| Scholarships are a confusing, and yet helpful and | | | | scholarship institutions will give the student money in |
| convenient way to pay for college. Starting out, | | | | one large payment before the semester begins, and |
| students wonder what scholarships are and how | | | | others do so over a longer time frame as with |
| they work. Is the money only for tuition? How is the | | | | monthly stipends or quarterly disbursements. Less |
| money awarded and in what time frame? Is there a | | | | frequently seen are the mid-semester payments that |
| way to win scholarships to help defray the other | | | | may help less money savvy students get through |
| costs of college? To make this process easier we | | | | the second half of the semester and plan better for |
| have put together this short primer on college | | | | the upcoming one. |
| scholarship money. | | | | Who are scholarships from? Where are they found? |
| What is college scholarship money? | | | | A wide array of clubs, organizations, charities, |
| Broadly, a scholarship is any financial award given in | | | | individuals, and businesses offer available scholarships, |
| the interest of helping a student pay for college. This | | | | not to mention federal, state and local governments. |
| may come in the form of a one-time check, or it | | | | These are not so different from the education |
| may be a renewable award that provides money | | | | scholarships awarded by colleges and universities. And |
| each semester. | | | | remember, there are many merit scholarships as well |
| Scholarship money is often different from student | | | | that can be found directly through the university of |
| loans in that it does not have to be repaid by the | | | | college you attend. These merit aid programs can be |
| student. It is also different in that it may be money | | | | found by checking with the financial aid office to see |
| given directly to the student and not, as in the case | | | | what is available. You can check on what is available, |
| of financial aid or grants, paid directly to the students | | | | and what you might qualify for, during any step of |
| college. | | | | the college admissions process. |
| How can scholarship money be spent? | | | | There is no one-size-fits-all advice for finding and |
| If the scholarship is awarded directly to the student, | | | | getting scholarships. They are not only awarded to |
| then it is up to that student to spend the money on | | | | students with a 4.0 GPA. Many available scholarships |
| whatever they deem school related. Reasonable | | | | are awarded due to specific requirements such as |
| examples include books, housing, food, computers, | | | | majors in a high-need field like nursing. It may be that |
| supplies and so on. The scholarship money could also | | | | you qualify through a high school club or organization, |
| be directed to paying a portion of the tuition cost | | | | local newspaper or fraternal organization. You should |
| depending on the situation. In most circumstances it | | | | always be on the lookout for merit scholarships and |
| is prudent not to waste the money as it helps save | | | | opportunities as they may make the difference |
| students from having to loan money. | | | | between owing money when you graduate and |
| When is the money disbursed? | | | | graduating debt free. Just remember... never pay to |
| The timing of the disbursal is quite variable. Some | | | | enlist help in finding scholarships. |