Each year my seniors cross the application finish line and I am inevitably asked about private scholarships. Yes, there are many amazing scholarships out there if you want to put in the time and energy, but there are a few things to know before embarking on the scholarship search.

So, what is a private scholarship?

This is a scholarship that is awarded by any organization OTHER than the college or university itself. They come from a range of sources, including businesses, foundations, non-profit organizations, PTSA groups, membership-based clubs, professional development associations, and more. Sometimes the organization will write a check to the student directly, or they will send the money to the financial aid office of the college/university the student attends.

What are the requirements?

It depends on the scholarship! Some have very open-ended requirements (any senior with a 3.0+ GPA), some are incredibly specific (3.8 GPA + plan to attend a women’s college and major in art history + student from an underrepresented background), some ask for somewhat annoying application materials (produce a 10-minute video about what business ethics means to you)… it really depends. I encourage students to focus on local scholarships first, as they are the least competitive and typically don’t have as many requirements. These are also the most likely to be open to students from a range of income backgrounds as opposed to national scholarships which typically have very strict and specific income cut-offs and/or require eligibility for the Free and Reduced Lunch program as a starting point.

How much money are we talking about here?

In my experience, the local scholarships are usually in the $500 – $5,000 range for a one-time award. Some allow students to renew the scholarship or reapply for a second year and beyond, but that isn’t as common. National scholarships can be pretty huge, up to the cost of full tuition at those $40,000+ per year colleges, but again, they are usually very specific and, understandably, very competitive.

Any downsides to applying for private scholarships?

Potentially, depending on the student’s list and the family’s financial realities. For students with significant financial need and a strong profile who are applying to colleges that meet full demonstrated need (see here), often they will take away their own grant aid for the student and replace it with the outside scholarship funds. This means you applied for an received an outside scholarship that doesn’t actually change your financial aid package, it just changes WHO is supporting you (the private scholarship organization replaces the college itself). This is a pretty small subset of students and colleges, so it may not be relevant but it is something to ask about as you are deciding how much time and energy to devote to private scholarships. For families who will *not* be eligible for much or any need-based financial aid, applying for private scholarships is usually a good use of time, assuming you can identify enough that are open to students from all financial backgrounds.

How do I search for opportunities and begin applying?

• GoingMerry
• Scholly
• Fastweb
• Washboard (for WA state students)
• And my #1 tip? Check in with your HS counseling office! Usually they have information on local scholarships, including school-specific scholarships.

What are other ways to fill the financial gaps?

• Submit a petition / appeal for additional financial aid directly from your colleges. (This is a whole separate post, but works best if you have legitimate reasons to need more aid, you’ve completed a Net Price Calculator before applying and can compare those projected results to your actual award, and/or you have a strong award from a competitor/peer university.)
• Ask for support from family members or friends, though I strongly recommend consulting an expert financial planner before doing this as it can impact future financial aid eligibility.
• Actually give your “safer” admission colleges a chance as they are often the more affordable options. I always encourage students to have a well-rounded college list, both in terms of admission but also alignment with the family’s financial reality. I encourage students to spend some time researching, visiting, and exploring opportunities at all colleges on their lists, and considering special opportunities like Honors programs.

I hope this helps as you begin to contemplate applying for private scholarships. Good luck!