How much money can a student receive in scholarships 2024?

 Smaller scholarships can go a long way, but full rides are uncommon.

 

 You will probably hear college counselors discussing the benefits of college scholarships, sometimes referred to as grants, when your child is in high school. It's also possible that you've seen media reports about first-year college students who have won thousands of dollars in scholarships. If you follow the correct procedures, all of that could give the impression that getting a full ride to the school of your dreams is not impossible. But as most college hopefuls and their parents quickly learn, it's not always as simple as it seems to win large scholarships. 

Important lessons learned

    The chances of a student receiving a full-ride scholarship are extremely low unless they are an elite athlete, rank in the top 1% of their class academically, or have achieved some other noteworthy achievement.
    To help with some of the cost, deserving students can still apply for need-based or merit scholarships.
    Never assume that your income, lack of exceptional athletic ability, or ethnicity will prevent you from being eligible for scholarships. There are numerous scholarships available, ranging in size from small to large.

How to Apply for a Full Scholarship

For parents and students planning to attend college, a full-ride scholarship is the ultimate goal, but it only comes true for a select few. A young person who is gaining national attention for their academic prowess, scientific discoveries, athletic prowess, or literary accomplishments might be headed for full scholarships or at least very alluring award packages.

A student must be captain of the soccer team in addition to having a 4.0 GPA in order to be eligible for full-ride scholarships. Diverse individuals who make a statement among their peers are sought after by universities. Most pupils won't be able to meet the requirements.

Nevertheless, there are still lots of partial scholarships, private scholarships, and other funding options available to help cover the cost of education.

Regrettably, a lot of students never even consider applying for scholarships because they are worried about their race, family income, lack of athletic ability, or grades. There are hundreds of scholarships available, even though many of them are targeted at people with particular abilities or ethnic backgrounds. Scholarships for transfer students and students in their sophomore, junior, and senior years are available in addition to those for freshmen.

The lender Sallie Mae Bank released its most recent "How America Pays for College" report, which states that 25% of college students received grants or scholarships in some capacity in 2019–2020.

The FAFSA's Potential Uses

There is still aid available for students with average athletic ability and academic standing; the majority of it can be applied for via the Free Application for Federal Student Aid (FAFSA). The FAFSA calculates your Expected Family Contribution (EFC) to college expenses based on the data you provide about your assets, income, and other factors. The financial aid office at a given college will make an effort to fill the gap if your EFC is lower than the cost of attendance by offering grants, subsidized or unsubsidized federal loans, and paid work-study positions. 

Fast Fact:As of July 2023, the imprecisely named Expected Family Contribution (EFC) will be called the Student Aid Index (SAI) to make sense of it. It is silent on the amount that the student is required to pay the college. The applicant's eligibility for student aid is determined by the school using it.

Funds from grants and scholarships are loans that you never have to pay back. While federal loans do have repayment obligations, they typically come with lower interest rates and more flexible terms than loans from banks or other private lenders.

Unsubsidized loans are accessible to students and parents without regard to need, whereas grants and subsidized loans are restricted to students with "exceptional financial need."

Federal Student Aid, United States Department of Education. "Subsidized and Unsubsidized Loans: The U.S. Department of Education Offers Low-Interest Loans to Eligible Students to Help Cover the Cost of College or Career School."
For example, in an effort to compete for desirable, if not necessarily stellar, students, many colleges award so-called merit scholarships out of their own funds.

$9,850
That's the average amount of grant or scholarship aid awarded to undergraduates in 2019–2020, per the "Trends in College Pricing 2020" report from the College Board. Federal, state, institutional, private, and employer grants are among the total number.

Don't Discount Lesser Scholarships

Smaller scholarships from associations, trade associations, and other groups can be helpful, though they are by no means full rides. They could pay for the textbooks and lab fees for an entire semester; typically, they range from $50 to $500. A smaller scholarship will typically be less competitive and have fewer requirements. These smaller scholarships can also be used for a wider range of expenses because they are typically awarded to the student directly rather than the school.

Request more details about nearby scholarships from your child's high school college counselor, as well as recommendations for reputable scholarship directories. Additionally, find out about the funding and awards that the possible schools on your list are offering. You might also be able to find information about scholarships by contacting the chamber of commerce in your city or your local library.

Watch Out for Scholarship Fraud

Scholarship funds worth millions of dollars are allegedly left unclaimed every year. This shaky statistic shouldn't be used by con artists to persuade you to use (and pay for) their services.

You will probably run into dubious companies when looking for scholarships, offering their "expert" services to assist you in finding funding. For a fee, some may even promise to help you obtain scholarships.

Never pay money to apply for scholarships or to conduct a scholarship search. All valid scholarships are available via no-cost channels, like the website of the sponsoring organization. Furthermore, never provide one of these companies with your credit card number or any other personal information.

Is a Full-Ride Scholarship Likely?

The chances are not in your favor; only one in 100 students will be awarded a full scholarship, which includes payment for room and board in addition to tuition. Continue without giving up. There are lots of options available, ranging from grants to smaller scholarships.

To what extent do grades play a role in scholarship winning?

You can overestimate them, but you can't undervalue their significance. Regrettably, a lot of students (along with lack of athletic skills, race, or family income) never even apply for scholarships because they are worried about their grades. There are hundreds of scholarships available, even though many of them are targeted at people with particular abilities or ethnic backgrounds. Scholarships for transfer students and students in their sophomore, junior, and senior years are available in addition to those for freshmen.

How Often Do Scholarship Scams Occur?

It's possible to come across dubious companies that promise "expert" assistance in helping you locate scholarships. For a fee, some may even promise to help you obtain scholarships. Steer clear of them! Never pay money to apply for scholarships or to conduct a scholarship search. All valid scholarships are available via no-cost channels, like the website of the sponsoring organization. Furthermore, never provide one of these companies with your credit card number or any other personal information.