The Simple Guide to College Scholarships

Getting a college education has become increasingly more expensive. Just in the past 40 years, the average college tuition has increased by over 1000%. Many families are finding it difficult to save all of the money needed to pay for their child’s post secondary education. More families are turning to scholarships and student loans to bridge the gap of paying for tuition and college-related expenses.

What You Need to Know About Scholarships

• Scholarships are awards given to students based on a variety of factors including financial need, academic merit, civic contributions, individual identifying factors such as race, ethnicity or religion and athletic or talent achievements.

• Scholarships can be used toward college related expenses such as tuition, room & board, books, and meals on campus. This varies by scholarship so see what your scholarship will pay for.

• Scholarships come from a variety of places. Search local and national organizations; inquire with your religious affiliation and college itself.

• The biggest source of scholarships comes directly from college themselves. Check with your college or university to see what they are offering.

• The amount you receive in scholarships may affect the amount of financial aid you are qualified for.

• You don’t have to have a perfect GPA to qualify for a scholarship. While many scholarships are based on academic merit, there are plenty that don’t require straight A’s.

• There are new scholarships every day. Many students only look for scholarships before the beginning of the school year. Search for scholarships year round to gain a few during the “off season.”

• Colleges use scholarships to attract students. Ivy league schools do not need to offer scholarships to attract students they already have far many more students applying than they can accept. Applying to small educational institutions may gain you more scholarships.

Scholarship Requirements

Each scholarship will come with its own set of requirements. Before accepting any money be sure that you meet each individual requirement. Also verify that you can agree to the ongoing terms of a scholarship such as maintaining a GPA or contributing a certain number of many hours to volunteering.

Remember that there are many other qualified students who will want your scholarship. Do what you need to keep your scholarship and uphold your side of the agreement.

Reapplying for Scholarships

Some scholarships require students to reapply each year. This is usually to verify that you still meet the scholarship requirements. Make sure you know when you need to reapply by and what is needed from you.

A college education does not need to be out of the realm of financial possibilities. Email Carolina Money Minders today so we can assist you in college financial planning.