Last month we looked at the types of merit scholarships that colleges may offer to admitted students. Colleges themselves provide the bulk of scholarship money awarded in the United States, mostly to U.S. citizens. Institutional merit scholarships can range from a few hundred dollars to the full cost of attendance. When considering merit aid, you’ll want to also take a look at money that may be offered from private sources.
Private Scholarships — In addition to scholarships awarded by colleges, many organizations offer scholarships to students who plan to attend college. These types of scholarships are available nationally and locally, with some specifically for international students. Some national scholarships such as the Gates Millennium Scholarship or the Coca-Cola Foundation scholarships offer large awards but are very competitive. Other national scholarships and most local scholarships offer relatively smaller monetary awards. Most private scholarships have specific eligibility criteria; demonstrated financial need is a common requirement. Others are sponsored by ethnic or religious groups and may require recipients to be a member of these communities. Still, there are many private scholarships – especially at the local level – that are not based on family need or group participation.
There are many scholarship search websites available online where American students and parents can identify national scholarship opportunities. For local scholarships, check with your school counselor. Most U.S. high schools receive numerous announcements about local opportunities each year. Keep alert for announcements in local newspapers and on community bulletin boards as well. Many local scholarships may require an essay; community service and leadership are often highly regarded by scholarship committees. Local scholarships may be relatively small in dollars, but combine several such awards and the amount can be significant.
An important thing to know about private scholarships is that the scholarship money is generally given directly to the college that the student will be attending. Colleges differ in how they apply outside scholarship monies to a student’s bill. Some colleges apply any outside scholarship money towards reducing the amount of loans in a student’s financial aid package, while other colleges deduct the amount of outside scholarships from a student’s grants and even from any institutional scholarships the college has awarded the student. Therefore, outside scholarships generally do not help much in terms of reducing the family’s expected contribution. If your family isn’t eligible for need-based aid, however, the full outside scholarship amount will be applied to your college tuition bill. International students should carefully check their colleges’ websites to determine whether any international scholarships are offered.
