Why You Should Go After Scholarships With Smaller Awards

Flickr user Thomas Hutton

Now this might sound counter-intuitive. You want to earn as much in scholarships as you can, so you can avoid taking out huge student loans. So why bother with scholarships that only pay out $100 or other smaller amounts? Shouldn’t you focus your attention and efforts on the big money-givers?

Here are two big reasons you should consider applying to smaller scholarships.

Smaller Awards = Less Competition

Scholarships with smaller awards tend to be looked over, so not as many students apply to them. Those that do apply have a higher chance of actually winning the scholarship since the competition pool is tinier than that of heftier awards. This can give you a real boost.

The Money Adds Up

Since you’re more likely to win smaller scholarships, you can apply to many and earn those amounts. They add up fast, and can cover costs like books, room and board, supplies, and other fees you might not have considered as part of the overall cost of college.

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Switch it Up

This isn’t to say that you shouldn’t apply to scholarships with higher payouts, of course, only that you shouldn’t focus 100% of your time and effort looking only for the big bucks. Mix it up, go after both, just don’t forget that good things come in small packages.

And if scholarships don’t cover all your costs, use College Raptor’s new Student Loan Finder. Compare lenders and interest rates to find the ideal student loan—for FREE!

 

Lender	Rates (APR)	Eligibility
	6.97%-15.03%* Variable 5.99%-14.00%* Fixed	Undergraduate and Graduate	VISIT CITIZENS
	6.37% - 16.70% Variable 4.50% - 15.49% Fixed	Undergraduate and Graduate	VISIT SALLIE MAE
	4.98% - 16.70% Variable 4.07% - 15.66% Fixed	Undergraduate and Graduate	VISIT CREDIBLE
	6.07% - 11.31% Variable 4.39% - 10.39% Fixed	Undergraduate and Graduate	VISIT LENDKEY
	6.22% - 16.08% Variable 4.09% - 15.66% Fixed	Undergraduate and Graduate	VISIT ASCENT
	6.54% - 11.08% Variable 3.95% - 8.01% Fixed	Undergraduate and Graduate	VISIT ISL
	5.62% - 18.26% Variable 4.11% - 15.90% Fixed	Undergraduate and Graduate	VISIT EARNEST
	4.98% - 12.79% Variable 8.42% - 13.01% Fixed	Undergraduate and Graduate	VISIT ELFI

College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.