How Do Scholarships Work?

How Do Scholarships Work?

It’s never too early to start thinking about and planning for financing your educational journey. 

In fact, starting with the money is the smartest way to build a successful plan for your biggest career and life goals.

Many students begin searching for a college to attend, with the mindset that they are looking for “the one right school,” and assuming they’ll figure out how do you pay for it after getting accepted.

There’s a better way.

First, discover the numerous perfect-fit colleges that can help you make your dreams a reality. 

Second, take an honest look at the financial considerations for your family and use those parameters to narrow down your college list options. 

Don’t go into debt to get the education you need and want.

With careful planning, you won’t have to. 

Scholarships are an excellent, important method for easing the financial burden of college. 

In this article, you'll learn about…

How do we know all of this?

We breathe, eat, and sleep all things college admissions… so you don’t have to.

At March Consulting, it’s our full-time job to help students and families prepare for well-known options and find hidden gem opportunities they’d never even considered.

Looking for personalized advice and creative solutions tailored to your priorities? 

Reach out to an expert private college admissions counselor. 

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Different Types of Scholarships

You can’t find the best option if you don’t know what all the options are!

Here are the types of scholarships available for college students and college hopefuls…

  • Merit-Based Scholarships

  • Need-Based Scholarships

  • Athletic Scholarships

  • Minority Scholarships

  • School-Specific Scholarships

  • Major-Specific Scholarships

  • Region-Based Scholarships

Merit-based scholarships are the ideal financial solution to strive for, but there are also many private scholarship options waiting for the right student to find them.

Merit-Based Scholarships

Merit-based scholarships (like the National Merit Scholarship and financial aid from individual schools) are awarded to students who demonstrate exceptional…

  • Academic, 

  • Artistic, or 

  • Leadership abilities. 

To qualify, you'll typically need to maintain a high GPA and submit essays, recommendation letters, or a portfolio showcasing your talents.

Often, finalists can also be asked to audition or interview.

Need-Based Scholarships

Need-based scholarships focus on providing financial assistance to students and/or families who lack the resources to fund their education. 

Eligibility is most often determined by submitting a Free Application for Federal Student Aid (FAFSA).

Athletic Scholarships

Athletes with impressive performance records can receive athletic scholarships from colleges and universities - sometimes through application, scouting, or tryouts. 

To maintain these scholarships, however, you'll need to participate in the institution's sports program while continuing to meet the institution’s academic requirements.

Minority Scholarships

Minority scholarships aim to promote diversity and provide opportunities for underrepresented ethnicities, races, genders, or sexual orientations. 

To qualify, you'll most likely need to submit proof of your heritage or affiliation with a particular community.

School-Specific Scholarships

Some institutions offer scholarships exclusive to their students - and they’re not always the schools you’d expect!

Looking at the differences between public vs private colleges, for example, It’s not uncommon for private schools with the highest price tag to provide scholarships more easily than “less expensive” public schools. Ultimately, those private colleges might cost students less in the long run.

School-specific scholarships can be merit-based, need-based, or geared toward particular departments or programs. 

To apply, check the school's financial aid office for information and application materials.

Major-Specific Scholarships

Major-specific scholarships target students pursuing a specific field of study. 

They can be funded by professional organizations, businesses, or individuals to encourage the development of specialized skills. 

To qualify, you'll need to enroll in an eligible program and usually maintain a certain GPA.

Region-Based Scholarships

Region-based scholarships are awarded to residents of specific geographic areas, such as states, counties, or cities. 

They may be sponsored by local organizations, businesses, or governments to encourage regional growth and development. 

To apply, research scholarships available in your area and adhere to their application requirements.

How To Find Scholarships

There’s no wrong way to find college scholarships, but here’s the most useful way:

  1. Research scholarships through your school or your prospective college's financial aid office. 

  2. Talk to counselors or advisors. They are often knowledgeable about scholarships and have insight into schools, programs, or qualifications.

  3. Talk to older students about scholarships they applied for

  4. Explore national, state, and local organizations including 

    1. Professional associations 

    2. Nonprofits  

    3. Educational foundations through your favorite companies

  5. Utilize dedicated scholarship search engines to expand your search further, such as:

    1. Fastweb Scholarships

    2. Big Future by College Board

    3. Chegg Scholarships

Be proactive and stay organized to not miss any opportunities.

Best Scholarship Search Engines

As you navigate the world of college scholarships, these tools can help you discover and apply for scholarships that fit your needs and goals.

Create a personalized profile to generate a comprehensive list of scholarships that match your criteria. 

Remember, the more information you provide, the more (tailored) scholarship matches you’ll receive.

Fastweb Scholarships

Fastweb Scholarships is one of the most popular and recommended scholarship search engines out there. 

Some features of Fastweb:

  • Access to over 1.5 million scholarships, grants, and fellowships

  • Customized scholarship matches based on your unique profile

  • Email notifications for new scholarship opportunities

  • Scholarship application tips and resources

Big Future

Another effective scholarship search engine is Big Future, operated by College Board (maker of the SAT & PSAT). 

Key features of Big Future:

  • A database of over 2,300 national scholarship opportunities

  • Simple filtering options to narrow down your search results

  • Integration with College Board account, including SAT scores and college preferences

  • A dedicated page for each scholarship, detailing award amounts, eligibility, and application requirements

Chegg Scholarships

Chegg Scholarships is another excellent resource to help you explore available scholarships. 

With a focus on user-friendliness, Chegg offers:

  • Over 25,000 scholarship opportunities in their database

  • Customizable scholarship search filters based on criteria like GPA, major, and deadlines

  • A "Favorites" feature to save and keep track of preferred scholarships

  • Access to Chegg's additional resources, including study help and textbook solutions

Whichever search engine(s) you use, remember to…

  1. Stay organized to stay ahead of deadlines and be prepared for all of the different requirements.

  2. Apply to as many scholarships as you qualify for to increase your chances of success.

Requirements for a Scholarship

Understanding the requirements for a scholarship can increase your chances of being awarded one. 

Requirements obviously vary, based on the type of scholarship and the organization offering it, but there are some common elements to consider and prepare for. 

In this section, we'll explore eligibility requirements, the application process, and selection criteria.

Eligibility

Eligibility for a scholarship typically depends on…:

  • Academic achievements (GPA, class rank, classes taken, intended college major)
  • Financial need
  • Leadership and community involvement
  • Talent in sports or the arts
  • Membership in certain organizations or affiliations with specific industries

BUT: Don’t just assume you’re not qualified without looking at the fine print. 

Many students underestimate their eligibility and competitive edge. 

And many other students will miss the deadlines. 

So it’s always best to at least try, because you never know how things will work out.

Seek out a professional scholarship consultant if you want expert help setting yourself up for all these cool opportunities. 

Application Process

The application process for scholarships can include…

  1. Searching for scholarships that match your criteria
  2. Filling out and submitting the application form
  3. Writing and submitting essays
  4. Obtaining letters of recommendation
  5. Providing academic transcripts or other documentation

Each scholarship will have its own process and deadlines.

Stay organized by making yourself a thorough spreadsheet, then follow all instructions carefully. 

Nothing will get you disqualified faster than simply not reading and doing what is asked of you.

It also helps to edit down any written material. Keep your applications as simple and as honest as possible.

Lastly, always double-check your application materials for accuracy and completeness before submitting them. 

Want help proofreading your application and essays? March Consulting has experts on staff that can help you put your best college-essay-foot forward every time.

Selection Criteria

Scholarship committees typically evaluate applications based on factors such as…

  • Academic performance and rigor of courses taken
  • Extracurricular activities and leadership experience
  • Community service and volunteer work
  • Work experience or internships
  • Demonstrated financial need or merit
  • Quality of essays and personal statements
  • Letters of recommendation

Keep in mind that quality over quantity of participation matters.

How long you have engaged in relevant activities can matter more than how much you’ve achieved. 

Your passion and commitment is important.

Tailor each application to highlight your strengths and match the expectations of the scholarship provider. Don’t simply recycle applications without adjustments.

Do You Have To Pay A Scholarship Back?

Good news! 

Typically, no, you don’t have to pay a scholarship back.

Scholarships are often considered gifts, so long as you meet all requirements and use all funds for their intended purpose.

Possible requirements: 

  • Maintaining a certain GPA

  • Participating in extracurricular activities

  • Fulfilling community service hours

Be sure you understand and abide by these requirements if you win a scholarship. Failure to do so could result in losing your scholarship or being asked to pay back the funds.

In the rare case that your scholarship is considered a loan that must be paid back, thoroughly read through the terms and conditions before accepting the scholarship. 

How Many Scholarships Can You Get?

There is no set limit to the number of scholarships you can receive.

Therefore the number of scholarships you can get depends on 

  1. Eligibility, 

  2. Application requirements

  3. Effort you put into finding them and applying  

Start searching for scholarships early, then apply as often as you are able to.

Scholarships come from a wide variety of sources, such as… 

  • Federal governments 

  • State governments

  • Colleges and universities

  • Private donors

Keep in mind that receiving multiple scholarships might affect your other financial aid, such as loans or grants, or even other scholarships. 

If the combined amount of your scholarships and other financial aid exceeds your college's cost of attendance, the financial aid office may reduce the amount they offer you. 

However, it's usually better to have more scholarship money than you need.

Be unapologetic and diligent in going for it.

Can You Use Scholarship Money for Anything?

This question can only be answered by the parameters of each specific scholarship. 

While some scholarships may have a broad, flexible application, others restrict how funds are used. 


Permitted Expenses

Generally, most scholarship providers allocate funds for direct educational expenses like:

  • Tuition

  • School fees

  • Books

  • Supplies

  • Equipment required for courses

  • Room and board

In some cases, scholarship money can also help cover other living expenses or personal needs, such as transportation or childcare. 

Check the terms and conditions of your specific scholarships to confirm.

Non-Permitted Expenses

Scholarship funds should not be used for non-educational expenses outside the scope listed in the scholarship agreement. 

Examples:

  • Luxury items

  • Vacations 

  • Entertainment or recreational activities

Misusing scholarship funds can lead to penalties or complete repayment of the award. 

Read the terms and restrictions related to your scholarship and always ask questions in advance to avoid any issues.

Can You Keep Extra Scholarship Money?

Again, this depends on the particular scholarship.

Some scholarships apply directly to your tuition, room & board, etc. In these cases, you usually cannot keep extra money.

However, other scholarships may be sent directly to you so you’ll have more flexibility in how you use the scholarship funds. 

If you have extra scholarship money, consider using it for the following educational expenses:

  • Textbooks and course materials

  • Off-campus housing

  • Transportation costs

  • Technology, such as a computer or tablet

  • Research experiences

Carefully keep track of how you spend scholarship funds and save receipts, since some scholarships may require you to report how you used the money. 

Still have questions?

We have plenty more answers. 

Connect with us to start building a plan for college scholarships and beyond.

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