Scholarships are gifts and just like gifts don’t have to be returned, scholarships don’t have to be repaid. By accepting a scholarship, you do not incur any interest or payment obligations. Unlike other gifts, however, scholarship funds are exclusively for education. Typically, the money is disbursed directly to the accounts receivables office. The monies are intended to be used towards those necessities and requirements for completing your college education.

Look on the bright side, though. With the help these free funds offer in achieving your academic goals, you can soon afford the best threads and fanciest ride that money can buy. Sit back and broaden your knowledge, as we visit the numerous categories of possibilities that are designed to expose the enigmas of obtaining free educational funding. Take this information to find out where you are in your search process vs. where you should be at this point.

Scholarship categories:

Scholarship eligibility centers around four basic criteria:

Need

Need-based scholarships are granted based solely upon financial need. You or your family’s overall economic resources is the sole or primary determinant. Quite frequently, tax returns or other proof of your financial status is required.

Merit

That’s right, class; you must be worthy to receive these worthwhile awards. Typical criteria upon which these scholarships are based include: proven prowess in athletics or academics, or civic and social community involvement.

Career-based

You must enroll in a specific field of study to qualify for a career-based scholarship. Typically, these funds are awarded to those intending to study areas of expertise that have severe practitioner shortages. Medicine and education are two very popular fields for which these awards are made.

Student-specific

Yes, class; as the name implies, you qualify for this type of award just for being you. Common qualifying criteria include: minority racial or ethnic background, socio-economic status, religious affiliation, geographical area of residence, and demographic characteristics.

Procedure and protocol

Specifics vary among scholarships, but general application guidelines apply. Virtually all scholarship awarders provide literature setting forth eligibility requirements and an application form. You must apply by a specific deadline to be considered. Many scholarships also have “performance requirements” such as a speech or written essay.

 

Regardless of where you are in the area of your search, it is crucial to arm yourself with as much quality information as possible. Keep all important documents in a safe place and within easy reach in order to submit them upon request.