Scholarships Behind Every Corner
Categories: Saving and Paying for College
I know, I know…you are hearing everyone talk about applying for scholarships and all of the free money there is available to students who take the time to look for it. You wonder if it’s really true, or if you will be wasting what precious little time you have. Well, the fact of the matter is, it is true! There are scholarship opportunities out there for a host of different reasons. But instead of taking to the internet and googling anything you can think of that may or may not apply to you, stop and think locally. This recent article by U.S. News & World Report highlights one of the places students tend to overlook, but often have the highest success rate when they apply: through your high school Guidance Department!
Find out how your school lists the scholarships that they have access to. Are they kept in a binder that you need to look through, are they available online? If you are not sure, ask! Don’t be afraid to speak up and get the information that can help you earn some free money for college!
And while you are thinking about applying for scholarships, be sure to check out the New Hampshire Charitable Foundation’s (NHCF) Statewide Student Aid Program. Their scholarship application became available February 1 and is due Friday, April 15 at 5 p.m. There is no need to complete more than one application to be considered for all kinds of scholarships; a real time saver! Last year, one in four who applied received an award, and the average award size was $3400! And don’t forget to check out all the other scholarships the NHCF lists.
Clear some time in your calendar and apply today!
Best of luck,
Val
Hi Val - thanks for this post. I have a question. If my son receives a scholarship, what does the school do? Does that money go towards money we would have to borrow, or is it viewed as money that the school doesn't have to give him in financial aid?
Thanks -
Lucy
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Dear Lucy,
Each school will have its own specific policy on how they deal with private scholarships, however in general this is typically what happens:
The amount of the scholarship is added to the total financial aid package as a source of aid. Other awards are usually only affected if it is federally mandated that the school do so.
For a hypothetical example: Based on your Expected Family Contribution of $10000 and your school's cost of $20,000, you demonstrate $10,000 of "need" (20,000 - 10,000 = 10,000). Your financial aid package from the school may meet that "need" fully with a $3500 Subsidized loan and a $6500 need-based school grant. Now, let's say you're notified the student is receiving a $1000 outside private scholarship. The $10,000 of "need" is now being met by $11,000 of funding ($6500 grant + $3500 federal loan + $1000 of scholarship). The school is required to make an adjustment. The majority of schools will reduce the $3500 of subsidized loan that is need based to make room for the $1000 scholarship, and likely "move" that $1000 of reduced loan to an unsubsidized loan which is not need based.
If your financial aid package was not meeting your need to begin with, which is really much more likely for most families (ex. $15,000 of need and only $10,000 of need based aid), then the addition of up to a $5000 scholarship would typically have no affect on the total aid package.
Again, every school may have a slightly different policy regarding private scholarships, so the best advice is always to check directly with the school that will be receiving the scholarship funds.
Happy scholarship hunting!
Amanda
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