The Scoop on Scholarships
My younger sister recently received acceptance to Texas A&M’s College of Veterinary Medicine, and my younger brother will also be starting his undergraduate degree at Texas A&M in the fall! With this exciting news in our family, scholarships have been top of mind. There is no doubt about it – college is expensive. Although planning for a future education must start long before the acceptance letter comes in the mail, scholarships can be a helpful tool in lowering out-of-pocket costs. Drawing on my own experience as a college student, and now a financial advisor, let me share with you some helpful tips to make the most of your scholarship opportunities.
The biggest mistake I see students make is leaving “free money” on the table. Many assume they are not eligible for scholarships based on their family’s financial situation, but the fact is that every student is eligible, from high school seniors to graduate students. Scholarships fall into two major categories, merit-based and need-based. Merit scholarships are largely based on a student’s achievements or talents. This does not necessarily mean the applicant has to have a perfect GPA or the highest test scores, although awards are plentiful for high academic achievers. Many merit scholarships prioritize leadership experience, excellence in a certain field, or ambitions to pursue a career in a specific industry. On the other hand, need-based scholarships are available for students that demonstrate a financial need. This information is identified by institutions from your FAFSA, or the Free Application for Federal Student Aid.
It is important you spend time researching scholarship opportunities and requirements. Awards can be granted by local organizations, extracurricular activities, universities, trade schools, a specific department within your college, and on state and national levels. Start your search close to home, asking within organizations you have a connection with. Your high school or college’s campus career center or academic advisor are valuable resources, often having a compiled list of scholarship applications and due dates. Online databases like College Board can help you research on a broad scale. If you are working as a student, ask your employer about tuition assistance they may offer. As you gather information, develop a spreadsheet or handwritten list to organize application requirements, due dates, and supplemental documents needed that you can refer to in future years when reapplying. It is important to note that the FAFSA is often required for a student to be eligible for both need and merit-based awards and must be completed annually. Remember to fill out your college’s main scholarship application each year; you don’t have the chance for an award if your name isn’t in the hat. An academic advisor once encouraged me to apply for a major-specific scholarship that required the student to live within a certain county; the award had not been given out in multiple years due to nobody eligible applying!
A few final tips as you proceed with preparing your applications. First and foremost, make sure they are complete and neat for your applications to be considered. Start the process with plenty of time to have a friend or family member review your essays and résumé, as well as enough lead time to reach out to mentors for letters of recommendation, as needed. Always follow up with a handwritten thank you note to recommendation writers. With a little extra time and effort, you can ensure you are scooping up money on the table for your higher education.
Published in the Victoria Advocate.
Sarah D. Nix is a CFP® professional and Associate Advisor with Keller Wealth Advisors.
