Why You Should Go After Scholarships With Smaller Awards

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.

Lendkey company logo.

97% borrower satisfaction shows our best in class customer service

 Variable rates as low as 2.94% - 12.99% APR with auto-debit

Learn More

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.

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
Sallie Mae logo.
1.13% - 11.23% Variable
3.50%- 12.60% Fixed
Undergraduate and Graduate
VISIT SALLIE MAE
Credibe company logo.
0.99% - 11.99% Variable
2.94% - 12.99% Fixed
Undergraduate and Graduate
VISIT CREDIBLE
Lendkey company logo.
1.13% - 11.23% Variable
3.50% - 12.60% Fixed
Undergraduate and Graduate
VISIT LENDKEY
Ascent company logo.
1.50% - 9.33% Variable
3.15% - 11.48% Fixed
Undergraduate and Graduate
VISIT ASCENT
College Ave company logo.
0.99% - 11.98% Variable
2.94% - 12.99% Fixed
Undergraduate and Graduate
VISIT COLLEGE AVE
2.93% - 5.67% Variable
4.35% - 7.15% Fixed
Undergraduate and Graduate
VISIT ISL
Earnest company logo.
0.99% - 11.44% Variable
2.94% - 12.78% Fixed
Undergraduate and Graduate
VISIT EARNEST
1.20% - 11.52% Variable
3.20% - 11.99% 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.

Leave a reply

Your email address will not be published. Required fields are marked *