Is your loved ones shuffling through piles of non-public scholarship applications, hoping to cobble together some additional funding for school?
If so, you're certainly not the only ones.
Many families concentrate on private scholarships for high school seniors, hoping that they will win enough money compare unique car features in the college budget.
Every dollar helps, but keep in mind that private scholarships are a small supply of college funding.
Most funding comes from the school itself.
According to the College Board, “around 47 percent of grants come from colleges, plus they provided around $58.7 billion in funding for college students within the 2023-17 school year.
Here's what you need to learn about scholarships for the senior!
The Difference Between Need-Based and Merit-Based Aid
Scholarships along with other financial aid are burgled two basic categories.
Need-based aid is for those people who are financially struggling.
Your need is either based on the FAFSA or by the college itself.
On the other hand, merit-based aid is money that the child is able to get based on good grades, test scores, community service, along with other achievements.
The first thing to find out while you approach college funding is whether or not you're going for need-based aid, merit-based aid, or both.
From there, you'll have a better focus for both scholarships for top school seniors and for selecting a generous school.
Prestigious Schools Offer Need-Based Aid, Not Merit
If your student has high about obtaining a major merit-based scholarship from a place like Harvard or Yale, you need to make certain they do know those schools don't offer merit-based aid.
These prestigious, highly-ranked colleges can be very generous with need-based aid.
Keep in mind that they will probably determine your need on their own, using the CSS Profile and could consider your home equity and other assets.
Spoiler Alert… your student won't be offered any scholarships at these schools due to high GPAs or test scores.
The Ivy League doesn't have athletic scholarships.
If a school includes a low admission rate, they probably don't offer merit scholarships.
If you’re likely to receive needs-based aid and your student is academically qualified to apply to more selective colleges, make sure to check the list of schools that meet 100% of monetary need.
Download: Colleges That Meet 100% Need
Less Popular Scholarships for High School Seniors = More Success
If there's a big name national scholarship for high school seniors that your teen is excited about, go ahead and, apply.
But if you're looking to maximize your student's success, it's best to concentrate on local scholarships and those that are less popular.
For instance, students often overlook scholarships that are under $1,000, or ones that need art, poetry, or other creative submissions.
It may take a little more try to find these less-publicized awards, however your student will be more prone to win.
It Pays to Be Different
Colleges would be the top supply of college money.
They hand out these funds to be able to attract a wide range of students for their schools.
Private scholarships will also be often tightly focused.
You have to fit into a specific niche that the scholarship is made to help.
As a result, it is important to take into account the ways your student may bring diversity to a school, and focus on scholarships that promote a particular interest, background, or talent that the teen has.
A student who wants to major in STEM-related subjects will have no trouble winning a scholarship to some college than someone focused on business or language.
A female entering STEM will have additional opportunities.
Someone from North Dakota going to school in Ny brings diversity.
Someone with a different ethnic or religious background also sticks out.
Musicians and artists are unique.
So are those thinking about social entrepreneurship or other niche programs.
Unfortunately, a student applying to the flagship in-state school nearby doesn't stand out and it is less likely to win a scholarship in the school as a result.
Scholarship Displacement and just how it Can Affect Private Scholarships
One of the most frustrating reasons for working so hard to win a variety of small private scholarships is that these awards can affect other need-based educational funding.
Most schools don't use private scholarships as part of your EFC.
As an effect, you may be likely to pay the same amount out-of-pocket that you'd be if your student hadn't won any scholarships.
Make sure to look at the scholarship displacement policies for the schools your student has an interest in.
Many schools consider private scholarships to lessen financial need.
And in turn, substandard your need-based aid is gloomier.
Schools will also be necessary to lower the financial aid package so the total awards don't exceed the school's price of attendance by more than $300.
How to Find Generous Schools
There's nothing wrong with looking for private scholarships for high school seniors, but your best bet will always be finding schools which are generous with families inside your situation.
Private schools tend to be more generous with scholarships than public universities and colleges, and even though they have a higher “sticker price,” you may find them more affordable than the usual local public school.
Interested in pinpointing probably the most generous schools?
Take a look at our College Free Money Finder – TODAY!
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