Scholarship Sources and Types: Understanding the Scholarship Universe
As a student begins looking into scholarship options, she or he may quickly feel bewildered by the number and variety of college scholarships now available. To navigate this world of scholarships, it is helpful to understand the basic categories and major funding sources of scholarships.
Sources of Scholarship Funding
The primary sources of scholarships fall into the following major categories:
- college endowments
- corporations
- non-profits
- government agencies
Non-profits may be public interest groups, foundations, religious organizations and civic organizations. The size of a sponsoring entity may vary from an individual church to a major corporation. Coca-cola, Target and McDonalds are examples of large, well-known corporations that sponsor scholarships. The National Rifle Association, Voice of Democracy, American Legion and American Fisheries Society are a few of the countless public interest groups that offer scholarships.
Types of Scholarships
School Based
For most students who receive scholarships, those awarded by the school they attend provide the greatest benefit. Many are awarded based on financial need but there are also many based solely on academics, athletic ability or some other criteria. BrainTrack’s article, Financial Aid from Schools: Colleges Offer Diverse Financial Help to Students provides a comprehensive look at school-based scholarships.
Employer Provided
Many employers encourage employees to further their education by paying for college tuition while they are still working. There are often requirements that the courses or degree program be work related. Other companies award scholarships to a limited number of employees to attend college. Even companies that hire students part-time offer scholarships. For instance, McDonalds awards a scholarship to an employee from every state each year ranging from $1000 - $5000.
Profile Scholarships
The majority of private scholarships are awarded to students who match a defined profile. These profiles tend to be very specific and may include the following kinds of criteria:
- Ethnicity
- Religious affiliation
- Special talent: artistic, specific academic area
- Specific field of study
- Residence location
- Social Activities
- Membership in a civic organization
- Disability
- Health related: e.g. cancer, diabetes, etc.
Although there is no such thing as a typical scholarship, below are a few examples that give an idea of the wide range of private scholarships available. All scholarships and amounts listed below are subject to change.
- One United Negro College Fund scholarship is funded by Cooper Industries for $5000 and is available to those enrolled in an Engineering, Business, Mathematics or Science program.
- The First Congregational Church of Waterbury, CT awards a number of $1000 scholarships each year. They are awarded to students in their local area based on financial need, scholastic standing and church and community activities.
- The Girl Scouts Rising Stars Scholarship is given to girl scouts who are planning on majoring in math. Awards are for $2500 a year and up to $10,000 in total.
- Texas 4-H and Youth Development Program Opportunity Scholarships are given to approximately 225 students in amounts ranging from $1500 to $16,000. Eligibility is based on academic achievement, 4-H record and financial need.
- The Ryan Mullaly Second Chance Fund helps young people who experienced disruptions from cancer during their high school years due to the effects of treatments.
Luckily for today’s students, finding a scholarship that matches their own profile is easier than ever. There are numerous scholarship search websites that help students find scholarships for which they are likely to be eligible.
Scholarship Tips
- Start researching scholarships early - to make sure there is time to complete the applications, write required essays and obtain recommendations before the deadlines.
- Focus on realistic scholarships – students should only apply to those where eligibility can clearly be met.
- Apply for lots of scholarships – even small ones can add up to real money.
Resources
College Board: Where the College Scholarships Are.
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