7 Types of Scholarships That Can Help Pay for College, Graduate School
When it comes to winning scholarships, the common advice is to apply early and often. But with tons of opportunities across the country, you need to narrow down the list to scholarships you could realistically win.
After all, no one has time to apply for all of the College Board's more than 2,200 scholarships, let alone tackle Unigo's 3.6 million. Plus, it would be a waste of time applying for a community service scholarship if you've never volunteered, or trying for a golf scholarship if you've never set foot on a course.
Before you start your search, make a list of your unique strengths so you can zero in on scholarships that target those traits. To help you get started, here are seven common scholarship types you'll likely encounter.
[Follow four steps to narrow your college scholarship search.]
1. Academic achievement: If you're a top student, you could win scholarship money for academic achievement. Some schools give free rides to high-achieving students.
Indiana University--Bloomington, for example, has the merit-based Wells Scholarship, which pays the full cost of attendance for four years of undergraduate study at the school. Similarly, Ohio State University--Columbus has the Eminence Fellows program, which offers a merit scholarship that covers the full cost of attendance for four years.
The National Merit Scholarship Corp. also recognizes academic achievement by giving awards of varying amounts every year to students who score highly on the PSAT.
To find similar opportunities based on grades and test scores, use scholarship search tools such as Scholly and Fastweb. When you apply, you can impress scholarship committees with your outstanding transcript and commitment to learning.
2. Community service: Scholarships aren't reserved only for top students. There are various opportunities for those who volunteer in their communities. The AXA Achievement Scholarship, for instance, awards $2,500, $10,000 or $25,000 to U.S. citizens or legal residents who give back to their communities.
Another example: the Prudential Spirit of Community Awards, which are available to domestic and international students alike. If you have a history of community involvement, focus your scholarship search on awards for students who volunteer.
3. Athletic achievement: If sports are your thing, shift your attention to athletic scholarships. Many scholarship search tools offer an athletic scholarship category. Some will let you narrow down your results by a sport, whether it's basketball, football or synchronized swimming.
NCAA Division I and Division II schools also offer athletic scholarships to student-athletes.
[Avoid these myths about athletic scholarships.]
4. Unique hobbies or traits: While you're probably familiar with academic and sports scholarships, you might be surprised to find more random opportunities.
The Chick and Sophie Major Memorial Duck Calling Contest, for instance, awards scholarships to high school seniors with a talent for duck calling. ScholarshipRed reserves awards for high school students who are natural redheads, and the Stuck at Prom Scholarship Contest awards scholarships to students who make the best prom outfit out of Duck Tape.
Although most scholarship search engines don't have a category for hair color, you should be able to filter your results by hobbies or traits.
5. Personal background: A number of scholarship programs have a mission to support traditionally underrepresented students. Google's Women Techmakers Scholars Program, for example, supports accepted or enrolled female undergraduate or graduate students studying computer science, computer engineering or a related field.
The Hispanic Scholarship Fund's awards, which range from $500 to $5,000, are open to students of Hispanic heritage in all majors and graduate fields, but place an emphasis on science, technology, engineering and math majors. African-American high school seniors with a record of community service can apply for the renewable Ron Brown Scholarship, which totals $40,000.
When searching for opportunities, you might want to indicate your gender, race, ethnicity or another aspect of your identity to find scholarships that are a good fit.
[Review these 10 sites to kick off your scholarship search.]
6. Financial need: A variety of scholarship organizations, including the Davis-Putter Scholarship Fund, seek to help students with demonstrated financial need.
Many need-based scholarships have additional requirements, such as living in a specific community in the U.S. or pursuing a particular area of study. Davis-Putter, for example, provides need-based grants to undergraduate and graduate students who are committed to economic and social justice.
The Gulf Coast Community Foundation offers a variety of scholarships, including awards based on financial need, for residents of Sarasota County, Charlotte County and Boca Grande, Florida, who are enrolled part time or full time in undergraduate, graduate or postgraduate studies.
As you search for need-based scholarships, review any additional criteria before applying.
7. Family's workplace or military affiliation: Finally, you might narrow down your search according to your family's affiliation with a company or the U.S. military.
Walmart and CVS, for example, award scholarships to children of their employees. And the military has funding opportunities for kids of veterans and active-duty members.
In summary, you might have many qualities and achievements that make you eligible for a scholarship.
Keep in mind that according to the College Board, in the 2014-2015 academic year, postsecondary students received a total of $123.8 billion in scholarships and grants, with 14 percent coming from private groups. By being strategic about how you search and apply for scholarships, you can get significant help paying for higher education.
Rebecca Safier is a staff writer for Student Loan Hero covering education, careers and other personal finance topics, drawing on her experience as a teacher, tutor and college counselor.
