How to Develop a Scholarship Strategy
Although most student aid comes in the form of federal education loans and grants from colleges, scholarships -- with their lure of "free money" -- get a huge amount of attention from students and their parents. If you and your child decide to invest your time in a search for scholarships, it's important to have an organized system to find, apply for, and win scholarship money.
Start with a Personal Inventory
Most of the information your child will need to fill out a scholarship search questionnaire will be easy to come up with -- year in school, citizenship, state of residence, religion, ethnic background, disability, military status, employer, membership organizations, and so forth.
Beyond those questions, your child should give some thought to her academic, extracurricular, and career plans. She should ask herself:
* Do I want to participate in a competition? If so, what are my talents and interests?
* What subject do I plan to major in?
* What career do I plan to pursue?
* Do I want to apply for all types of aid or only scholarships?
Her answers to these questions will help determine her scholarship eligibility. Your child should take time to brainstorm thoroughly -- the more personal characteristics she discovers, the more scholarships she could potentially apply for.
Research Local Scholarships First
In general, the smaller the area a scholarship covers, the better your child's chances of winning. Your child should start at his high school counselor's office. Counselors will know about scholarships for students graduating from his high school. They may also be aware of scholarships for residents of your town, county, and state.
His next stop should be the college aid section of your local public library or bookstore. He should look at a range of books about financial aid, including scholarship guides such as the College Board's Scholarship Handbook, available in the online store.
Then, it's time to start looking at large national scholarships such as Reserve Officer Training Corps (ROTC), National Merit, Gates Millennium, Siemens Westinghouse, Coca-Cola, and Robert Byrd.
Check Membership Organizations and Employers
Here's an area where you, as a parent, can really help out. Think of all of the organizations you have an affiliation with -- religious, community service, fraternal, military, union, professional, etc. -- and find out if any of them sponsor scholarships for children of members.
Don't forget your employer. Many large companies offer scholarships or tuition reimbursement programs for dependent children of employees. Check with your human resources department to see if your company offers such programs.
Employers of students such as fast food chains, department stores, and supermarkets often provide scholarships. Awards related to student employment can come from unexpected sources. For example, there are a number of scholarships for golf caddies.
Use a Free Scholarship Search Service
A scholarship search company collects information on hundreds of awards and compares your child's student characteristics with scholarship restrictions. Based on your child's answers to a questionnaire, she will receive a list of possible scholarships. It is up to her to decide which ones she will try for.
You should never have to pay for scholarship information. If you are asked to pay a fee for "exclusive" scholarship leads, there's a good chance the scholarship service is really a scholarship scam.
Here are some free scholarship search services:
Scholarship Search -- collegeboard.com's student tool
FastWeb
Scholarship Research Network Express
Wiredscholar
Contact Your State Department of Higher Education
Almost every state has a scholarship program for residents -- keep in mind, however, that awards are usually limited to students who attend college in-state. For example, the State of Florida offers Bright Futures scholarships to academically-qualified Floridians who decide to attend in-state colleges and universities.
Research Institutional Scholarships
Since a great deal of scholarship money is disbursed by colleges, it makes sense to research what kinds of scholarships are available at your child's favorite colleges. Investigate college Web sites, catalogs, and financial aid offices for this information. Institutional awards can be offered on a university-wide basis, or within a particular college or major. Eligibility for such awards can be based on merit, financial need, intended major, ethnicity, or a variety of other factors. Here are some questions your child might want to ask about these awards:
* Are scholarships awarded automatically if a student matches certain criteria (such as GPA or SAT score)?
* What is the application procedure? What materials are required?
* Is the award renewable? What are the requirements to maintain the award?
<<How to Apply for a Scholarship>>
The Money Is There, but You Have to Ask for It
There's a lot of advice out there about the best way to apply for scholarships -- how your child should "package" herself in her essay, which extracurricular activities to emphasize, and what color paper to use for her resume. The truth is, much of this advice can vary widely, depending on the author -- and what works for one applicant may not necessarily work for another.
Your child will discover that most of the scholarship secrets simply boil down to using her common sense and following directions carefully.
Application Tips
Here are some tips your child can use to create solid applications and avoid common scholarship mistakes:
1. Start Researching Scholarships Early
The more time your child can put into his scholarship search, the more options he'll have. He'll need time to research scholarships, request information and application materials, and complete his application -- plus, some scholarships have deadlines early in the fall of the senior year. Your child can use Scholarship Search, available in Student Tools to get started.
2. Read Eligibility Requirements Carefully
If your child has a question about her eligibility for a particular scholarship, she should contact the scholarship sponsors immediately.
3. Organize All Scholarship Materials
Your child should create a separate file for each scholarship and file by application date. He should also keep a calendar of application deadlines and follow-up appointments.
Many scholarships require your child to provide some combination of the following:
* Tran
* Standardized test scores
* Financial aid forms, such as the FAFSA or PROFILE
* Parent's financial information, including tax returns
* One or more essays
* One or more letters of recommendation
* Proof of eligibility (e.g. membership credentials)
He may also need to prepare for a personal interview. For students competing for talent-based scholarships, an audition, performance, or portfolio may be required.
4. Proofread Applications Carefully
Your child can use her computer's spelling and grammar check features to scan for any careless mistakes, however, it's also a good idea to ask others -- you, a teacher, or a friend -- to read the essays and share thoughts and ideas.
5. Don't Leave Items Blank
Blank items will slow down the processing of your child's application. He should contact scholarship sponsors if he isn't sure how to fill out any part of the application.
6. Follow Instructions to the Letter
Make sure your child does not go over the length limit for the essay. Another application don't: sending supporting materials that are not requested in the application.
7. Make Sure the Application is Legible
Type or print application forms and essays.
8. Make Copies of Everything
If application materials are lost, having copies on hand will make it much easier to resend the application quickly.
9. Double-Check the Application
If your child is reusing material (such as a cover letter or essay) from another scholarship application, be especially careful he hasn't left in any incorrect names or blank fields. He should not forget to sign and date his application.
10. Get Your Applications in Early
Your child will miss out if he misses deadlines. Consider using certified mail and/or return receipt.
Scholarships Might Affect the Financial Aid Package
Private scholarships can actually reduce parts of your child's financial aid package. How? Colleges must consider outside scholarships as a student's financial resource, available to pay for education costs. If a college financial aid office meets your child's full financial need, government regulations specify that any scholarship money she wins lowers her need figure on a dollar-for-dollar basis.
What should matter to you and your child is which types of her aid are reduced or eliminated -- self-help aid (loans or work-study) or need-based grants. Colleges, following federal regulations, can adjust her aid package in a variety of ways -- some will subtract the value of unmet need first, others will reduce self-help aid before reducing grants, still others will use scholarship funds only to replace grant money. Some colleges even give her the option of using scholarships to reduce her expected family contribution.
It's a good idea to contact the financial aid office of colleges that interest your child and inquire about their policies regarding outside scholarships.
