5 scholarship facts you won’t believe
Every year, a fresh generation of scholarship seekers enters the world of college financial aid, hoping to strike it rich. Some are well-prepared and have devised a strategy for navigating the scholarship jungle safely; they have realistic expectations and recognize that success will require a significant amount of effort. Others, on the other hand, are less astute.
They’ve digested every piece of internet guidance and may even believe some of the scholarship misconceptions that still abound on the web. These ‘newbies’ are usually the ones that post on forums in the early spring, whining about how they are ineligible for scholarships due to their skin color, grades, their parent’s salaries, or other factors. Don’t get me wrong:
I identify with these misinformed students, but they should get their facts straight before going on a Twitter or Facebook rant. Here are five of the most typical complaints or erroneous comments I’ve recently read, along with the facts that refute them.
- ‘I’M NOT CONCERNED ABOUT COLLEGE; MY RESULTS WILL ENSURE A FULL RIDE! ’
FACT: Each year, about 20,000 students, or about 0.3 percent, will win a full-ride scholarship, which will pay all of their expenses. Students should never rely on a full-ride scholarship to meet their college fees, regardless matter whether they are the star of their football team or the valedictorian.
To meet all of their expenditures, most students will need to employ a combination of government aid (grants and loans), institutional awards, private scholarships, and cash.
- ‘I wish I was poor so I could win some scholarships!’ – Scholarship facts
Fact: Students with a family income of $50,000 to $100,000 (middle-income) have a higher chance of winning scholarships than students with a family income of less than $50,000. Because not every scholarship program is based on financial need (income), students should never assume that their family’s financial situation will preclude them from receiving a scholarship.
- ‘PLEASE TELL ME WHERE I CAN FIND UNCLAIMED SCHOLARSHIPS, AS I NEED THE MONEY.’ – Scholarship facts
FACT: Scholarships are not created with the goal of not disbursing monies. For more than 30 years, there has been a misconception concerning millions of dollars in unclaimed scholarship money. It all started with research conducted by the National Institute of Work and Learning during the 1976-77 academic year.
According to the report, a total of $7 billion in employer tuition aid schemes was potentially accessible, but only roughly $300 million to $400 million was actually used. Some programs, such as Loyola University’s Zolp Scholarship, have such odd requirements that a qualifying applicant may not be available every year, however, these programs are small and only accept a small number of applicants.
- ‘I CAN’T WAIT TO APPLY FOR SCHOLARSHIPS DURING MY SENIOR YEAR! ’
FACT: Students that wait until their final year to start are already behind. Many scholarship opportunities exist for students in elementary, middle, and high school (as well as college). Children’s Scholarships Jif®, for example, holds a $25,000 scholarship program every year for youngsters aged 6 to 12, while Kohl’s offers $1,000 to $10,000 scholarships to students in elementary through high school.
If students want to increase their chances of winning a scholarship, they should begin their search early. It’s incredibly upsetting to see so many students assume they’re ineligible for scholarships because of some ridiculous myth or rumor they read on the internet.
I’m sure some of them are just searching for an excuse not to apply, but I despise the idea that anyone would willingly foregot the chance to receive free college money. It’s a no-brainer for me; I’d rather put in the effort and risk failing than graduate with a mountain of student loan debt.