Finding "Free" Money for College
If you don’t play your cards correctly, going to college can be one of the most costly investments you make in life. There’s significant evidence, however, that college grads make more money over their lifetime than their peers who don’t pursue at least a four-year degree.
And we all know that employers prefer or even require a bachelor’s degree for many entry-level jobs.
Still, college is a big up-front cost, and it’s important to think about managing that cost well. After you fill out the FAFSA and exhaust your federal aid options, it’s time to think about “free” money in the form of scholarships!
Don’t Assume Scholarships Are Only for Valedictorians
Yes, there are scholarships earmarked for exceptional students with flawless academic records. But more often than not, an organization that gives scholarships is looking for something beyond a strong GPA—they’re looking for students who embody the values they espouse.
That might mean that your role as editor of the student newspaper could make or break your application; it might mean that your ethnicity will be a factor in a successful scholarship application. Other factors that can influence where scholarship money goes are athletic ability, creative talent, and community service.
The best way to find the right scholarship for you is to search for scholarships and grants that match your interests, academics, and intentions (some also reward planned courses of study).
Great Scholarships Are Hiding Everywhere
There are other ways to find scholarships that might be easier for you to nab directly if you just take a good look around.
If you aren’t already, become involved in your local community—deeply involved, if you can. Commitment to community service, causes, and organizations shapes character, but it also leads to lifelong connections and networking opportunities that can help you get a leg up in work and in school.
The people you live and work alongside during high school and college can become mentors who form part of a broader professional or social network that influences how you find jobs, scholarships, and other opportunities.
Here are a few sources to find leads on good scholarships that you might not have thought about:
Employers (yours or your parents’)
Minority groups or organizations
Essay contests (local or national)
Churches, synagogues, mosques, and religious groups or clubs
Hobbyist and special interest groups
Community service organizations
Fraternal organizations and even unions
Education lenders and other education-related businesses
And finally, don’t forget about the university or school itself, depending on your major or program
Other Ways to Finance Higher Ed
Some students have exhausted their federal financial aid options and have already explored scholarships. It’s important to remember that graduate students have other options that might not be available to undergraduates like fellowships, assistantships, and more. Parents and students can benefit from planning their time and their financial investment wisely. And once you’re out of school, you may have student loan repayment to contend with—it’s something to consider planning for in advance!