Did you know that schools can actually take scholarship money away from students? It’s called DISPLACEMENT and it’s the kind of thing that makes my blood boil.
Using scholarships wisely can make college affordable. But there are a few key things to keep in mind. Here are seven secrets to help you succeed.
1. Know the Financial Requirements
It’s important to remember that scholarships can be very specific and require you to know the requirements before you start searching for them. For example, some scholarships might only be awarded to students with a certain GPA while others focus on community service, academic achievement, or leadership. Knowing the requirements for each will help you narrow down your search so that you can find a scholarship that is a good fit for your skills and talents.
It is also a good idea to create a team to help you hunt for scholarships and apply. This will increase your odds of finding a great one and also provide support throughout the application process. Your team will help proofread your essays, encourage you to apply, and hold you accountable so that you don’t miss any deadlines. It’s also a great way to have fun and build friendships with your peers during this stressful time.
While many families focus on need-based aid, it is possible for high-income families to qualify for merit scholarships. Scholarships can be an excellent way to offset the cost of college and reduce student debt. Families should make sure they apply for all the scholarships they qualify for, including those that require a test score or an essay.
Another secret about scholarships that is sometimes overlooked is that they can sometimes be negotiated. Many students and parents assume that a financial aid package from a particular school is final, but this is often not the case. It is important for families to keep in mind that colleges may be willing to change their financial aid offer to attract a student, so be sure to let them know of any changes in your family’s situation.
2. Be Wary of Scams
When you are searching for scholarships, it is important to know that there are a lot of scams. Legitimate scholarship providers will never ask you to pay to apply or to provide sensitive information such as your Social Security Number (though FAFSA does request this). If a scholarship application asks for money, be very cautious.
Also, be careful not to overextend yourself when applying for scholarships. It is best to apply to a few, targeted scholarships that you really have a good chance of winning. Many scholarship committees will ask applicants to write an essay and this can be stressful for many students. Creating an essay that is authentic and highlights your unique strengths can go a long way in securing a scholarship.
Finally, it is important to understand the impact that scholarships can have on other forms of financial aid. For example, many private scholarships will be reduced by the amount of need-based financial aid that a college is willing to offer a student. This can be a major blow to families and can negate all of the hard work that has gone into securing these private scholarships.
Many parents and students don’t realize that colleges are willing to be flexible when it comes to adjusting their financial aid packages. For example, if a family recently lost their job, had a major medical expense or suffered some other financial hardship, it is worth letting the school know and asking for some flexibility. This could result in an increased scholarship award or a reduction in the loan amounts that are required to be borrowed by the student. Then, the student can avoid going into debt for their education and start off their career with a clean slate.
3. Know Your Options
You might think you need to be a straight-A student to qualify for scholarships, but the truth is there are scholarships for every type of person. You just need to know where to look. Oftentimes, local community organizations, companies that do business in your area, and organizations related to your specific field of study offer scholarships. There are also scholarships for students who excel in sports, music, leadership, and community service. There are even scholarships for students with disabilities.
One of the most important things to remember when applying for scholarships is that each scholarship application asks for something slightly different. So, if you write a heartwarming essay about your community service experience for one scholarship, don’t be surprised if it doesn’t stand out in the same way for another. Make sure to read the application instructions carefully, and tailor your essays accordingly.
Many families mistakenly assume that the financial aid package a school offers is final and immutable, but this isn’t always the case. In fact, colleges are eager to attract students and may be willing to budge on their offers, particularly if a student has received better offers from other schools.
In addition, be aware that sometimes a scholarship will affect other types of funding that you’re eligible for, like student loans or work-study awards. This is why it’s important to consult with financial aid offices and scholarship program providers before accepting any scholarship awards. They can help you determine how it will impact your overall financial picture and ensure that you’re able to afford the college you’re choosing to attend. If you need help finding a financial aid advisor, check out NerdWallet’s list of Top Rated College Financial Planners.
4. Don’t Be Afraid to Ask Questions
Scholarships are one of the best ways to save on college costs, but countless students aren’t taking advantage. Some are unaware of the available opportunities, while others fall victim to the countless scholarship myths that circulate. The truth is, scholarships are often awarded for everything from academic achievements to cultural heritage and overcoming adversity. The key is to know where to look and how to apply.
A lot of the scholarship application process may seem intimidating, but it’s important to take a step back and examine the big picture. Begin by reading the award guidelines carefully, as they will help you identify eligibility requirements and provide clarity on what the selection committee is looking for.
The scholarship essay is also an important element of the application. Scholarship judges want to see that you are truly passionate about your goals and intentions, but that you also have a strong plan of action. They aren’t as concerned with your current dreams and ambitions as they are with how you intend to achieve them.
Finally, it is important to remember that securing scholarships can sometimes affect the availability or amount of other aid resources such as student loans. It is important to talk with your financial aid office or the scholarship program provider to understand how these changes will impact your total aid package.
Finally, remember that if you drop or withdraw from courses in the semester, it will negatively impact your overall SAP rate. This can have a direct impact on your future semester’s aid eligibility. Please consult with your advisor if you’re thinking of dropping or withdrawing from course work. Similarly, if you change your major or go from undergraduate to graduate, you will need to visit with a Scholarships & Financial Aid Advisor to determine your continuing eligibility.
5. Be Authentic
As with any topic, there are countless theories and approaches to authenticity. One popular definition describes it as a person’s ability to be true to their own values and beliefs, even at the risk of social disapproval. Authenticity also involves being honest about one’s strengths and weaknesses, as well as making decisions that are aligned with one’s soul.
Another important aspect of authenticity is being able to connect with and understand other people. Having this understanding leads to a more open dialogue that allows disparate viewpoints to be explored and discussed, countering the tendency toward group think and false consensus. This can be a crucial factor in finding solutions to difficult problems, both in the workplace and in society as a whole.
In scholarship applications, it’s important to be authentic when writing about your background and academic achievements. This includes sharing your story of overcoming challenges and adversity to pursue your dreams. It’s also a good idea to highlight your unique qualities and experiences that make you stand out from the crowd. For example, if you’re an accomplished violinist or community service volunteer, this can be an excellent way to distinguish yourself from other applicants.
Being genuine is important when applying for scholarships because it helps the judges to better evaluate your application. It’s also helpful to remember that each scholarship has a specific purpose, whether it’s supporting students from low-income families, encouraging diversity, or nurturing talent in a particular field of study. By taking the time to research the purpose of each scholarship funder, you can better tailor your personal story and objectives to match those of the funder. This will increase your chances of securing the funding you need to pay for college.