Let’s talk about college scholarships. You’ve probably heard about them from your high school counselors, parents, and potential colleges, but what exactly are they? What do they do? How do they help?
What is a scholarship?
Essentially, scholarships are gifts of “free money” awarded to students in order to pay for parts of their college education. Scholarship money doesn’t have to be paid back, unlike student loans. The most common form of college scholarship is merit-based, meaning the student earns it for any number of reasons; exceptional grades, outstanding athletics, dedicated volunteer work, or even just fitting into a certain demographic.
Since college scholarships don’t have to be paid back, students can save money and reduce their potential student loan debt. College can be expensive, so saving every little bit on tuition is really helpful.
What every student needs to know about college scholarships
Interested in some scholarship stats? Take a look at this infographic to learn about who gives out awards, how many students receive college scholarships, and how much money is gifted each year.
Want to know which colleges might give you scholarships and other forms of financial aid? Use College Raptor to find the college right for you!