For the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans.
Kat Tretina Personal Finance WriterFor the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans.
Written By Kat Tretina Personal Finance WriterFor the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans.
Kat Tretina Personal Finance WriterFor the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans.
Personal Finance Writer Mike Cetera Editor in Chief, Forbes Marketplace U.S.Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The.
Mike Cetera Editor in Chief, Forbes Marketplace U.S.Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The.
Written By Mike Cetera Editor in Chief, Forbes Marketplace U.S.Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The.
Mike Cetera Editor in Chief, Forbes Marketplace U.S.Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The.
Editor in Chief, Forbes Marketplace U.S.Updated: Oct 15, 2020, 8:40am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
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Over the past 10 years, college costs have increased significantly. According to The College Board, the total cost of attendance at a four-year public school grew by approximately 21% between 2010 and 2020, with the average price increasing from $18,160 to $21,950 per year.
Applying for scholarships is an excellent way to pay for college that reduces your out-of-pocket education expenses. And you can apply for multiple scholarships and combine awards, reducing the need for student loans.
If you want to cut down on your college costs, here’s what you need to know about scholarship opportunities and where to go to apply.
Scholarships and grants are often referred to as “gift aid.” Unlike other forms of financial aid, like student loans, scholarships and grants don’t have to be repaid; they’re a form of free money that you can use to pay for a portion of your college expenses.
By utilizing gift aid, you can save thousands each year. In a recent study sponsored by the private student lender Sallie Mae, researchers found that American families spent on average $30,017 on college during the 2019-20 academic year. Scholarships and grants covered 25% of education costs, or $7,625.
While scholarships and grants are both forms of gift aid, they’re very different.
Grants are awarded based on financial need. They’re typically given to low-income students based on the information about a family’s financial situation as submitted in the Free Application for Federal Student Aid (FAFSA). Grants are issued by the federal government, states, schools and nonprofit organizations.
By contrast, scholarships are usually based on merit rather than financial need. They’re awarded to talented students who excel in certain areas or show potential for future success. Scholarships often require a separate application, and you may have to submit an essay to apply for an award. Scholarships can come from many different sources. The three most common issuers of college scholarships are universities, nonprofit organizations and private companies.
You can qualify for a scholarship based on a wide range of qualities, including your academic performance or writing ability. Below are the most common forms of scholarships:
If you have a high GPA and standardized test scores, you may qualify for an academic scholarship from a university or nonprofit organization. Depending on the school, you could even qualify for a full scholarship, meaning the entire cost of your tuition would be covered by the award.
For example, academically gifted students attending Duke University or the University of North Carolina-Chapel Hill may be eligible for the Robertson Scholars Leadership Program. If selected as a scholarship recipient, the student receives an award that covers the cost of eight semesters of full tuition, room and board and most mandatory fees.
If you excel in certain sports, you could get an athletic scholarship. You can qualify for athletic scholarships if you participate in football, basketball, swimming, lacrosse and other sports.
However, only 1% to 2% of undergraduate students qualify for an athletic scholarship, and the awards typically cover only a portion of your college costs. The average athletic scholarship is just $18,000 per student-athlete.
For students who are service-driven, there are some schools that offer scholarships based on applicants’ commitment to community service.
For instance, St. Lawrence University offers a community service scholarship valued at $20,000 per year. Students are eligible if they can demonstrate past and current commitment to community service, such as regularly volunteering with a local soup kitchen, senior center or youth group.
Some schools and organizations have made an effort to support and encourage students belonging to groups that have been traditionally marginalized. Depending on your race, gender, ethnicity or religion, you may qualify for a scholarship to offset your education costs.
For example, the Hispanic Scholarship Fund awards scholarships of $500 to $5,000 to students of Hispanic heritage pursuing university degrees.
Many nonprofit organizations and private companies offer scholarships that require students to write an essay to apply. Often, the organizations select winners solely on the basis of their essay submission rather than the overall GPA.
Delete Cyberbullying, an organization dedicated to promoting respect and helping victims of cyberbullying, offers the Delete Cyberbullying Scholarship Award, a $1,000 scholarship. To qualify, students must submit a 500-word essay based on the provided prompt.
If you are a talented musician, you may be eligible for a scholarship from your school or a nonprofit organization. Scholarships are awarded to instrumentalists, composers and singers.
At Elizabethtown College, incoming students—regardless of major—can qualify for a Music Performance Scholarship. To qualify, students must audition, either through a video recording or an in-person performance.
If you have a unique hobby, skill or trait, you may be eligible for special scholarships offered by companies or nonprofit organizations.
For example, the Duck Tape company runs the Stuck at Prom Scholarship Contest. Applicants must use Duck brand duct tape or crafting tape to create a prom outfit. The winners can receive up to $10,000.
Scholarships can come from a range of sources, so it’s a good idea to search online for opportunities that may be a fit for you. The following websites are excellent resources to help you find potential scholarships:
When it comes to scholarships, each award will have its own eligibility requirements and application process. However, you can improve your chances of qualifying for a scholarship by following these tips:
After using all available gift aid, you may need to borrow money to pay for the remainder of your education costs in the form of federal or private student loans. If that’s the case for you, check out the best private student loan lenders.
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Personal Finance WriterFor the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they're looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans, and she holds certifications in student loan and financial education counseling.
Editor in Chief, Forbes Marketplace U.S.Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The Points Guy and Fit Small Business. Mike earned a master’s degree in public affairs reporting from the University of Illinois and has been a journalist for more than two decades. He also has offered his expertise in numerous TV, radio and print interviews.
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