Scholarships are, without a doubt, the best way to pay for your college education. But they can be a lot of work, which puts some people off. So what are your chances of winning a scholarship? Is it worth all the effort?
What Are the Chances?
The chances entirely depend on the type of scholarship you’re applying to. There are many elements to a scholarship that affect the odds of you winning, not all of which you can control.
Local vs. National
The bigger the pool of applicants, the smaller your chances. So applying to a big, well-known national scholarship can have lower odds than applying to your local community scholarships. So make sure you don’t overlook the scholarship opportunities in your hometown.
Unsurprisingly, the more work something has, the fewer people actually fill it out. Don’t shy away from scholarships that require essays, interviews, portfolios, or recommendation letters, you can be rewarded for the effort you put in!
Now comes the part that you have direct control over—you. To increase your odds of qualifying for (and winning) more scholarships, there are a number of elements you can work on. Higher GPA, higher ACT/SAT scores, being involved in extracurricular activities, volunteering, sharpening your writing skills.
Apply, Apply, Apply
Scholarships are always worth the effort. To lower your potential for student loan debt, you should maximize your scholarships. Give it all you’ve got. The more scholarships you win, the less you’ll have to take out in loans.
But when scholarships don’t cover anything, you’ll need to find the best fitting loan. College Raptor’s Student Loan Finder can help you compare lenders and interest rates to find the ideal loan option for you.