While winning a scholarship is great news, winning a renewable scholarship is even better. Unlike scholarships that offer winners a singular award, renewable scholarships offer money over multiple years. (Typically up to 4). This means, if the scholarship award amount is $2,000, the winner might get $2,000 annually for the next four years. A total of $8,000! Wondering “how do scholarships work if they’re renewable?” Let’s break it down.
Here are some of the most important things you need to know about renewable scholarships.
How Do Renewable Scholarships Work?
Every scholarship has its own unique set of rules and guidelines and renewable scholarships are no different. Just because you’ve read and understood the requirements for one renewable scholarship, don’t presume that all are the same. Make sure you take the time to go through the terms and conditions of every renewable scholarship in detail before submitting your application. Overlooking one little detail could cause you to lose out on an opportunity that you would otherwise qualify for.
Renewable Scholarships However Generally Have Two Sets Of Requirements
You have to keep track of two sets of requirements when applying for renewable scholarships.
The first set of requirements you need to meet is to qualify for the first installment of the scholarship. The second set of requirements is to qualify for the renewable portion of the scholarship.
Yes, that’s right—with renewable scholarships, you do not automatically get the award money every year. Most renewable scholarship will require you to meet some requirements for every year that the scholarship gets renewed. These qualifying requirements may differ from one scholarship to another, but they typically include some of the following:
- Maintaining the specified minimum GPA
- Taking the specified number of classes
- Continuing your college education within a specified major
- Continuing participation in the specific sport or extracurricular activity for which the scholarship was awarded
- Submitting proof that the award money was used for allowable expenses
- Pursuing your higher education at a specified institution
Other requirements may include continued residency in a certain state or any other stipulation that the funding organization imposes.
If you do win a renewable scholarship, make a note of all the requirements and stick it somewhere prominent where it will serve as a reminder to you throughout the academic year. This will ensure that you make the effort to meet all the requirements that guarantee you will continue to get the award money every year.
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| 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 |
