When and how to apply for scholarships

Applying for scholarships is one of the most important parts of the college admissions process. Every little bit helps, and the total sum of your financial aid can take a decent-sized chunk out of your tuition bill. Making your educational costs more manageable now can help keep you safe from debt in the future, so it’s always a good idea to get a jump on applying for every type of financial aid you’ll need.

How to apply for financial aid

A great way to get ahead on your financial aid applications is by filling out the FAFSA, or Free Application for Federal Student Aid, once it opens on October 1 of each year. Make sure you don’t wait too long, because there are limited funds to go around. When filling out your application, you’ll need to know your Social Security number and have your most recent tax return information handy. You’ll also create an FSA ID — make sure you hold onto this, as you’ll need it to apply for financial aid throughout your educational career.

Once you’ve been accepted into a college or university, the school will send an official offer that shows how much financial aid you’re eligible to receive. This offer encompasses several forms of aid to fill your financial need, including loans, grants, and of course, scholarships.

Scholarships vs. grants vs. loans

So what’s the difference between scholarships, grants, and loans? You’ll want to use scholarships and grants as much as possible — they both award free money toward your tuition that doesn’t have to be repaid. Scholarships are awarded when a student meets or exceeds academic, athletic, or other performance standards set by the scholarship giver, whereas grants are awarded based on financial need. If there is still a financial need that remains after you’ve collected all scholarship and grant money, then you may require a loan. While these do have to be paid back, they can still be a tremendous help in making college affordable. To learn more about college loans, click here.

Tips for applying for scholarships

Consider searching for scholarships as your part-time side hustle. Apply for all the scholarships you can! Some scholarships will be available through your college or university’s financial aid offer, but other ones will require you to apply for them separately. If you’re having trouble deciding where to start, think about yourself holistically — your work background, clubs/activities, abilities/skills, geographic location, intended major, income, religion, race/ethnicity, language(s), gender, and marital/parental status can all play a part in which scholarships you’re eligible to receive. Some scholarships will also require you to write a personal statement, a brief essay that details who you are, your history and experience, and why you’re applying for the scholarship.

When should I apply for scholarships?

There is no such thing as too early to start applying for scholarships! Some deadlines can be up to a year before your first semester, though, so many high school students will begin applying during the summer before their senior year. If that window has already passed for you, don’t worry — there are likely still some options! Use the resources below to determine which scholarships you’re eligible for, and which ones are still available for your enrollment date.

• FastWeb
• Big Future
• Scholarships.com
• Scholarship America
• FinAid.org
• Careeronestop
• Get Schooled

As a reminder, applying for scholarships doesn’t stop once admissions are over — you’ll be able to take advantage of financial aid offerings each year of your college career! Make sure to stay on top of deadlines for any scholarships you may be eligible for.