Have you always thought scholarships were just for the elite? Think again!
Many people believe college scholarships are exclusively for top athletes and academic superstars. The truth is that EVERY student is eligible for them. They’re more accessible than you might realize.
That said, there are some important details you need to know to increase your chances of securing these valuable funds.
We recently sat down with Ann Garcia CFP® to talk about financial planning for college. Ann is the author of ‘How to Pay for College’ and runs the College Financial Plan Masterclass.
Scholarships generally fall into 3 categories:
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Institutional Need-Based Aid
This type of financial aid is awarded based on your financial need, as determined by the FAFSA form. Colleges use this aid to cover the gap between what your family can afford and the cost of attendance. But remember– not all schools offer need-based scholarships.
Institutional Merit Scholarships
These scholarships are awarded based on a student’s academic, athletic, or artistic achievements. They are offered by colleges to attract students who will excel on their campus.
Even in a test-optional world, good grades and strong test scores can make a difference.
Outside Scholarships
These are scholarships provided by organizations other than the college, like Rotary clubs or community organizations. They might not cover your full tuition but can be a great help in reducing your overall college expenses.
To maximize your chances of securing scholarships, it’s important to understand what each college offers and tailor your applications accordingly.
Some schools focus more on need-based aid, while others might be more generous with merit scholarships. Researching and applying to the right schools can make a huge difference in the financial aid you receive.
Don’t let myths about scholarships stop you from pursuing them!
Want more tips on scholarships and financial planning for college? Tune in to our Women’s Money Wisdom podcast episode 221 to hear more.
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