Q: How can I find out about what scholarships are out there?
A: Your best scholarship research sources include:
- The Internet: use scholarship search engines and Google sleuthing. Check out our resources page to find a scholarship engine you like.
- Your local community: contact your local chamber of commerce. Consider reaching out directly to local businesses and community organizations. Even if they don’t offer a scholarship, they may point you in the right direction.
- Your high school guidance counselor: they will likely know about some opportunities that you can’t find elsewhere.
Q: Can I apply for a scholarship if I don’t know what college I’m going to attend?
A: Yes. You actually can start applying for scholarships as early as kindergarten. If you win a scholarship before you know which college you’ll attend, the scholarship organization will either write you a check if you promise to use the money for college or send the money to the institution when you decide where to go.
Q: Should I have to pay a fee to apply for a scholarship?
A: In most cases, no. Since scholarships are meant to support students who need funds to pay for college, they shouldn’t require those same students to shell out money. In most cases, scholarships that require a fee are scams.
Q: If I didn’t win a scholarship, can I apply again next year?
A: Unless you no longer qualify, you can apply for a scholarship again. However, consider if your application will be dramatically stronger the next time around. If you essentially submit the same application, you probably will be better off spending your time applying to a different competition.
Q: Can I lose my scholarship once it’s been awarded?
A: Yes. Most scholarships that are renewable, which means that you win them for more than one year, have requirements for you to keep the award. These can be requirements that you continue to attend the same college, maintain a certain GPA, or keep the same major.
Q: Can I apply for scholarships while I’m a college student?
A: Yes! And you should. One of the biggest mistakes many students make is that they stop applying for scholarships once they graduate high school. There are literally thousands of scholarships for students in college and even graduate students. Some of these awards are ONLY open to students who are already in college.
Q: If I win a scholarship, will my college take away some of my other financial aid?
A: Maybe. This policy is called scholarship displacement, and each school practices it differently.
Many colleges require you to report the scholarships you win and adjust your financial aid package accordingly. For example, if you win a $1,000 scholarship, the college may decrease your need-based aid by $1,000. If your college has this kind of policy, you can ask them to decrease your loan amount instead of grants. It’s better to receive more scholarships that you don’t have to pay back than loans that you do.
Make sure to research which schools practice scholarship displacement. Some states, like New Jersey and Maryland, have banned the practice at their state schools.
Q: Can I transfer my scholarship if I go to another school?
A: Maybe. If the scholarship is from a college (“institutional aid”), you can only use it at that specific college. If the scholarship is from another organization, you can probably transfer the scholarship with you. It’s important that you contact the awarding organization to ask and make any necessary arrangements.
Q: Should I bother applying for scholarships even if I don’t have perfect grades?
A: Yes. There are scholarships for various forms of achievement and passion beyond academic success. Think leadership, public service, art, athletics, theatre and dance. Many scholarships are specifically designed for hobbies, interests, and career paths. Think of a hobby. There is most likely a scholarship for it.
Plus, for scholarships that are based on grades, grades are often not the only factor. Instead, they seek the students who best fit their selection criteria, which may include other factors like character, motivation, leadership, or involvement in activities.
Q: Do all scholarships require an essay?
A: No, but most do. Essays are the best way for scholarship judges to get to know you beyond your grades, test scores, and other data that you provide on your application form. There are some scholarships that don’t require essays, especially ones for art or music that require a portfolio or project instead.
The “no-essay” scholarships–where you just fill out a form–are usually sweepstakes used by large companies to pad their marketing database. The odds of winning these are very slim.
Q: Can I win a scholarship if my parents make too much money?
A: Yes. There are two types of scholarships: need-based and merit-based. As the name suggests, need-based scholarships are based on your financial need and your parents’ income. Merit-based scholarships do not take financial need into account.
Q: What is a renewable scholarship?
A: Renewable scholarships can be won and reapplied for again in the following years. They are the best kind of scholarship because you can win the money for more than one year.
If you win a renewable scholarship through a university (e.g., automatic merit aid), you will most likely not need to reapply.
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This is the final blog post in a three-part series on private scholarships.
Read Part 1: The Top 10 Do’s and Don’ts
Read Part 2: 12 Ways to Increase Your Odds
Who are we?
The College Funding Coach is a national organization of passionate experts with one collective goal: to ensure that families can pay for college with efficient dollars while never compromising on retirement goals.
With a holistic approach that incorporates financial aid strategies, financial planning strategies, and cost reduction strategies, The College Funding Coach helps parents become informed buyers of higher education and helps alleviate the stress of paying for college.
Author:
Brock Jolly, CFP®, CLU®, ChFC®, CLTC, CASL®, CFBS®, RICP®
