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A woman sitting on steps, holding her college degree after a graduation ceremony

A Guide to Different Types of Scholarships

Using Different Types of Scholarships Can Offset Tuition

Paying for your college education can be one of the most stressful parts of post-secondary school, especially when you are experiencing financial need. However, there are many opportunities available for students when it comes to paying for higher education. Learning more about different types of scholarships, and how you can utilize them, may help you.

Grants

Government funding for college is available in the form of grants. The most common of these is the Pell Grant. A grant is money awarded to students based on financial need. The best part of receiving the Pell Grant is that it does not need to be repaid.

Academic Scholarships

Many colleges and outside organizations offer scholarships based on a student’s academic merit. If you have a history of excelling in school, you may receive money to put toward your college education. Some scholarships hold students to high academic standards, while others are available to students who meet some minimum requirements.

While some scholarships are awarded only once, some are renewable yearly as long as students uphold high academic performance.

Athletic or Extracurricular Scholarships

It is common knowledge that scholarships are available to students who have received awards for their athletic skills. However, scholarships are also available to students who excel in other extracurricular activities as well. Just a few of these activities are choir, band, speech and debate, and theater.

Athletic scholarships, as well as those given for other extracurricular activities, are normally only renewed as long as the student participates in a structured event for the college or university, and the amounts will vary.

Private Scholarships

Select businesses and private donors often create scholarships for a certain type of student. These may be only for a child of an employee at a certain company, based on a physical trait, or even focused on a certain segment of the population. Applying for private scholarships often involves an initial application process, an essay, and sometimes even an interview. These are often local scholarships that may be found within the community. The amounts vary, and they may be renewable or presented only once. While they may be slightly more difficult to find, the search is often worthwhile as competition may not be as tough.

Figuring out how to fund a college education is a daunting task. However, there is money available for students with financial needs or exceptional skills on a field, court, or stage. The money acquired through applications for grants and scholarships is worth the effort put forth in applying.