Other Sources of Financial AidQuestion: I have heard that there are millions of dollars worth of scholarships that go unclaimed each year. How can I get one?
This is really a bit of a myth. There are unclaimed scholarships each year, but a majority of this money is for very specific purposes -- for a certain talent at a specific college. Nonetheless, there are "private" scholarships that families might want to look into. Some of these come from the colleges (they are a slightly different beast, see below), others from outside businesses or civic organizations -- sometimes local, sometimes national. Many involve a competition. Many of these competitions have deadlines in the fall of the year before the student will need the scholarship. Students do win these scholarships, so if you have the time, give them a try.Likely sources of scholarships include: local businesses, Lions Clubs, Rotary Clubs, Kiwanis Clubs, Chambers of Commerce (check with your guidance counselor on all these), and military organizations, organizations connected to your ethnic background, professional organizations you or your parents are involved in, clubs you are involved in, and churches.
Books are available in your local bookstore to investigate these scholarships. An even better option is the Internet. You'll find good scholarship searches at www.collegeboard.org and www.finaid.org. Understand that far many more families will be disappointed with this process than will be rewarded. Even in the case of the companies that for $45 or more will guarantee to find you money you are eligible for, usually this boils down to programs you might be eligible to compete for or federal programs you already knew about. Also understand that these private scholarships account for less than 5% of financial aid that is awarded each year.
If you have the time and energy, private scholarships MAY be worth pursuing.
And on one more negative note, many colleges will subtract some financial aid they were planning to give you once they find out you have won an outside scholarship.
Look for scholarships in the following order:
- 1. Fill out the FAFSA for federal grants and loans;
- 2. Check with the colleges you are considering about their special grants and loans;
- 3. Check with your state about their special scholarships;
- 4. Check with your high school guidance counselor;
- 5. Look into what your employer, your church, or your clubs have to offer;
- 6. Get onto the Internet at the two sites mentioned above and see what you can find.
A bit more about college-based scholarships. It isn't really fair to put these in the same category with private scholarships from outside sources. Colleges offer their own scholarships, often merit scholarships to students with special talents. An alumnus/a dies, loved his or her college, and wants to help more students from his/her hometown or with the same academic interest, or musical talent, etc., attend the alum's college. So the alum leaves a chunk of money (for students like you maybe) to attend the college.
Colleges will know what scholarships they have available. This information will be in their catalogue and in the admissions office. This information about college scholarships is most useful when you are trying to find a college to apply to which may be less expensive than others because you might qualify for one of their scholarships. These scholarships will often be included in Internet scholarship searches and in scholarship guides in the bookstore.
One final note: Check to see if these scholarships are one or four year scholarships.
Bob Stuart
Yarmouth Educational Consultants, Inc.