Key takeaways
- Private scholarships are usually sponsored by businesses, nonprofits, or individuals. They often reward achievements or membership in specific groups.
- Government grants, such as the Pell Grant, are need-based awards funded by federal or state programs. Applying usually requires filling out the FAFSA.
- Institutional scholarships are offered directly by colleges and universities. They can be based on financial need, academic merit, or both.
- To maximize your chances of receiving a scholarship, start by filing the FAFSA. Then, focus on awards you fully qualify for and keep up with deadlines.
Flickr user Chase Elliott Clark
When it comes down to paying for college, scholarships are one of the best ways to reduce costs. Unlike student loans, you don’t have to pay scholarships back. So, although they may have specific obligations associated with them, they’re essentially free awards for school.
Scholarships fall under a few different categories: private, institutional, and government. Knowing the difference can help you find more opportunities, save money, and help make college more affordable.
Keep reading to learn where to look, how to qualify, and tips for increasing your chances of getting an award.
Private scholarships
Private scholarships come from businesses, nonprofits, community groups, or individuals. Most of these scholarships are merit-based, meaning they reward achievements or special qualities. They can be based on academics, sports, leadership, or community service.
For example:
- A tech company might give a scholarship to a student planning to study computer science or engineering.
- A local religious group could offer a scholarship to students of a certain faith.
Private scholarships can be large or small. Some can be awarded for multiple years, while others are one-time awards.
The good news? There’s likely a private scholarship that fits your achievements and goals. You just have to find it.
Institutional scholarships
Institutional scholarships are offered by the college or university you plan to attend. These awards can be:
- Merit-based: These scholarships award achievements like grades, test scores, or leadership.
- Need-based: These awards are based on financial need, including your Student Aid Index (SAI) and other factors.
Many students overlook institutional scholarships, but they can make a big difference in cost. Filling out the FAFSA is usually the first step. Once you file, you may qualify for both federal grants and college-specific awards.
Government grants
Government grants are another type of aid to consider. These are usually need-based and funded by state or federal programs. Like scholarships, grants do not need to be repaid.
Examples include:
- The Pell Grant — helps students from low- to moderate-income families pay for college.
- Federal Supplemental Educational Opportunity Grant (FSEOG) — Gives extra funding to students with high financial need.
- Teacher Education Assistance for College and Higher Education (TEACH) Grant — For students who plan to become teachers in high-need fields or low-income areas.
- State-specific grants — Many states offer grants for residents, which can help pay for tuition at in-state colleges and universities.
Some grants are first-come, first-served. So, it helps to fill out the FAFSA and apply as early as possible. Combining scholarships and grants can be a great way to save on your college education.
Tips to boost your chances of receiving a scholarship
Applying for scholarships can feel overwhelming, but a few simple steps can make the process much easier. Following these tips can help you stay organized, increase your chances of receiving an award, and help make sure you don’t miss out on opportunities:
- File the FAFSA early — Many scholarships, including private ones, require it.
- Apply for scholarships you 100% qualify for — Don’t waste time on ones where you only meet some of the requirements.
- Follow the rules — Read directions carefully and send all the requested documents.
- Keep an application calendar — Track deadlines and work on applications a little at a time.
- Personalize your applications — If there’s an essay, tailor it to your sponsor.
- Use College Raptor’s scholarship search tool — Find opportunities you’re qualified for with this FREE tool.
These steps can help you stay organized, make the most of your time, and help increase your chances of receiving an award.
Why do scholarships matter?
Scholarships can help lower your student debt, cover tuition, and help pay for books, housing, and other college expenses. Getting a scholarship can make a big difference in your college experience so you can focus more on your studies and less on paying for school.
Explore scholarships today
Finding the right scholarships can feel overwhelming, but you don’t have to do it alone. College Raptor’s FREE Scholarship Search tool can make it easier to find opportunities you qualify for. You can discover scholarships that match your profile and explore your financial aid options.
Discover more ways to help pay for college! Visit the Citizens Student Hub today to get started.
