Many students believe that if they qualify for financial aid
they don’t need to apply for scholarships. What they need to know is that
scholarships compliment their financial aid offer. At the bottom of each award
letter, there should be a notation encouraging students to apply for
scholarships as well. It can be very
costly to rely only on financial aid because even if grants are awarded the
offer will most likely include student loans which need to be paid back. While
financial aid is important, scholarships are far more superior. In most cases,
scholarships represent free cash that does not have to be paid back regardless
of family’s income. There are need-based and merit-based scholarships—Need-Based Scholarships: Gift aid based
on demonstrated need as defined by colleges and the federal government that is
the difference between the coast of attending a college and the EFC from the
FAFSA. Merit-Based Scholarships:
Scholarships based on criteria other than financial need such as academic
major, career goal, grades, test scores, athletic ability, hobbies, talents,
place of residence or birth, ethnic identity, religious affiliation, military
or public service, disability, union membership, employment history, community
service or club affiliations.
First, point your financial aid recipients to the internet
to search online scholarship databases—as long as they are free. There are many
free databases that online searchers can use and do not have to pay. Here are a
few recommendations:
- SuperCollege (www.supercollege.com)
- moolahSPOT (www.moolahspot.com)
- Scholarships.com (www.scholarships.com)
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