Many parents and students have the misconception that they can pay for college tuition in full with just a few scholarships. Unfortunately, this is not the case. While scholarships can be a great help in covering tuition costs, it is rare that they cover the entire cost. Scholarships are gift aids that allow students to pay for college without the obligation to reimburse.
Although scholarships may not cover the full cost of your education, applying for the right ones can save you a significant amount of money. Anyone can be eligible for a full scholarship, depending on their background, skills and experience. Most students earn full scholarships due to their academic record, sporting prowess, leadership or merit. Schools, state or federal government and private organizations can also offer other types of scholarships for different reasons.
Full-tuition scholarships are the holy grail of college scholarships, awards that will cover most college costs for four years. These scholarships can cover tuition costs and living expenses, according to the terms determined by the provider. While these scholarship opportunities are rarer than others and tend to involve stiffer competition, they are available for application. The money you earn from scholarships is yours to keep and never needs to be repaid.
Another strategy that is becoming increasingly popular (especially in the midst of this pandemic) is for students to enroll in a community college for one or two years and then transfer to a four-year college or university. This is a recommended first step for all students and families who want to estimate the net cost of a college education. Corporate and foundational scholarships generally give students more freedom to attend the college of their choice, including private universities or out-of-state schools, while receiving scholarship money to cover most, if not all, of their tuition costs. A key part of paying for college with scholarships is filling out the application correctly, on time and in full.
Throughout my four years of college, I was able to earn some extra money through summer internships and part-time jobs at an event center one semester that helped offset some of the costs of my next semester abroad. Scholarships, needs-based grants, savings, student loans and work-study programs are just some of the ways families and students can pay for college. Student loans can be applied for at any time of the year and are useful for paying for textbooks, special classes or summer periods and additional living expenses. If you are in high school, in addition to being considered for federal grants through the FAFSA process, you will also find out once the universities you applied to respond to whether or not you qualified for any of their specific scholarships.
You should only reapply for private student loans if you have reached the maximum in terms of what you can receive through federal loans and you still have outstanding college costs that cannot be covered by any of the other methods mentioned above. So if you're in high school and worried about paying for your higher education, consider applying for scholarships as an option to reduce some of those costs. There are other ways students pay for college which may be easier than relying on the possibility of a full trip. While the award varies from student to student, the purpose of the College Scholarship Program is to cover most or all of the cost of education. Applying for private scholarships can be a great way to earn some extra money to help you pay for college.
