What is a scholarship?
A scholarship is money that is provided to students to help them pay for higher education.
Additionally, it is money that does not need to be paid back.
Scholarship vs Grants
Scholarships are associated with being “earned” based on academics, athletics, etc.
Grants are associated with being “needed” based on financial need, financial aid.
Things to Consider:
- Is the time commitment and effort appropriate for your student and family?
- Should your student pursue scholarship or focus on getting better ACT/SAT test scores?
- Will you apply for multiple scholarships or a specific number of scholarships?
Types of Scholarships:
These are scholarships from the college the student will attend and are to be used at that college.
Private (Coke-Cola, Kohl’s, etc)
These scholarships can be used at any school.
Scholarship that the institution offers to students that show a need based on financial aid or a definition of need that the school established.
Scholarship based on academics or from a club or organization or corporation.
How to Pursue Scholarships:
College: website, financial aid office, alumni association or departments within the college.
Private : corporations, professional organizations, local clubs and associations, local high school.
- Find scholarships that are a good fit and associated with your student based on a specific skill, talent or uniqueness.
- Set up a separate email address to receive only scholarship information
- Check with your student’s guidance department
- Do internet searches
Try searching in text and images
possible search option terms:
“Local city name” scholarship winner”
“XYZ champion scholarship”
“XYZ scholarship application”
How to apply for scholarships:
From a college:
Automatically apply via the admissions application and financial aid
Separate application and possible interview
Complete application and/or contest, writing an essay or any applicable criteria
How to win the scholarship:
Need to stand out and excel!
Understand the mission of the scholarship and organization behind the scholarship
Reasons why corporations offer scholarships:
- Recruit future applicants
- Publicity / good will
- Provide education of individuals overall in a specific industry, i.e. nursing or engineering.
Receiving and spending the scholarship
Process the scholarship in the correct way and follow the rules.
Some scholarships could be tax free if applied toward tuition only.
However, if you applied all of the scholarship toward tuition and didn’t make any payments toward tuition, would not be eligible for tax credits.
Understand the options of private scholarships…may want to delay them for a year or two.
Create a Scholarship Plan
Start as early as the sophomore year
Designate a few times a month to work on scholarships as a family.
See Podcast # 05: Scholarships: Tips, Timelines and Where You Can Find Them with Kim Stezala, The Scholarship Lady
Net Price Calculator
The Net Price Calculator is available on every college’s website that uses federal financial aid.
- The calculator will help you determine what your net price will be based on income, assets and other data.
- The calculator will provide an output of cost of attendance, eligible scholarships, grants, and loans = your NET PRICE.
- Some calculators are very basic and some are very robust.
- If you can’t find the calculator on the school’s website try:
Google: enter name of school net price calculator
i.e…..harvard net price calculator