Scholarships provide financial aid to students based on academic achievement, talent, or financial need. They can cover tuition, books, or living expenses and are often funded by schools, organizations, or governments. Recipients usually apply by meeting specific criteria and submitting an application with required documents.
If you have your sights set on attending college, you’ll eventually need to figure out how you’re going to pay for your education. For many students, the answer is college scholarships. Unlike student loans, college scholarships are a free gift that you don’t need to pay back. They can be given to you for any number of reasons: for getting good grades, for having unique talents, and for being a generally awesome person.
Plus, there’s no limit to the number of college scholarships you can apply for. You can literally rake in so much scholarship dough that it exceeds the cost of your tuition!
Needless to say, applying for college scholarships is definitely one of the better strategies for financing your education. But how do scholarships work, anyway? To clear up some of the confusion, Tallo is dishing out everything you need to know about college scholarships.
First Off, What Are Scholarships?
College scholarships are a form of financial aid designed to help cover the cost of education. Although they don’t need to be repaid, they may come with a few strings attached. For example, some scholarships require students to maintain a certain GPA level or participate in a sport throughout the school year to receive scholarship money.
Scholarships can come in relatively small amounts (~$100) or huge sums that cover the entire cost of tuition (i.e., The Gates Millennium Scholarship). They can be publicly or privately funded, or a combination of the two.
Got It — So, How Do Scholarships Work?
How scholarships work can vary by quite a bit. Some scholarships require you to reapply for each year you’re in school, while others are a one-time occurrence.
Another way scholarships can differ is in how the money is distributed. Private scholarships may send the money directly to your bank account. Some scholarship-givers send the money to the school, where it’s used to cover your outstanding fees. Any scholarship money that is left over is usually sent back to you in the form of a check.
Scholarships may not be a cash reward at all, but an in-kind reward. This is a type of non-cash reward that may waive education-related expenses such as the cost of tuition, textbooks, or housing.
Some scholarships require that the money be used for specific things, while others let you decide how to spend the money. If you win a scholarship with no strings attached, we strongly recommend using it to cover your education-related costs.
Types of Scholarships
Many, but not all, scholarships are merit-based. Merit-based scholarships are awarded to students by exceeding certain requirements set by the scholarship-giver.
There are also need-based scholarships. Similar to most grants, need-based scholarships are given to students based on your family’s financial situation.
(Psst…Wanna know more about grants? Learn about the difference between a grant vs. scholarship on the Tallo blog.)
Many scholarships are available to particular groups. For instance, do you give back to Mother Earth? There are scholarships for students who are passionate about green living. Are you going to graduate school? Scholarships for graduate students can be found through a variety of organizations, companies, and civic groups to help fund your studies.
There is literally a scholarship for almost anything you can possibly imagine, so don’t write yourself off for receiving free money!
Where to Find Scholarship Opportunities
No matter what your background, grades, interests, or financial situation, there are college scholarship opportunities out there for everyone. You just need to know where to find them — and that’s where Tallo can help.
We offer students thousands of dollars in scholarships each month. And did we mention how ridiculously easy they are to apply for? Just create your Tallo profile, brag about yourself a little, tell us about your interests, and our platform will connect you with all sorts of scholarship opportunities. We even offer two easy Tallo scholarships each month – all you have to do is create a profile to enter to win.
If you want to broaden your scholarship search, here are a few additional sources of information about scholarships:
- High school counselor
- Financial aid officers at colleges and universities
- Federal agencies
- Online databases such as Niche and Fastweb
The Application Process
The secret to scoring more free money for college? Knowing how and when to apply for scholarships. Scholarships all have different deadlines and rules for application. Since many scholarships require you to include transcripts and letters of recommendation, you’ll want to get those ready ASAP.
Give yourself plenty of time to read the requirements for each scholarship carefully and fill out the application. Scholarships are a numbers game, so you should apply early and often to maximize your chances of winning.
If you win a scholarship, the scholarship-giver will send you an award letter congratulating you and telling you what to expect. If the letter isn’t clear, don’t be afraid to ask!
Beware of Scams
Although scholarships often ask for transcripts, essays, and letters of recommendation, one thing they rarely ask you for is money. If the scholarship website wants you to pay to apply, be on your guard! It could be a scam. Instead, take advantage of easy scholarships that don’t require an application fee (ahem, like ours ?). That way, you have nothing to lose and everything to gain.
Common Questions
Below you can read common questions we get asked on a regular basis.
Can scholarship money be used for expenses beyond direct college costs?
While most scholarships are intended for tuition and fees, some scholarship awards can be used for other education-related expenses. These may include textbooks, housing, meal plans, and even technology needed for coursework. However, it’s important to check the specific terms of each scholarship, as some may have restrictions on how the funds can be allocated.
Do scholarships expire if not used immediately after high school?
Many scholarships don’t have an expiration date, but some do. Merit scholarships and institutional scholarships often require students to enroll immediately after high school graduation.
However, there are scholarships available for non-traditional students, transfer students, and even graduate students. It’s essential to read the eligibility criteria carefully and contact the scholarship provider if you’re unsure about timing.
How do scholarship disbursements work for multi-year awards?
For scholarships that span multiple school years, the disbursement process can vary. Some providers release the full amount to the college at once, while others distribute funds annually or by semester.
Students may need to maintain a certain grade point average or fulfill other criteria to continue receiving the scholarship. It’s important to understand the renewal requirements to ensure continuous funding throughout your college education.
Can winning multiple scholarships affect federal student aid?
Yes, receiving multiple scholarships can impact your federal student aid package. Colleges are required to report all financial aid awards, including private scholarships, to the federal government.
This may lead to an adjustment in your need-based aid, such as grants or subsidized loans. However, this “displacement” often replaces loans with scholarship money, potentially reducing student loan debt in the long run.
Are there scholarships that cover the entire cost of a college education?
While rare, full-ride scholarships do exist. These comprehensive awards typically cover tuition, fees, room and board, and sometimes additional expenses like books and supplies.
They’re often awarded based on exceptional academic achievements, athletic prowess, or a combination of merit and financial need. Examples include some institutional scholarships, national merit scholarships, and certain athletic scholarships for student athletes.
How do scholarship search algorithms work to match students with opportunities?
Many scholarship search engines use complex algorithms to match students with relevant opportunities. These systems analyze a student’s profile, including academic information, extracurricular activities, demographic data, and even essay prompts they’ve responded to previously.
The algorithms then compare this information against scholarship criteria to suggest the most suitable matches. This process helps students discover lesser-known scholarships and increases their chances of finding awards that align with their unique qualifications.
