How Do Scholarships Work?
College scholarships are a convenient way to pay for college, but many students are confused about how the whole process works. How is the money awarded, and what can you spend it on?
What is a college scholarship?
Scholarships are financial aid awards designed to help students pay for college. Sometimes a scholarship is a one-time check. Other college scholarships are renewable and provide money for students each semester or school year. The money is given to the student’s financial aid department who applies it to their student account. The student would then pay the college for the difference on any money owed for tuition, fees, room and board. If the scholarships and other forms of financial aid are enough to cover the direct college costs, the excess money is refunded to the student.
How can the money be spent?
Scholarship awards can be spent on tuition, but it can also be used for books, housing, food (you can’t study on an empty stomach) or even computers and software. It will depend on the scholarship disbursement rules which will come directly from the committee awarding you the funds.
When you receive the scholarship money you may receive the money in one chunk before school begins, or it can be distributed in installments between both semesters.
Who gets scholarships? Where do they come from?
Scholarships come from a variety of different sources, including clubs, organizations, charities, foundations, businesses, colleges, the government and individuals. Colleges and universities offer financial assistance in the form of merit aid as well, so don’t forget to contact the colleges you are considering to see if you qualify for any merit aid as an incoming freshman.
College scholarships aren’t awarded just to students with a 4.0 GPA. Each scholarship has its own criteria. Some scholarships are awarded based on need. For others you must be a member of an organization, be studying a certain field or fit whatever guidelines the group awarding the money decides upon. Regardless of whether you excel in academics, you should be able to find several scholarships that work for you. There are even scholarships intended for students living in a particular state or town. You can continue to apply for scholarships during your college years all the way up to Ph.D. level studies.
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For more information, visit the Civil Rights Compliance Department page.
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Para más información visite Civil Rights Compliance Department page.