One way a college student can fund their education is by getting a scholarship, which is gifted money that doesn’t have to be paid back. A scholarship can be awarded to a student for a number of reasons, including having a special talent, academic or athletic merit, community involvement, financial need, or a combination of any of these factors.
College scholarships aren’t just for high school grads who are trying to find financial awards to pay for school. Students who are already enrolled in college and in the process of earning their degree can also apply. Although there are certain time periods where scholarship deadlines are more prevalent, there are still plenty of scholarships current college students can apply for year-round.
Keep reading to learn about the different types of scholarships for college students, how to find them, and application tips to consider to increase your chances of being selected.
Eligibility Requirements
While college scholarship requirements can vary, there are some common eligibility qualifications that most will require. For instance, every scholarship application will want your basic information, such as your name, address, email, phone number, and what college you’re currently attending.
Sometimes a scholarship will only ask for basic information, but others will require more. You may be asked to give your GPA, submit an essay, or provide letters of recommendation. Scholarships that are based on financial need may call for the student or their parents to provide financial information, such as income or assets.
How to Find Scholarships for Current College Students
According to the Education Data Initiative, more than 1.7 million scholarships are awarded in the U.S. each year. With so many opportunities, it can be difficult to know where to start looking.
One easy way to dive in is by using SoFi’s scholarship search tool, where you can scout out thousands of scholarships, grants, fellowships, and other awarded aid. The tool enables you to use keywords to search and filters to see only awards according to type, level of study, residency, and more.
SoFi also has a $2,500 scholarship sweepstakes you can enter every single month just by registering with SoFi.
Another way to find out about getting free money for college is by visiting your college’s financial aid office and consulting with your academic advisor or head of the department for your particular major.
You may also be able to apply for a scholarship if you or a parent work for an employer who offers scholarship awards. For instance, if you’re a college student employed at McDonald’s, Starbucks, T-Mobile, Walmart, or Taco Bell, you may be eligible to apply for their scholarship opportunities.
Large employers, such as Wells Fargo, CVS, American Airlines, and PepsiCo, offer the opportunity for an employee’s dependent to apply for that company’s college scholarship. College students with a parent who is an active, retired, or deceased military member are also eligible to apply for a scholarship program, according to the U.S. Department of Veterans Affairs.
Recommended: The Differences Between Grants, Scholarships, and Loans
Scholarships for Current College Students
As mentioned previously, there are a multitude of scholarships to apply for while in college, including those that are based on merit, financial need, and even those geared toward certain cultural heritage or minority populations.
Depending on the scholarship provider, there may be strict terms and conditions on how the money is spent, such as dictating the money go toward tuition, room and board, books, and other college-related expenses. Others may give you more leeway, and some may even allow you to use the funds to pay off student loans.
Here’s a list of some of entities that offer scholarships for current college students to consider:
Federal or State Government Scholarships and Grants
Scholarships and grants, which are usually based on need and awarded according to the student’s financial situation, are available through the U.S. government and through the individual states.
Through the federal government, college students can apply for a Pell Grant, a Federal Supplemental Educational Opportunity Grant (FSEOG), or a TEACH Grant for those students who want to be teachers. With a TEACH Grant, you can get up to $4,000 a year, but you must commit to teaching a highly needed subject in a low-income area elementary or secondary school, where there’s a shortage of specific subject teachers.
To find out what your individual state offers scholarship-wise, you can check with your state’s education agency. The National Association of Student Financial Aid Administrators offers links to each state’s education department, which you can access by clicking the state on their map.
It’s important to know that in order to be considered for a federal or state scholarship or grant, you’ll need to fill out a Free Application for Federal Student Aid (FAFSA) form. This form needs to be submitted every year since eligibility for financial aid doesn’t carry over to the next school year.
Recommended: Pell Grant Eligibility: What Are the Income Limits?
Financial Institutions
Sallie Mae, a bank and education solutions company, offers many scholarship opportunities, including their easy to apply for $2,000 award. Other financial institutions, including Discover, U.S. Bank, Charles Schwab, and Morgan Stanley, also have scholarships for students currently enrolled in college.
Your College
Your school may offer their own scholarships or grants. These prizes may be funded by private individuals, foundations, organizations, or even via the federal or state government. As mentioned earlier, checking with your school’s financial aid office or talking to the department head of your field of study can help steer you toward eligible awards.
Clubs or Organizations
Many national organizations, such as the Elks National Foundation, Rotary International, and the NAACP, offer scholarships to college students. The good news is you may not have to be a member of a club or organization to qualify.
Diversity and Identity-Geared Groups or Agencies
There are a multitude of scholarships for college students with specific social identities. Based on your cultural heritage, ethnicity, race, or religious affiliation, you can find financial awards specifically for these populations. There are also scholarships for women and for individuals who are a part of the LGBTQ+ community.
Recommended: A Guide to Unclaimed Scholarships
Types of Scholarships Available for Current College Students
There are two principal categories of scholarships: need-based and merit-based scholarships. The two aren’t exclusive, though. You may find a scholarship that’s both need- and merit-based.
Here’s the key differences between the two:
Need-Based Scholarships
These scholarships are based on a student’s financial need rather than any specific achievements. Need-based scholarships allow someone who may not have had the funds otherwise to attend college.
Since these financial awards are based on a student’s financial situation, the application process is pretty straightforward, typically only requiring a student or their parents’ income information.
Merit-Based Scholarships
A merit-based scholarship is one given to a student based on their achievements, which can be academic, artistic, athletic, or related to leadership or a special interest. Unlike a need-based scholarship, a merit-based scholarship rewards a college student’s accomplishments over financial need.
Applications for merit-based scholarships tend to be more involved, asking for essays, letters of recommendation, possibly an interview, and wanting to see if you have a certain GPA.
Tips to Help When You’re Applying for Scholarships
Read on for some strategies to increase your chances of landing a scholarship while already in college:
Create a List of What Makes You Unique
Take stock of your particular background, skills, hobbies, and personal experiences and see what college scholarships might be tailored for you. For example, if you speak another language, play an instrument, are a first-generation college student, or have overcome a difficult life challenge, there’s a scholarship out there for you.
Cast a Wide Net During Your Search
Since there aren’t any limits on how many scholarships you can apply for and receive, look for those offering both large and small amounts of money. It all adds up.
Read the Fine Print
Review the scholarship eligibility qualifications carefully; otherwise you may be applying for one that you’re not able to receive. Double-check the deadline date, too, and mark it on your calendar so you can keep track.
Start the Application Process Early
Factor in how much time you’ll need to complete certain requirements, such as gathering letters of recommendation and writing an essay.
Seek Out Scholarship Workshops
In-person or online scholarship workshop seminars can help walk you through the process and give you tips on how to stand out in your application. Check to see if a workshop is available at your school.
The Takeaway
College scholarships aren’t only for high school seniors applying to college. If you’re already a college student, there are myriad scholarships out there and there’s no definitive limit on how many you can pursue or the amount of money you can receive. Once you’ve applied all of your scholarships to your cost of attendance, you can pay your remaining college expenses with cash savings, grants, and student loans.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
FAQ
How often should I apply for scholarships in college?
You should apply for scholarships as often as possible and for as many as you can. Doing so can only increase your chances of winning. And don’t discount scholarships offering smaller amounts of money: When it comes to paying for college, every little bit helps.
Can I receive scholarships and federal aid at the same time?
Yes, you can. However, it’s important to realize the monetary amount of your scholarship and federal aid can’t total more than your cost of attendance at your college or university. If you are rewarded with a scholarship and your aid exceeds the cost of attendance, you’ll need to notify your school’s financial aid office. They will have to recalculate the financial aid package, which can lower the amount of your financial aid.
Do scholarships for current students consider GPA?
It’s up to the scholarship provider to set the criteria for eligibility, and some may not even ask for your GPA. In general, though, a 3.0 GPA or higher will give you a leg up when it comes to qualifying for many scholarships.
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