Rising Costs of Higher Education
Navigating the landscape of higher education can be daunting, especially when it comes to rising costs. In fact, as noted by The College Board, the average yearly cost of attending a four-year public school has surged by roughly 21% from 2010 to 2020, climbing from $18,160 to a staggering $21,950. Many students and their families turn to scholarships to mitigate this financial burden, a viable and often untapped resource.
Understanding Scholarships
For those unfamiliar with the world of scholarships, they are essentially monetary awards gifted to students to cover their education-related expenses. Unlike student loans, these do not need to be repaid, earning them the label of “gift aid.” If used effectively, scholarships can save you thousands of dollars annually. A recent study sponsored by Sallie Mae found that scholarships and grants bore nearly 25% of education costs for the average American family, equating to about $7,625 in the 2019-2020 academic year.
Scholarships vs. Grants
It’s important to clarify the distinction between scholarships and grants. While both forms of “gift aid,” their fundamental differences lie in how they’re awarded. Grants typically prioritize financial needs, with eligibility often determined by a family’s financial circumstances. This information is gleaned from the Free Application for Federal Student Aid (FAFSA) and can be provided by various entities, including the federal government, states, schools, and nonprofit organizations.
Types of Scholarships
Conversely, scholarships primarily consider merit over financial need. This means that students who excel academically, artistically, or athletically may be more likely to receive these awards. Applications for scholarships are usually separate and may necessitate an essay submission. These scholarships can come from diverse sources, with universities, nonprofit organizations, and private companies being the most common.
Different Types of Scholarships
Scholarships take many shapes and sizes, mirroring the diverse talents and characteristics of the students they benefit. The types of scholarships you may come across include:
Academic Scholarships
Recognizing students with high GPAs and standardized test scores, these scholarships can sometimes cover total tuition costs. Programs like the Robertson Scholars Leadership Program at Duke University or the University of North Carolina-Chapel Hill are renowned for their generous aid to academically-gifted students.
Athletic Scholarships
These awards are for those who excel in sports. However, only about 1% to 2% of undergraduate students qualify for such scholarships, and the average award sits around $18,000.
Community Service Scholarships
These scholarships value and encourage commitment to community service. Schools like St. Lawrence University offer scholarships valued at $20,000 annually to students who can demonstrate a consistent dedication to service.
Diversity Scholarships
Designed to support underrepresented or marginalized groups, these scholarships are often based on a student’s race, gender, ethnicity, or religion.
Essay Scholarships
Some organizations award scholarships based on the merit of an essay submission rather than academic or athletic performance.
Musical Talent Scholarships
Gifted musicians can earn scholarships through audition performances, regardless of their major.
Unique Trait Scholarships
These celebrate unique hobbies, skills, or traits. For example, the Duck Tape company’s Stuck at Prom Scholarship Contest awards up to $10,000 to a student who creates a prom outfit using their product.
Finding scholarships may seem like a daunting task, but numerous resources can help streamline the process. Websites like CareerOneStop.org, FastWeb, and Scholarships.com can match you with potential scholarships based on your student profile.
Applying for Scholarships
Applying for scholarships does require effort, but the potential benefits make the process worthwhile. Here are a few tips to keep in mind:
- Complete the FAFSA: Many scholarships necessitate a FAFSA submission. Be sure to complete this application promptly to increase your chances.
- Review Application Requirements: Pay close attention to the stipulations for each application. Even a minor oversight could jeopardize your chances.
- Pay Attention to Deadlines: Scholarship deadlines are generally non-negotiable. Plan to submit your application well before the deadline to ensure consideration.
The Role of Student Loans
While scholarships and grants can go a long way in easing the financial burden, it may still be necessary to take out student loans to cover the remaining costs. If this is the case for you, be sure to explore your options thoroughly and find the best private student loan lenders.
Conclusion
Remember, the financial journey to a college degree doesn’t have to be overwhelming. With due diligence, research, and effective application strategies, scholarships can become a major asset in affording your education. As you embark on this path, keep these details in mind, and be proactive in your search for financial aid. It could very well be the key to unlocking your academic future without undue financial stress.
Frequently Asked Questions:
What is the difference between scholarships and grants?
Scholarships and grants are both types of gift aid, meaning they don’t have to be paid back. However, scholarships are typically awarded based on merit, such as academic or athletic achievement, while grants are usually need-based, with eligibility determined by a student’s or family’s financial circumstances.
What are some types of scholarships?
Scholarships can be awarded for a variety of reasons. They include academic scholarships, athletic scholarships, community service scholarships, diversity scholarships, essay scholarships, musical talent scholarships, and unique trait scholarships. Each scholarship has its own set of criteria, and the amount awarded can vary significantly.
How can I find scholarships to apply for?
There are several online resources to help students find scholarships. Websites like CareerOneStop.org, FastWeb, and Scholarships.com match students with potential scholarships based on their profiles. Additionally, universities, colleges, and high schools often have resources available to help students find scholarships.
What are some tips for applying for scholarships?
One of the most important tips is to fill out the FAFSA, as some scholarships require this. Always review application requirements carefully, pay attention to deadlines, and ensure your application is thoroughly completed and submitted on time.