The Scholarship Market

Support for college students through private scholarships has been on the increase over the past decade. While this increase has not matched increases in college costs, it is still good news for students and their families, seeking help with college costs. This issue of the Beyond High School (BHS) newsletter is exclusively focused on the scholarship market.

To begin it is important to review some of the realities of private scholarships. Private scholarships are:

• Funds for college that come from sources outside of the college or university.
• Mostly based on the student's merits (about 80% of private scholarships are merit-based).
• The most difficult source of financial aid because students compete to receive awards.
• Frustrating because on average, students receive only one out of ten for which they apply.
• Critical for many families who will receive little or no need-based financial aid.
• Often not considered by students who assume that high grades are always required.
• Available to high school, college and adult students.
• Easier to find today than ever before.

The remainder of this newsletter will discuss these realities in detail and provide you with a clear picture of the role private scholarships play in the financial aid process. The key with private scholarship is to begin collecting information as early as possible. The freshman year in high school is a good time to start. Once the student has been determined eligible for a specific scholarship, every effort must be made to provide the very best possible application. Students must leave themselves plenty of time to complete applications and have family, friends and education professionals review the application and offer constructive advice. This issue of BHS offers a step-by-step process to find and apply for private scholarships.