Ideally, you should apply to any and all scholarships that you qualify for, whether they are one-time or renewable. Winning any scholarship is cause for celebration – it’s free money to put towards college and reduces your overall student debt by the award amount.
The Appeal of Renewable Scholarships
What makes renewable scholarships particularly attractive is that they offer funding over multiple years while you are in college. This is unlike one-time scholarships, which offer one-time funding.
It’s nice to know you’ll have a consistent source of funding so you can focus your attention on additional scholarship opportunities.
However, this does not mean you apply for a renewable scholarship once and you will automatically receive the promised award amount every year. Most renewable scholarships come with a set of guidelines that the winners are required to adhere to in order to continue receiving funding. In most cases, you will have to meet certain minimum requirements to prove that you still deserve the award. This could be obtaining a certain GPA or proving that you’ve put in the required number of hours towards a certain cause. These stipulations are generally laid out very clearly in the scholarship award letter.
When you accept a renewable scholarship it is very important to read the fine print carefully, be aware of the requirements, and put in the necessary effort so you keep receiving continued funding every year.