Eligibility criteria for scholarships can be centered on factors like a student's financial need, academic achievements, athletics, intended major and specific affiliations. Funds of this nature are often rewarded to students on a need-base. This means that the student must come from financially disadvantaged circumstances. The student's income and the income of the members in the student's household must meet the predetermined criteria set by the Department of Education. Examples of need-based financial aid include Federal Subsidized Stafford Loans, Federal Pell Grants, Perkins Loans, Federal Supplemental Educational Opportunity Grants and the Federal Work Study program.
A student must file the Free Application for Federal Student Aid (FAFSA) in order to qualify for scholarships (see Resources below). A school guidance counselor or someone from the school's financial aid department are invaluable resources when it comes to these forms. They are familiar with the process and can help you understand the overall eligibility process and the different financing options that may apply. It's important to clarify the differences between scholarships, grants and loans; specifically the amount of money (if any) that you are required to pay back.
Colleges typically offer various financial aid and scholarship opportunities as incentive for prospective students. When dispensing scholarships, a school may factor in things such as the student's GPA, academic merit, intended major or area of specialization, extracurricular activities, volunteer work and athletics. Contacting the specific department that oversees your major is a good idea. They can be supportive and advise you about any other funding opportunities that can be obtained through the school.
Scholarships can also be granted by different businesses, corporations and clubs. Labor unions, military, trade, religious affiliation, gender, ethnicity, background, political party, charity and community districts offer additional scholarship prospects. The high school that a student is coming from may also provide funding to certain graduating students.
The amount of money awarded can range from $50 to hundreds of thousands. Since an organization is offering the scholarship, it may set up its own requirements. For instance, they may ask that you submit a portfolio or write an essay on a topic of their choice. By creating such opportunities, the organization is able to broaden their audience and promote their objectives. It also affords them with the chance to come upon individuals who may be a future asset to them and their mission. Most of these scholarships can be accessed online by using a scholarship search engine such as fastweb.com.
Exploring and navigating through all of the different types of scholarships can feel overwhelming at times. There are a number of scholarships that are not readily advertised. Sometimes, seeking out these unknown opportunities can pay off big time in the end. If there is a specific organization or association that you know of or are a part of, contact them and inquire about funding. Even if they don't directly provide scholarships, they can lead you in an alternative direction. Occasionally, organizations will take an interest in individuals or their cause and generate some type of financial backing for them.