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What is a scholarship & how does it work?
What are the different types of scholarships for college?
Are college scholarships repaid?
Can a student get a college scholarship?
Sep 20, 2023 · A scholarship is a financial award bestowed upon deserving students to support their educational pursuits. These awards serve as a testament to a student’s achievements, potential, or specific circumstances, providing the means to access quality education. Importance of Scholarships in Education.
- Overview
- Key Points
- What are college scholarships?
- How to get a college scholarship
- Fill out the FAFSA
- Fill out your CSS Profile
- Use scholarship websites
- Check local organizations
- Are scholarships taxable?
- Is it worth applying for college scholarships?
Reduce the need for student loans.
Written byMiranda Marquit
Miranda Marquit
Miranda is an award-winning freelancer who has covered various financial markets and topics since 2006. In addition to writing about personal finance, investing, college planning, student loans, insurance, and other money-related topics, Miranda is an avid podcaster and co-hosts the Money Talks News podcast.
Fact-checked byThe Editors of Encyclopaedia Britannica
The Editors of Encyclopaedia Britannica
•Scholarships represent money you don’t have to pay back.
•Generally, scholarships are tax free when used to cover educational expenses.
A scholarship is money you receive to help cover the cost of attending college. Unlike loans, which must be repaid, college scholarships aren’t repaid. Here are some of the main types of scholarships for college:
•Need-based scholarships. These types of scholarships consider your financial need. If you come from a lower-income background, you might be eligible for scholarships from your high school, your college, your state, or an organization.
•Merit-based scholarships. Rather than looking at your family’s financial situation, merit scholarships review your accomplishments. These include academic, athletic, performing arts, and leadership scholarships.
•Essays and contests. You can apply for some scholarships by writing an essay or entering a contest. You might be chosen on a random basis or after a panel selects your essay.
In general, you must apply for college scholarships. Many scholarship applications also require an essay and a resume. Think about your experiences and write a general essay that covers the following points, as applicable:
•What obstacles or adversities have you overcome?
•When have you demonstrated outstanding performance or work ethic?
•What experiences have shaped you?
•What do you hope to accomplish after you finish school?
Once you start applying, you can use this basic essay and customize it for each scholarship. Having a general essay written in advance can cut down on the time it takes to apply for college scholarships.
Start by filling out the Free Application for Federal Student Aid (FAFSA). The FAFSA isn’t just used by the federal government to determine whether you’re eligible for grants; it’s also often used by schools and states to decide whether you should get need-based scholarships.
In addition to the FAFSA, you might need to fill out some scholarship forms. Check with your school’s financial aid office to find out the process.
Many schools and other programs use the CSS Profile, which is managed by the College Board. The CSS Profile is often used for merit-based scholarships, so you’re more likely to get access to various academic, performance, athletic, and other merit scholarships when you fill out this profile. You can also get matched with scholarships based on your ...
Many websites allow you to search for scholarships. Some of the most reputable include:
•Fastweb.com
•Scholarships.com
•GoingMerry.com
•ScholarshipOwl.com
Some of these scholarship websites are free, while others charge a small fee. Depending on your situation, it might be worth paying a fee to access additional scholarships, but start with the free searches.
Don’t forget to check with local nonprofits and other organizations. Service clubs like Kiwanis and Rotary often offer small scholarships. Check with local banks and even stores—some national chains allow local stores to provide educational awards to students from local high schools. Many high schools keep (and often administer) a database of local scholarships.
Finally, check with local and state governments. There might be a special mayoral scholarship fund. Some states offer stipends for students who attend community colleges. You might be surprised at how many small scholarships can add up.
Generally, scholarship money isn’t taxable. As long as the money is used for approved educational expenses, including tuition, fees, books, and needed supplies, you likely won’t need to pay taxes on scholarship money you receive.
Sometimes excess scholarship money is taxed—that is, any money that’s over and above your total costs for college—but most students won’t owe taxes on scholarship money.
Whether it’s worth applying for scholarships for college depends on the situation and how much time you spend. Lesser-known and easier-to-get scholarships might have smaller award amounts, but if you can standardize the process by repurposing your general essay, for example, perhaps you can obtain several scholarships—and that money will add up.
On the other hand, some of the most lucrative scholarships are so hard to get that, even if you’re the perfect candidate on paper, you might still have only a tiny chance of landing them. Is it still worth a try? Maybe—or maybe not. The decision is yours. Just remember that time is money.
Use the right search engine: Finding scholarships to apply for can be difficult, but with the right search engine you can narrow your search and find scholarships you’re eligible for. BigFuture’s scholarship search is a great resource to use. Find a balance: You should apply for several scholarships—the more you apply for, the better your ...
May 21, 2024 · How to get a scholarship for college. Here are some tips for landing a scholarship to help pay for your college education. 1. Start early. Scholarships tend to be offered on a yearly basis, so plan to start researching potential scholarships early—likely for the following academic year.
Aug 6, 2023 · College scholarships are a great form of financial aid to get when applying to college. See our scholarship timeline, tips to apply, and a scholarship FAQs.
Jan 4, 2010 · Basically, a scholarship (or a grant or a fellowship) is a sum of money awarded to a student in order to help him or her further his or her education. Instead of a loan, which accrues interest, or need-based financial aid, which is usually doled out by universities, scholarships are gifts that don't need to be paid back.
Nov 28, 2023 · Scholarship types by awarding institution. Scholarship types by the amount of funding offered. How to secure a scholarship. There are two types of scholarships that most people mention: merit and need-based. At a closer look, there are more diverse ways to categorise them, ways that can increase your chances of getting a scholarship.
