from scholaredge.com
I paid for my entire education with scholarship money.
Because I work with families across the nation about college admissions and financial aid, I’m often asked whether it was my standardized test scores or GPA that led me to win so much money.
The answer is neither.
In fact, what shocks many people is that the ingredients for scholarship success has little (if anything) to do with what happens in the classroom.
Here are a three common myths that often dominate conversations about scholarships:
Myth #1: Scholarships are so competitive.
There may not be as much competition as you would think.
A student I worked with recently was surprised to find that she was the only applicant for a nursing scholarship offered by a local charity. The Rotary Foundation, one of the largest scholarship providers in the United States, surprisingly does not always attract a heavy volume of applicants even though the awards (especially for study abroad) are extraordinarily generous.
Do what Connor, a recent student of mine, did:
Look for awards in your academic niche (Connor’s was agricultural economics). In specific areas like these, it is not uncommon to have little-to-no competition, especially if your college major is relatively uncommon.
Is there competition for general awards that have no restrictions on your major or career choice? Certainly. But when you narrow down your applications to those that tall within your academic major, your chances rise substantially!
Myth #2: Scholarships are hard to find.
Another student of mine, Jessica, expressed interest in becoming a lawyer and was heading into a pre-law program. She did not waste her time surfing the main websites that list hundreds of generalized scholarships. Instead, she looked first to website of organizations related to her career, such as the American Bar Association and others, hoping to find a section that might point to relevant scholarships opportunities.
Follow Jessica’s tactic:
Find the right websites for your goals. Please don’t bookmark every scholarship website out there because of the sheer volume and duplication you will find.
Myth #3: The money isn’t worth it.
A family I worked with in Minnesota with the luxury of a high net-worth initially discouraged their son, James, to apply for any scholarships that offered less than $10,000.
That sort of thinking will not lead to financial freedom after college.
Many scholarships range between $500 to $5,000. While $5,000 scholarship might hardly put a dent into a single year for a family paying full tuition at a private four-year college, very few students who qualify for financial aid ever actually pay full tuition at a private four-year college.
A current student of mine now studying at a private west coast college amassed more than $29,000 in scholarship money, and the majority came from individual awards less than $1,000!
Yes, applying for scholarships requires time and energy even for awards of lower dollar amounts. However, if you stick with it for your entire college and graduate school career, in the aggregate they can make a huge difference.
The bottom line is stick with it, and be determined. You can do this. Good luck!
Jason Lum
St. Paul, MN
Jason Lum is a Minnesota-based college consultant is president of ScholarEdge College Consulting.
