When families think about bridging the gap between what they have saved for college and the total cost of attendance, their minds usually go straight to private scholarships. After all, everyone has heard a story from a friend or distant relative of a talented student with exceptional test scores who got a full-ride scholarship to a prestigious university from an alumni group or other third-party source.
From the outside, it seems like these scholarships must be endless in amount and availability. There are always news stories about the amount of unused financial aid floating around out there – why shouldn’t some of it get funneled to your soon-to-be college student?
Unfortunately, the world of private scholarships is often much more complicated than parents realize. Navigating the scholarship application landscape takes time and patience, and often even the most qualified students don’t get awarded any scholarship funds due to the overabundance of applicants.
Still, when it comes to saving for the cost of college, every dollar counts. If private scholarships are part of your ideal college funding plan, here are five things you need to know.
Private Scholarships Can Be Competitive
Most private scholarships are intensely competitive, and the competition gets tougher the bigger the total award is. Some of the most popular scholarships (from Coca-Cola, Burger King, AXA Achievement, etc.) have high balances, but also get thousands of applicants from across the nation each year.
Setting realistic expectations when applying is a key first step. Many parents think the world of their kids, and translate that into expecting massive private scholarship winnings. While it would be amazing if this was the case, it’s rarely how things turn out. Look to private scholarships to potentially cover a small gap in funding, or to take care of other smaller expenses – like books, school supplies, or laptops.
Most Private Scholarships Are For Smaller Amounts
Piggybacking on my previous point, most of the “big ticket” scholarships from big, national companies are highly competitive. They’re also rare, and your student has a much better chance of winning a smaller scholarship from an alumni group, or other small organization.
In fact, the vast majority of private scholarships in my experience are $500 or less. Often, high school juniors and seniors who are applying for private scholarships overlook these awards. However, if you know going into the application process that these smaller scholarships have less competition and can make an impact when weighed against the cavalcade of expenses your student is about to face – they may be worth your student’s time!
Look Close To Home
Local scholarships are often overlooked in favor of larger, national scholarships. However, you and your family may be surprised by the plethora of local scholarships that are available to high school students.
Have your student research a few local organizations or membership clubs (think: civic groups such as Moose International, local churches, or clubs). These groups often have scholarships available, although there are occasionally volunteer work requirements in order to apply.
Some alumni groups and other organizations offer scholarships for specific fields. There are scholarships available for those going into the medical field, STEM, and other areas of study. Searching for scholarships of varying award sizes that are directly connected to what your student wants to major in can help you narrow the playing field and give them a better shot of winning free money for college.
Leverage Your School
Did you know that your student’s high school guidance counselor likely has a list of scholarships or resources available to the college-bound? Your student can schedule a meeting with them to learn more about where to find free money for college, and whether or not they’re a good candidate for certain scholarships.
Additionally, you may choose to reach out directly to the college that your student is interested in attending. Most scholarships aren’t actually private awards from a third party. They come directly from the colleges themselves. Don’t be afraid to ask your student’s school of choice if there are scholarship opportunities available, how to apply, and what the requirements are.
Bonus: Use Digital Tools To Find and Track Scholarships
There are many online scholarship research tools, but MyCAP is the only resource that allows you to search for thousands of different private scholarships, compare the cost of thousands of colleges and universities, optimize financial aid, and gain access to college experts who can support you through the process. Sign up for your free account by clicking here.