the best opportunities are found through schools, colleges, employers, civic organizations, and local foundations. When in doubt, search for the sponsoring organization independently and verify the scholarship on its official website before submitting personal information.
Leave a Reply