A Beginner’s Guide to Finding a Scholarship

Pearson Futures

 

If you are a high school student considering college, chances are you also have questions about scholarships. This probably has a lot to do with the fact that the cost of college has increased by nearly 37% over the past 15 years, with the average price of tuition being $38,000 per year—that is, unless you have some type of help or financial aid. So, do you stand any chance of getting a scholarship? What exactly is a scholarship? Who provides them? How do you apply for one?

Let’s start with the basics.

What are scholarships?

Scholarships are essentially gifts or free financial aid designed to help qualifying students pay for postsecondary education. They are financial assistance that students and their families do not have to pay back. For the most part, scholarships are awarded based on merit (academic, athletic, or skills/abilities), need (financial or other special needs), or demographics (race, gender, or ethnicity).

The latest research estimates that around 1.5-1.8 million scholarships are awarded to U.S. students each year. Many scholarships come in the form of needs-based aid issued by the federal government. These are called Pell Grants, which are largely for students from lower-income families. Nearly $40 billion is issued via Pell Grants annually. (More on Pell Grants below.)

Another $8–$10 billion in scholarships is merit or demographic-based, and is provided by colleges, businesses, local governments, non-profits, foundations, churches, and even private individuals.

Despite these numbers, applying for a scholarship can feel daunting. And the truth is, a relatively small number of students (estimated to be around only 10%) obtain scholarship money from non-Pell merit or demographic sources.

Who provides scholarships?

Any individual or any type of organization—business, a college, a government, a non-profit, a family foundation, a community-based organization, etc. can provide a scholarship. This means that the types of scholarships are highly varied, which might explain why it is a struggle to know how to land one.
Here’s a quick review of the major sources.

  • The Federal Pell Program - The first source you will likely encounter is the Pell Grant Program, mentioned earlier. These funds are available for undergraduates “who display exceptional financial needs.” To apply for a Pell Grant, students must fill out a free application for federal student aid (FAFSA). For the most part, Pell Grants do not need to be repaid. The amount you can receive varies based on a student’s financial need and background and whether they are full-time or not. The maximum amount a student can receive is around $7,000 per academic year.
  • Colleges and Universities - Another likely provider is the college or university you are interested in. According to the National Center for Education Statistics, higher ed-based scholarships are “outright grants-in-aid, trainee stipends, tuition and fee waivers, and prizes awarded by the institution, including Pell grants.” Some of these scholarships are state-based, especially if the college you are applying to is a state college or university. Colleges can also have their own scholarships that award students based on academics, athletics, or achievement in areas like music or engineering.
  • State Government - State-based scholarships can be issued by organizations like the state department of education, labor, or even commerce. They also generally fund students based on merit, need, and demographic considerations. The Education Data Initiative has compiled a list of state-based scholarships if you would like to learn more.
  • Corporate (or Business-Based) Scholarships - Businesses and their associated foundations fund numerous scholarships each year. In many cases, successful businesses have established separate foundations just to help administer scholarships with the hope that more students will pursue particular fields of study. Some of the more well-known corporate scholarships are the Dell Scholars Program, Amazon Future Engineer Scholarship, Coca Cola Scholars Program, and Microsoft Imagine Cup. Numerous fast-food chains (i.e. McDonalds, Burger King, and Taco Bell) offer large scholarships as well.

In addition, a huge number of professional, community-based, and religious organizations, not to mention family foundations, issue scholarships.

How should you start your scholarship?

Here’s a few good rules of thumb. Start with a simple checklist. This can help you narrow in on scholarships that are a better fit.

For instance, think about the following:

  • Interests. Do you plan to go into engineering, healthcare, the arts, or business? Narrowing down your interests will help you find scholarships that support related activities.
  • Location. Do you plan on staying in the state? If so, there are a good handful of state-based opportunities to consider.
  • Need. If you come from a lower-income background or have significant financial needs, you will likely be able to get some money from state or federal grants.
  • Abilities. Do you have good grades? Have you done well on standardized tests? Have you developed unique and outstanding abilities in athletics, the arts, or a specific career-oriented field (especially STEM)? If so, there are a lot of different scholarship possibilities based on your merit.
  • Demographics. If you are a minority, there are many scholarships that are looking to support you.

Next, you should also gather or create the following. Pretty much every scholarship requires these items.

  • Background on your school, GPA, and transcript. This one is obvious. Have all of your academic records ready to share.
  • Tax forms. Scholarships often require you to know your family’s household income.
  • Recommendations. Think about people in your life—teachers, employers, coaches—who would be willing to recommend you and can vouch for your work and character.
  • Honors and awards. Have a list of honors you’ve achieved, and be sure that they are able to be independently verified. In this case, have the actual document handy.
  • Resume. If you haven’t yet, now is a good time to create a resume.
  • Essays. Most scholarships want you to write about your background, interests, and aspirations. While you might not need to write these until you are filling out the application, be ready to produce them. (Do not use AI in your compositions. Reviewers are savvy enough to know when the writing has been produced by a bot instead of a real person. They also employ AI detection tools in their essay reviews.)

How to increase your chances…

And here is one more checklist to follow if you want to increase your chances when you start applying. Show that your college education is worth investing in!

  • Grades. Obviously, maintaining good grades is a good idea if you want to win any type of scholarship. Remember, the people giving out the awards want to know that you are a serious student and will have a high chance of succeeding if they grant you a scholarship. In most cases, the funders view the scholarship as an investment in the development of people who will be highly productive.
  • Participate in school and community activities. Beyond doing your schoolwork, be well-rounded. This means taking an active role in things like sports, clubs, career and technical student organizations, and other extracurricular activities.
  • Start early and set aside time to work on your scholarship search and application. Most students delay their scholarship search until they get accepted into college. This can work, but we recommend that you research and even apply for scholarships years prior—as early as 8th or 9th grade. Not only could you take advantage of scholarships for high school students, but you could also use your high school years to figure out which college-level scholarships make the most sense to pursue. (Carson Scholars awards students $1,000 a year as early as 4th grade. The idea here is that parents can use the scholarship to put money in the bank for their child’s future education.) Bottom line, the best advice here is to set aside time to pursue scholarships early. As with many things, you get back what you put in.

Also, it is a good idea to avoid the easy scholarships that generally do not require you to write anything or to provide much background or statements about your interests. These usually don’t provide much funding and might be scam offers simply trying to harvest your contact information (or worse!).

When should you apply for college scholarships?

In general, junior year of high school is the best time to apply for college scholarships. You should also check with your high school about what opportunities they are hearing about and when applications open for submissions. In many cases, scholarship providers will share information with schools with the hope that more students hear about their opportunities.

For the most part, applications open around the beginning of a school year (September/October) and run through the spring (April/May). In some cases, you have to apply for a scholarship a year in advance. So, if you want to win a scholarship when you are in your senior year of high school, you should be working on applications in the fall and spring semesters of your junior year.

Again, you can and probably should start to get familiar with scholarships as early as your freshman and sophomore years. Basically, use your early high school years to familiarize yourself with the available scholarships, and learn what you need to do to apply.

How do I find scholarships?

Beyond Pell Grants and state-based scholarships, which are easy to find with simple online searches, most scholarships are housed on scholarship search engines. This is why Futures is pleased to announce the launch of a new scholarship portal. We have partnered with Scholarship America, FIRST, and a number of universities to bring you millions of dollars in scholarship opportunities.

  • Create an account (it takes less than 2 m
  • inutes).
  • Click the Find Scholarships tab.
  • Use filters to find the best opportunities for you (filter by location, amount, and grade level).
  • Save your favorites (you must have an account to save) and we’ll notify you via email as your saved scholarships open and close.
  • Come back often to check out new opportunities.

Happy searching and good luck!