In the past 10 years, college costs have gone up a lot. According to The College Board, the total cost of going to a public four-year college increased by about 21% between 2010 and 2020. On average, the price went up from $18,160 to $21,950 per year.
One great way to pay for college and lower your expenses is by applying for scholarships. You can apply for multiple scholarships and combine the money you receive, which means you won't have to take out as many student loans.
If you want to save money on college, here's what you should know about scholarships and where to apply for them.
What Are Scholarships?
Scholarships and grants are often called "gift aid." Unlike student loans, you don't have to pay them back. They're like free money that you can use to help pay for college.
Using gift aid can save you a lot of money. A study sponsored by Sallie Mae, a private student lender, found that during the 2019-20 academic year, American families spent an average of $30,017 on college. Scholarships and grants covered 25% of those costs, which is about $7,625.
Scholarships vs. Grants: What’s the Difference?
Scholarships and grants, even though they're both gift aid, are quite different.
Grants are given based on financial need. They're usually awarded to students from low-income families, using information provided in the Free Application for Federal Student Aid (FAFSA). Grants can come from the federal government, states, schools, and nonprofit organizations.
On the other hand, scholarships are often based on merit rather than financial need. They're given to talented students who excel in specific areas or show promise for future success. To apply for a scholarship, you may need to fill out a separate application and possibly submit an essay. Scholarships can be offered by universities, nonprofit organizations, and private companies.
In simpler terms, grants are for students with financial need, while scholarships are for students with exceptional abilities or achievements.
Types of Scholarships
Scholarships come in various forms, and you can qualify for them based on different qualities. Here are the most common types:
1. Academic: If you have a high GPA and test scores, you may be eligible for academic scholarships from universities or nonprofit organizations. Some schools even offer full scholarships that cover your entire tuition.
2. Athletic: If you excel in sports like football, basketball, or swimming, you could receive an athletic scholarship. However, these scholarships are competitive and usually cover only a portion of your college expenses.
3. Community Service: Some schools offer scholarships based on your commitment to community service. If you regularly volunteer with local organizations, you may qualify for these scholarships.
4. Diversity: Scholarships are available to support students from marginalized groups based on their race, gender, ethnicity, or religion. These scholarships help offset educational costs.
5. Essay: Many nonprofits and companies offer scholarships that require you to write an essay. Winners are selected based on their essay rather than their GPA.
6. Musical Talent: If you're musically gifted, you can apply for scholarships for instrumentalists, composers, or singers. Your school or nonprofit organizations may offer these scholarships.
7. Unique Traits: Some scholarships are awarded to students with unique hobbies, skills, or traits. Companies and nonprofits provide these scholarships, such as creating prom outfits out of duct tape.
Remember, scholarships provide free money for college and can significantly reduce your expenses.
Where to Look for College Scholarships
To find scholarships that suit you, it's a good idea to search online. Here are some excellent websites to help you discover potential scholarships:
Federal Student Aid: The largest source of financial aid in the US, you can determine your eligibility for federal grants, loans, and work-study programs by filling out the FAFSA.
Scholarships.com: This website has a vast database of over 3.7 million scholarship worth more than $19 billion. You can search based on your interests, skills, and qualifications.
Fastweb: With over 1.5 million scholarships worth more than $3.4 billion, Fastweb is one of the largest scholarship search engines. Create a profile to receive personalized scholarship recommendations.
College Board: The College Board scholarship search tool provides access to over 2,300 sources of financial aid, totaling more than $6 billion. Search using criteria like GPA and test scores.
CHED Scholarship: In the Philippines, CHED Scholarship Program offers financial assistance for higher education. They provide various scholarships for students in different fields of study.
UNIGO: UNIGO offers a comprehensive list of scholarships for high school, college, and graduate students. Search based on your interests, skills, and qualifications.
Phil Edukasyon: Phil Edukasyon is an online platform in the Philippines that offers information about scholarships, grants, and financial assistance programs. They provide resources to help students succeed.
OWWA Scholarship: The OWWA Scholarship in the Philippines provides financial assistance to dependents of Overseas Filipino Workers (OFWs), covering tuition and other school fees.
Niche: Niche has a database of over $50 billion in scholarships. Search based on your interests, skills, and qualifications.
Philippines Scholarships 2023: Scholarships is a comprehensive resource for finding scholarships opportunities in the Philippines, including government-funded, private, and international scholarships.
Cappex: Cappex connects students to colleges and helps them search for scholarships and financial aid opportunities. You can find scholarships based on demographic criteria like gender, ethnicity, and first-generation status.
These websites will assist you in finding scholarships that can help you fund your education.
Applying for College Scholarships
To increase your chances of qualifying for scholarships, here are some helpful tips:
1. Complete the FAFSA: Some scholarships require the submission of the Free Application for Federal Student Aid (FAFSA). Fill out the FAFSA as early as possible to maximize your scholarship opportunities.
2. Review application requirements: Carefully read and understand the requirements of each scholarship you apply for. Follow all instructions, including formatting guidelines for essays or other materials. Failure to adhere to the guidelines could result in disqualification.
3. Pay attention to deadlines: Scholarship deadlines are fixed and often non-negotiable. Give yourself ample time to complete the application and submit it well before the deadline to ensure consideration.
4. Explore other financial aid options: Scholarships may not cover all of your educational expenses. Consider other sources of financial aid, such as federal or private student loans, to bridge any remaining gaps in funding.
By following these tips, you can enhance your chances of securing scholarships and maximizing your financial aid for college.