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Scholarships and Grant Facts
Scholarships and grants are basically free money that is almost always
tax-free and never has to be repaid. Colleges, organizations,
and individuals that award scholarships seek students who truly deserve
them; deserving students are generally sought in one or more of following
categories:
Financial need. Scholarships and grants in this category are
called “Need-based” awards and are based solely on a family’s
financial situation. Generally, a student’s eligibility
for these awards is determined by the FAFSA
or by the colleges
themselves;
in addition, private colleges may use the CSS/PROFLE
to determine students’ financial need. Need-based scholarships
and grants are awarded by colleges and universities, federal and state
governments, local and regional organizations, and national organizations. Students
receiving these awards have a great financial need and typically cannot
afford to attend college without significant financial help from outside
sources (in addition to their parents paying for some college expenses).
Academic talent. Scholarships in this category are called “Merit-based” scholarships
and are awarded to top students without consideration of family income
or financial assets. Students receiving these awards have exhibited
exceptional academic success; if students have excellent grades and
a reasonable amount of community service, they should not hesitate
to apply for merit-based scholarships.
NOTE: To some extent, SAT® and/or ACT® scores
affect student eligibility for merit-based scholarships. The
higher the test scores, the more scholarship money is available to
students for academic awards from colleges and universities.
Athletic talent. Students receiving these scholarships are exceptionally
talented
athletes who receive financial aid awards
in exchange for playing a sport.
Specific attributes. Students receiving these scholarships generally
excel in areas such as writing, outstanding community service or volunteerism,
scientific achievement, leadership, or other areas scholarship sponsors
feel deserve monetary awards. Also, scholarship eligibility may
be based on religious affiliation, heritage, ethnicity, or community
affiliations. |
