By the end of this month most seniors will have submitted their college applications and will be ready to concentrate on applying for scholarships. We hear about “all the scholarships out there” all the time, but where can students really find them and how much money can they realistically expect to get?
Many people believe that most scholarships come from private sources, such as booster clubs, employers, and philanthropic organizations. The reality is that private scholarships only make up 10 percent of all college financial aid, while merit-based scholarships from universities add up to 35 percent. The remaining 55 percent of financial aid comes from need-based grants and loans.
Unlike other sources of aid, private scholarships generally last for one year, and most awards are less than $4,000. The odds of receiving one of these scholarships can range from one in eight to one in 500. Does that mean it’s a waste of time to apply for them? Absolutely not! But, unless a student is the one in 500 that receives the big, prestigious award, private scholarships are usually icing on the financial aid cake.
There are a number of places to find private scholarships. Apps like Fastweb and Scholly do a nice job of matching scholarships to a student’s profile. High school counselors’ websites are another good source of private scholarships. They usually post the local ones, as well as some of the more prestigious national ones. I advise scrolling through multiple local counseling sites; some will list scholarships that others don’t. Check deadlines and application requirements. Most private scholarships require an essay, and many require letters of recommendation and a tally of service hours or a list of extra-curricular activities.
Institutional scholarships — the ones the universities give out — are often bigger than private scholarships and renewable each year, as long as students maintain a minimum GPA. These scholarships can range from about $1,000 per year to a full ride. Again, the odds of receiving the scholarship become slimmer as the awards get bigger. Many times, the college application doubles as the scholarship application, and most of these scholarships are based on grades and test scores. But don’t assume that only the highest of high achievers will be eligible for university scholarships. It really depends on the selectivity of the institution. A student whose grades and/or test scores are in the top 10th to 25th percentile at a particular university has a better chance of receiving a scholarship there. Highly selective private universities typically give out little to no merit-based aid. Students should check the admissions websites of colleges they’re interested in to see if they are eligible for merit-based scholarships at those institutions.
The bottom line is that, to maximize their chances of receiving scholarships, students need to be strategic about which universities they apply to and which scholarships they apply for. They should apply to universities where they are among the top quartile of applicants, concentrate on the university scholarships first, then apply for private scholarships that are a good match for them based on their academic and extra-curricular profiles.
