Financial Aid 101 - Scholarships

Scholarships are gifts. They don't need to be repaid. There are thousands of them, offered by schools, employers, individuals, private companies, nonprofits, religious groups, and professional and social organizations. Some scholarships are merit based. You earn them by meeting or exceeding certain standards set by the scholarship-giver. They might be awarded based on academic achievement, or a combination of academics and a special talent, trait or interest. Other scholarships are based on financial need.

Types of Local Scholarships:

• Guidance counselors: When starting to explore scholarship opportunities, most high school students check with their guidance counselors. They can be a reliable resource for local scholarships.
• Non-profit organizations and Charitable trusts: Most non-profit organizations have at some point of their history founded scholarships for prospective students. The Good Schools Guide, a guide to schools in the UK, states "Charitable grant-making trusts can help in cases of genuine need," and goes on to outline several instances where this may be the case, including an "unforeseen family disaster" and a "need for special education".[1]
• Community foundations: Many counties and cities and regions have a local foundation dedicated to giving money in the form of grants and scholarships to people and organizations in the area.
• Foundations: Certain Foundations in the United States offer scholarships for Entrepreneurial Endeavors.
• Labor unions: All the major labor unions offer scholarships for members and their dependent children.
• Houses of worship: The local house of worship may or may not have any scholarships for their members, but the religious organization or headquarters may have some available. Of course, theology study is a highly encouraged.
• Chamber of commerce: Many chambers of commerce offer (usually small) grants to students in the community, especially those planning on careers in business and public service. Even if they do not offer any themselves, one can usually get a listing of members, and many of them may offer small scholarships to local students.
• Other volunteer organizations: Many organizations offer scholarships or award grants to students whose background or chosen field overlaps the field of the organization. For example, local chapters of professional societies may help the studies of exceptionally distinguished students of the region. Similarly, charity organizations may offer help, especially if the late parent of the student was a member of the organization (e.g., a Masonic lodge might help the orphan of a lodge brother.) This kind of scholarship is mostly ad hoc.
• School: Old, well-known schools are often endowed with scholarship funds.
• University: Old, well-established universities may have funds to finance the studies of extremely talented students of little means. To be eligible, a student often must belong to some special category or be among a nation's best. However, universities have information available on scholarships and grants, possibly even internship opportunities.
• PSAT/NMSQT: In the United States, students are offered the opportunity to take the PSAT/NMSQT test, usually in their junior year of high school. Not only does it help them to prepare for the SAT later on, but National Merit Scholarship programs are determined, in the first step, by the scores received on the PSAT/NMSQT test. Some private scholarship programs require applicants to take the PSAT.

Information on scholarships:

• Federal Student Aid Scholarship Search
• State Higher Education Agency Listings